Since these millennial technologies are ready to storm the finance and accounting sector, a precinct guide to efficient implementation is a must-have for A/R managers today. The following enlists the five simple steps for an efficient A/R transformation with AI.

1. Understand RPA, ML, and AI: The first step is to simplify the cluttered landscape of technology by understanding the buzzwords, the different functionalities provided by different solutions and the scope and limitations of each.
2. †Internal Assessment: The second step is to identify and analyze business process gaps, determine the areas of improvement and establish the process end state that the business would like to achieve.
3. Technology Partner: The third step is to thoroughly evaluate vendors on result-oriented parameters. Some key factors to be considered include flexibility, scalability, compatibility with pre-existing solutions and completeness of the solution.
4. †Business Case: The fourth step includes creating a compelling ROI-driven business case with clear expectations and benefits which can be presented to the decision-makers and gives a clear picture of investments and returns from the solution.
5. Automate The final step is execution. Implementing the solution with the full range of functionalities would not only improve the current processes but also pave a way for automation solutions for other functions of the business. Leveraging automation benefits can be the cornerstone of your next promotion!

Artificial Intelligence is present all around. It is carried around in pockets, in cars and homes, and influences human lives on a scale bigger than people realize. While the smart minds continue to explore the seemingly infinite potential of this technology, the complex domain of accounts receivables makes true understanding a nightmare for credit and A/R managers. However, with a clear knowledge of these ?pop? technologies, the A/R managers can evaluate the functionalities of different solutions, select the perfect match, implement the solution to improve their process and ultimately secure their next promotion!