Artificial Intelligence Solving Cash Allocation and Credit Collection Pains in Recruitment
February 25th, 2019
by Andrew Henderson
Recruitment companies often hear a lot about Artificial Intelligence; how every role will be replaced by a robot, how companies will be firing, rather than hiring staff, and how it will make the recruitment industry obsolete overnight.
For the most part, this can all be taken with a pinch of salt. The coming ‘Robo-pocalypse’ still seems long way off, if it ever comes at all. However, this doesn’t mean that AI isn’t already having a huge impact in the recruitment sector, especially in finance.
Finance departments at recruitment companies often have unique challenges to their allocation and collection processes. Multiple divisions, even multiple brands, with separate finance processes can make it difficult to get an overall picture of the situation, keep everything standardised, and can make reporting a chore.
Short and long term assignments result in large volumes and complex remittances, meaning it’s a manually intensive task to allocate cash. Delays in allocating cash impact the credit team who may be chasing up customers that have already paid, and lead to impatient consultants working on ‘pay when paid’ terms chasing up the credit team for payments.
The traditional approach to these challenges is to hire more staff, or tweak processes: – neither of which truly solves the underlying issues.
Now, leading recruitment companies such as Reed, Adecco and Impellam Group have embraced Artificial Intelligence to tackle these challenges, setting a trend in the industry. By taking advantage of inherent machine learning and advanced data analytics in Rimilia’s Cash and Collect software, they have successfully automated manually intensive processes, gained data insights and allowed staff to focus on value added tasks such as collection and customer service.
Processing over 100,000 payments each per year, these industry leaders traditionally had large teams manually reconciling complex payments to the sales ledger. Using Rimilia Cash, they now match over 80% of payments automatically, without human time or effort.
Speaking about the benefits of AI automation, Former Head of Credit at Adecco, Martin Kirby stated:
“Without fail we now get all cash accurately allocated on the day of receipt and can easily cope with the monthly peaks in cash receipts. It has been a massive success for us”.
With complex payments being handled automatically (even without a remittance) by self-learning technology, and accurate real time data about payments being available to the collections team, staff can focus on processing self-billing and collecting from customers.
Accurate and centralised reporting allows teams to get a view of the road ahead and provide accurate information, bringing data from multiple divisions and brands into one view. Meanwhile, the software also enables unique branding for automated letters and SMS reminders, so the divisions or brands can remain distinct without losing functionality.
With high profile recruitment industry leaders adopting artificial Intelligence in their finance departments, leading to greater control of cash and better customer service, the rest of the industry is keen not to miss out.
If you’d like to see how your company can benefit from implementing Rimilia Cash, like Adecco, Reed and Impellam, we’re currently offering a free debtor analysis service based on data from the Hackett Group. Apply today and we’ll tell you how you rank against your peers, your industry and against other world-class organisations, and how AI can work for you.