Buyer’s Guide to Cash Collection systems:
How to procure AI-powered collection solutions to give your finance team a competitive edge
Cash has come into sharp focus in recent times. In the post-Covid-19 recession, firms which are smartest and most efficient at collecting cash will be in a much better position than those still flailing in the dark without intelligent systems.
Too many credit management teams have no dedicate systems to support cash collection. Instead they rely on spreadsheets and manual processes to manage the process, monitor collectors and chase customers.
When cash truly is king, there is an obvious competitive advantage in the early adoption and implementation of AI driven cash collection technology that uses a predictive analytics model to drive better actions resulting in more successful actions. When predictions are informed by artificial intelligence, the insights can be exploited in a number of different ways – to predict payment delays, compare and benchmark customer behaviour and trends, to prevent risk and much more.
Modern order-to-cash (O2C) systems use AI and machine learning to analyse and predict the payment behaviour of their customers, allowing them to propose best actions likely to achieve success. This then allows them to use the AI to automate large parts of the process, leaving cash collectors to focus on the small number of high value clients with more a personal approach.
AI can also support a better dispute management process, handling much of the administrative tasks like processing and allocating inbound messages. That supports the client management team in solving the disputes swiftly and successfully.
This buyer’s guide to Cash Collection systems aims to answer questions such as:
- Why have a dedicated cash collection system?
- What are the main benefits of AI in the order-to-cash process?
- Is the business in a position to benefit from intelligent finance?
- What information should be gathered from software providers?
- What are the key capabilities of a cash collection solution that will help win over the board?
- What role does artificial intelligence play in predictive finance?
For more information on how AI is being used in Cash Collection, visit our page here.