Safeguarding The B2B Order To Cash Process With Ai-Powered Cash APplication
B2B AI-BASED CASH APPLICATION SOFTWARE
It is given that enterprise systems should deliver an exceptional customer experience along with agile operations. As the business environment continues to evolve, it is essential to strengthen the operations of an organizations “Order to Cash” process to ensure customer satisfaction and profitability. AI-based cash application software can help the finance team to achieve this value proposition of customer delight and limit the likelihood of financial losses due to improvable human errors. Organizations across the globe have adopted AI-powered cash application solutions to increase efficiency and strengthen internal controls.
The C-suite should understand how such solutions effectively bridge the gaps in end-to-end automation to realize the desired outcomes. This article runs through the need for AI-powered cash application solutions and its features to simplify the order to cash process for enterprises.
What does the “Order to Cash” Process Include?
“Order to Cash” (OTC) is the process through which customer orders goods or services, the goods are shipped and received and the payment for the goods is made. It includes everything from customer order to cash collection from the customer via cash or electronic payment. The process thus helps an organization to improve their customer experience by ensuring efficient operations.
Importance of Cash Application Solutions
Financial losses due to incorrect payments or failed attempts to collect money are some of the challenges faced by enterprises with regards to OTC systems. Companies not only suffer in terms of missed payments but also waste significant amount of time trying to rectify the same. An AI-powered cash application solution can effectively bridge these issues and help the organizations finance function to save time and resources.
Moreover, errors involved in collecting payments and incorrect customer data entries can be reduced with the help of an AI-powered cash application solution. solution like this leverages customer and payment data along with sophisticated analytics to ensure that the payment received are accurate and timely. The AI algorithms can be tuned to capture approval delays and order rejections for better reconciliations.
Features of AI-based Cash Application Solutions
An AI-powered cash application solution automates the Order to Cash process, aiding in faster payments, accurate reconciliations and improved customer experience. Some of its key features are listed below:
1. Automated Mismatch Detection
The AI-driven cash application functions include automated mismatch detection, which enables the algorithm to detect the discrepancy between the incoming customer data and payment data. This helps to rectify any mistakes related to payments, discounts and taxes.
2. Intuitive Insights
The cash application algorithms are designed to provide accurate customer insights to the organization, as they facilitate data extraction from customer invoices and payments. This helps to eliminate redundant and manual collection processes, ensuring faster transit times for customer payments.
3. AI-assisted Account Reconciliation
The cash application algorithm proactively reconciles the customer and payment data. This ensures that the customer is appropriately billed and the payment is accurate. This helps the organization to streamline the reconciliation process, eliminating manual errors and delays.
4. Proactive Payment Reminders
With an AI-powered Cash Application solution, the organization can easily set-up automated payment reminders for customers to ensure timely payments and reduce manual effort. This helps to reduce customer delinquencies.
Conclusion
AI-powered Cash Application solutions help an organization to ensure accurate and timely payments without manually verifying customer payments. The C-suite should understand how such solutions can seamlessly integrate with existing systems for an improved order to cash process. This can help enterprises to improve customer satisfaction and maximize efficiency.
