This plays out in AR departments across several industries, with promising results and growing use cases. If you're looking for a way to minimize manual tasks, create efficiencies, and gain financial insights to help chart the course ahead, generative AI may be the solution.
Take, for example, ChatGPT. The Open AI platform is a big hit with businesses of all sizes for personalizing the customer experience.
"By leveraging its natural processing capabilities, ChatGPT can generate personalized content for customers that considers their preferences, past behavior, and demographics," says AIMultiple, a research and analysis company focused on enabling data-driven decision-making. "This enables businesses to create targeted content that connects with their audience on a more personalized level, resulting in higher engagement and conversion rates."
For an AR use case, ChatGPT could generate automated dunning messages that pull in customer data and tone-of-voice guidelines to reduce staff time spent on these messages.
Other use cases include:
- Automating redundant, manual tasks: Generative AI makes it possible to reduce and, in some cases, eliminate manual data entry, which is prone to errors. Best of all, AI can process more data quicker with higher accuracy rates. Automating tasks for greater efficiency and accuracy frees staff to focus on customer-centric jobs and strategic growth.
- Monitoring accounts in real-time: In today's 24/7/365 wired world, generative AI can support businesses by monitoring accounts in near real-time and providing current information on invoice status, payments made, and outstanding balances. AI's attention to detail and 24/7 availability translate to increased customer trust and loyalty.
- Gaining financial insights: In AR, generative AI can help companies identify trends and track financial data, allowing executives to make more informed, data-driven decisions. With this information, executive staff and decision-makers can focus on new revenue-generating opportunities, remain agile in a fluctuating market, and focus on short- and long-term planning.
Let's face it: All AR teams want better controls over spending and a faster path to profit, and they can expect AI developments to deliver exactly that. Businesses can leverage AI to recognize customer payment activity patterns, make in-depth payment behavior predictions, and use that data to help predict cash flow. Because AI wants adopters, solution providers are already working to satisfy AR leaders' specific needs.