Unlocking AR Excellence: A Playbook for AI-Powered Transformation

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Control what you can control.

It’s a mantra that many accounts receivable (AR) departments would be wise to observe.

With so many external factors impacting cashflow (high interest rates, elevated inflation, etc.), the last thing today’s AR leaders and their teams need are internal obstacles inhibiting their ability to:

• Facilitate timely cash collection & revenue recognition
• Allocate incoming customer payments quickly & accurately
• Deliver invoices successfully & in 100% compliance
• Keep short payments under control
• Nurture critical customer relationships

The business case for AI in AR

Among the many causes of AR inefficiencies, it’s arguable that none are more harmful than the reliance on manual workflows (i.e., any step of the AR process that’s repetitive or mundane in nature and makes what should be routine tasks difficult, if not impossible).

Fortunately, moving away from these types of “traditional” AR practices doesn’t require a shift in company identity or even a change in existing applications thanks to one powerfully pragmatic technology — artificial intelligence (AI).

Much like sports teams use AI to aid in tactical decision-making and healthcare organisations use it to improve patient outcomes, many AR departments already utilise AI tools such as machine learning, deep learning and natural language processing (NLP) to gain performance-enhancing advantages. This includes the ability to:

• Automate manual tasks so team members can focus on value-added activities — improving both employee experience & overall efficiency
• Improve decision-making & risk assessment via AI-powered insights that provide visibility into real-time situations & predictive analytics
• Boost business resiliency by empowering AR teams to be more proactive, competitive & agile in times of uncertainty or crisis

It’s no wonder that 64% of business owners believe that AI will improve customer relationships and increase productivity, according to a 2023 McKinsey & Company study.

An AI gameplan everyone can get behind

Think an AI-driven automation solution could help your AR team unlock AR excellence and achieve its ultimate goals of faster cash collection, improved CX and smarter growth strategies?

Download the Accounts Receivable AI Playbook to get a deep dive on the AI tools with the biggest upside and which specific AR stakeholders stand to benefit most — from Credit Analysts and Collections Specialists to AR/Credit Managers and the Office of the CFO. 

Armed with the data found in this playbook, you can take the next step in being a more confident, collaborative and competitive AR operation!