Accounts Receivable on Autopilot ? Autonomous Receivables


How Fortune 1000 companies and SMEs automate credit and accounts receivable operations to improve productivity and reduce DSO and past-due A/R.

Contents

Chapter 01

Executive Summary

Chapter 02

Customer Onboarding and Credit Approval Process

Chapter 03

Dynamic Scoring for Credit Review

Chapter 04

Improving the Invoicing and Payment Process

Chapter 05

Deciding Who to Contact on Any Given Day

Chapter 06

Collections Correspondence Strategies

Chapter 07

Doubling Down on Collections by Eliminating Waste from the Cash-Application Process

Chapter 08

Providing Research Ready Deductions

Chapter 09

Shifting Focus to Invalid Deductions

Chapter 10

Leveraging a Connected Platform for All of Credit-to-Cash

Chapter 11

Collaboration with Buyer A/P teams

Chapter 12

Accounts Receivable on Autopilot ? Autonomous Receivables

Chapter 13

Summary

Chapter 14

About HighRadius
Chapter 12

Accounts Receivable on Autopilot ? Autonomous Receivables


Till now, you have only seen or read about piece meal automation that solves a problem for you as a quick fix. What if in addition to moving away from siloed processes to an accounts receivable platform for all A/R process, you leverage the benefits of digital assistants and artificial intelligence powered solutions to strategically contribute to your company?s growth. Sounds too good to be true? Here?s a thought ? one of the AI use cases we discussed before was on how AI could help you predict customer behavior and probable payment date so you could start the collections process strategically. What if there was a digital assistant who could:

  1. Prioritize your worklist based on the AI predictions for payment date
  2. Categorize your worklist into different buckets in terms of activity (call, correspondence among others)
  3. Centralize all the information related to an account at one place
  4. Standby and be ready to take notes when you are on a call with any customer
  5. Capture any payment commitments promised on the call- analyst just needs to save
  6. Summarize the call and send it to customer post analysts verification.

Again, sounds unrealistic? It?s not. Here’s what Scott Phillips, Head of Shared Services, Kloeckner Metals Corporation had to say about using the call-in functions for day to day collections: AI and technology usually sound too good to be true. But once we made the first set of collections calls using the HighRadius software, we knew that this could be something big. Automation aside, I think Autonomous Collections will allow collectors to really focus on customers who matter. As a manager, the auto-archiving of conversation history is a game-changer for internal training and feedback. We are excited to upgrade to the world?s first touch- and voice-enabled experience for collections and look forward to more use-cases for Autonomous Receivables across other order to cash functions. Combining A/R Analysts with AI and digital assistants could laser-focus teams on strategic work with higher corporate impact. While the AI digital assistant will perform the clerical tasks and provide deep analytical insights, the A/R analyst could focus on making a context-sensitive judgment to drive better outcomes. This is what we call Autonomous Receivables ? A/R on Autopilot It is a new way of thinking about order to cash software that reduces the amount of clerical work done by the user and puts them in a position where they are applying their contextual decision making for course correction.

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HighRadius Credit Software automates the credit management process, enabling credit managers to make highly-accurate credit decisions 2X faster and enable faster customer onboarding with 4 primary components: configurable online credit application, customizable credit scoring engines, credit agency data aggregation engine, and collaborative credit management workflow. Along with that, there are a lot of key features that should definitely be explored some of which are online credit application, credit information aggregation, automated credit scoring & risk assessment, credit management workflows, approval workflows, and automated bank & trade reference checks. The result is faster customer onboarding, better internal collaboration, higher customer satisfaction, more targeted periodic reviews, and lower credit risk across the company’s customer portfolio.