Artificial intelligence (AI) is taking the world by storm. Over the past few years, the application of AI in the finance industry has rapidly increased and is expected to continue growing. The technology and its benefits are no longer a great unknown to the majority; instead, we have seen firsthand the ability AI has to automate routine tasks and enable businesses to make smarter, data-driven decisions and achieve long-term success.
As we look to the years ahead, we have reason to believe AI can streamline accounts receivable processes and provide numerous benefits. At Billtrust, we’ve started to incorporate AI and machine learning in some of our products, and we’re constantly monitoring tools and frameworks that make the daily lives of CFOs and AR teams a lot simpler by enhancing team efficiency while contributing to the cash flow of the business.
As we gaze into the future, it becomes evident that AI holds immense potential to streamline accounts receivable processes and deliver a multitude of benefits. At Billtrust, our goal is to enhance team efficiency while positively impacting the cash flow of your business and driving meaningful customer experiences.
To stay ahead and make informed decisions, it is imperative to embrace the transformative potential of AI and data analytics.
By leveraging AI and advanced analytics, you can shift from a retrospective approach to a future-oriented mindset, enabling you to base your decisions on real-time information rather than relying solely on historical data.
With Billtrust Cash Application, your organization’s ERP is like a home. It’s built to support the unique requirements of your business and processes. Our custom machine learning model doesn’t just enable our solution to master your ERP - it allows it to master the way you use your ERP.
Billtrust Cash Application delivers a tailored cash application experience based on how your team works with your systems and data, and provides the flexibility and accuracy that unique processes demand. Learn more about our Cash Application solution, the algorithm, and what’s included in our custom machine learning model.
With Billtrust Collections you can leverage AI to integrate collections with cash forecasting. Tap into the historical payment behavior of your customers, predict when invoices will be paid, and accurately forecast cash flow.
The advanced AI engine is designed to recognize the pattern of customers’ payment activity, provide in-depth payment behavior predictions, and use these predictions to help predict cash flow.
When it comes to AI, there's no turning back. It will revolutionize businesses and processes, undoubtedly for the better. However, have you ever pondered how to maximize AI's potential and leverage your data intelligently? The key lies in posing the right questions to equip yourself for AI implementation and extract the maximum benefits from your solution.
It’s important to have a clear understanding of your organization’s needs and goals before weaving it into your processes.
Getting data of the highest quality should be a top priority. Make sure the datasets you will use are healthy, prepared, and validated before you sign them off to use for any AI efforts.
You should have a clear understanding of your data infrastructure. There should be a streamlined process set up to collect and integrate data from various sources.
One of the most intriguing aspects of AI's value in the order-to-cash cycle is how it enhances the role of AR professionals. AI has the potential to empower them, enabling them to be more effective and efficient in maintaining their organization's cash flow, especially during times when external challenges pose significant threats.
Billtrust is at the forefront of the digital transformation of accounts receivable. We offer the solutions, and partner with you to help your buyers on their road to adopt digital tools to business with you. Schedule a demo with an expert to improve your AR processes with our AI driven solutions.