How dynamic AI is blazing a path to ERP success
June 4, 2019
by Steve Richardson
Lags between the application of cash can have many adverse effects on an organization. The capital can’t be directed toward significantly more productive uses, leaving CFOs and customers alike to suffer the consequences associated with missed opportunities.
It’s no wonder that month-end can be an aggravatingly frustrating time for financial managers: according to a survey conducted by Dimensional Research, over 82% of respondents consider the month close to be a negative experience and 3 out of 4 lacked confidence in their close process. These issues are only magnified when manual implementation comes into play. According to Paystream Advisors, companies that rely on manual processes to manage collections spend 15% of their time prioritizing their activities, 15% gathering information to make collection, and only 20% of their time actually communicating with their customers about payment. It’s evident that the traditional process of same-day cash application is time-consuming, resource heavy, and fraught with human error.
But once these manual processes are automated, a paradigm shift occurs. In direct contrast to the aforementioned statistics, Paystream Advisors reports that companies using accounts receivable automation software spent only 6% of their time prioritizing their activities, 6% gathering information for collections calls, and 62% communicating with their customers about payment – an incredible improvement. The Hackett Group recently revealed that only 3% of global corporations had an automation AR platform that was deemed as world class, so this is clearly an area of the financial process that most organizations need to re-evaluate, and in an ever-automated world, this presents a huge opportunity.
With intelligent automation software like Rimilia, companies have seen a reduction of up to 99% in unapplied cash and can forecast their cash flows in real time, giving them the advantage of making quicker and more accurate decisions.
Data integrity is another area in which intelligent automation software is swiftly raising the bar and helping credit professionals protect themselves from foreseeable risks. In a reporting landscape in which 94% of spreadsheets contained errors, it is imperative to find ways to increase the veracity of every recorded transaction. Intelligent automation software does just that: it ensures that the numbers you see are exactly the numbers you get.
Integration is everything, particularly in the financial sector where diverging ERPs, currencies, languages, and a multitude of financial institutions and intermediaries can make cash flow oversight extremely complicated. That’s why easily-integrable and implementable solutions that eliminate barriers between key players are essential to any modern credit manager’s success, allowing for your IT team to focus on other important areas of the business.
Fortunately, it’s never been easier to adopt out-of-the-box, fully-customizable cash and credit automation solutions than it is today. Thanks to cloud-based delivery technologies and 100% 24/7 remote vendor support and assistance, the risks, costs, and barriers to entry for new AI technology are remarkably low. Additionally, the scalability of these increasingly smarter technologies has virtually eliminated the need to jump from vendor to vendor in search of added functionality.
Nonetheless, one can’t just choose any AI, it has to be the right one for you: a financial automation solution that not only keeps up with industry trends, but that also is capable of learning and adapting to the changing needs of your growing company.
Guaranteed Outcomes and Benefits
Making a decision to purchase software can sometimes be a difficult, treacherous, and time-consuming affair, with little real insight into the outcome and benefits. With Rimilia, this is where we excel. With thousands of global implementations, we will quickly be able to identify and support your business case and determine your ROI. Taking your data and playing back the results before you go live guarantees your outcome and gives you peace of mind every time… that’s why we have the highest ratings of any software vendor in this space, backed by global blue chip reference clients who are more than happy to tell you their success stories.
Read more about implementation in our blog “Thinking About Implementing AI Finance Software?” or contact a sales rep today to request a demo.