Rimilia and Microsoft Finance Executive Event: 5 Key Takeaways You Can Take to the Bank
May 17, 2019
Pioneering financial leaders gathered in London for our exclusive event with Microsoft and Rimilia yesterday. They came to see how artificial intelligence is revolutionizing finance and to hear directly from industry experts blazing new trails with Artificial Intelligence (AI). They also learned how to address employee concerns and cultural barriers to implementing AI.
Here are the highlights you can take to the bank when it comes to AI’s exciting new role in finance.
#1: AI technology is made to serve human ingenuity. Not the other way around.
Kate Rosenshine, Head of Data and AI Cloud Solution Architecture, Financial Services at Microsoft, emphasized the importance of finding an AI platform that secures data, addresses biases and adheres to ethical practices. She shared the six core principles Microsoft employs in its solutions: “fair, reliable and safe, private and secure, inclusive, transparent, and accountable.”
“AI is already shaping the world, and has become part of our daily lives. We use search engines, digital personal assistants and recommendation systems daily, and AI is also being incorporated into our core social institutions. We, as a society, need to ensure that we are shaping an ethical AI.”
– Kate Rosenshine, Head of Data and AI Cloud Solution Architecture, Financial Services at Microsoft
#2: Behold your crystal ball. The real opportunity AI offers is in predicting the future.
Dr. Ali Yazdi, AI Team Lead and Postdoc Data Scientist at Rimilia, demonstrated how AI is being used to simplify, improve and speed up financial processes. But that’s not all—the real power of AI and machine learning is in its cognitive ability to give finance leaders more visibility into their future. Now you can predict your cash flow, better understand your customers’ payment behavior and make smarter decisions.
More intelligent finance processes result in greater control over your cash flow, improved working capital and an edge over the competition.
Learn more from Dr. Ali by attending the CIMA webinar.
#3: Change isn’t easy. To successfully use AI-powered software, you have to embrace a cultural shift within your organisation.
Using AI in your day-to-day processes impacts your employees in positive ways. Month-end no longer needs to be time-consuming and frustrating. But changes can feel disruptive. It is important to push through the barriers of adoption by examining the psychological fears of implementing AI. True success comes in explaining AI and addressing these fears in order to bring people forward. Professor Damian Hughes, an international speaker and bestselling author, shared his tips for leading this type of dramatic organisational change to ensure a successful transition to exciting improvements, like AI.
“Simplicity is the ultimate sophistication.”
– Damian Hughes
#4: Using automated software will make processes more efficient and allocate cash faster, but that’s just the tip of the iceberg.
According to the Hackett Group’s Customer-to-Cash Intelligent Process Automation Poll (2018), the most highly automated customer-to-cash activities today are also the most transactional. But they project a speedy rise in the digitization of judgment-reliant sub-processes such as credit, collections and dispute management.
Looking for more reasons to investigate AI-powered solutions? The proof is in the performance numbers our customers typically experience as shared by Brian Morgan, Business Growth Director at Rimilia.
Here are some results our customers have seen:
- Unallocated cash reduced to less than £500
- 80% of payments are allocated within 1 hour
- 99%+ payments allocated the same day
- 30% increase in volume with no extra FTE
- Cashbook to bank reconciliation takes less than 30 minutes rather than hours
- DSO reduced by 8 days
#5: Now, more than ever, is the time to use AI technology to get ahead of your competition.
Less than 30% of companies have fully automated customer-to-cash activities.
You know the core benefits of process automation and machine learning, which are improved productivity, greater insight, and better customer experiences. Zoom out to see the larger implications and you’ll find a huge competitive advantage. Blaze your own trail by implementing an AI-powered solution today.
See how Veolia improved their customer satisfaction with Rimilia. Click to download.
Get in touch with us today to see how Rimilia can help you transform your financial future.