Getting Started With A Gartner-Recommended Machine Learning Enabled Cash APplication Tool
Machine Learning Enabled Cash Application Software Tool
Gartner was one of the first to recognize the potential of advances made in machine learning, and now it is placing its stamp of approval on DigiVault, cloud-based cash automation tool. This software is designed to simplify and automate the historical back-office activities that sit around the order-to-cash (O2C) process. This primarily relates to the reconciliation of accounts receivable items, including bank data, and the matching of invoices and payments, resulting in quicker closures of books, improved payment accuracy and faster resolution speeds on any queries that arise.
DigiVault is developed with the goal of allowing you to streamline and improve the process of reconciling invoices faster, reducing costs, improving your cash flow and bolstering customerservice quality. But what does it take to get started? How does DigiVault make use of machine learning to enable cash automation? In this article, we?ll answer these questions and break down everything you need to know to get up and running with this order-to-cash automation solution.
What is Order-to-Cash Automation?
Order-to-cash automation is process that consists of several key elements. Primarily, it uses automation to efficiently track and process customer orders, invoices, and payments. The ultimate goal is to automate the end-to-end processes that support sales and generate revenue, from the point of purchase to payment delivery.
This goal can be achieved with DigiVault?s cash automation tool and its inclusion of an advanced, machine learning-driven technology platform. What sets DigiVault apart from other solutions is its ability to understand the contextual applications of O2C.
How Does Machine Learning Enhance Order-to-Cash Automation?
DigiVault?s machine learning-enabled cash automation tool is designed to intelligently and automatically propose exact matching of invoices, results, and payments. By understanding the real-life contexts of O2C, such as international currencies and diverse payment methods, DigiVault can identify the most relevant matches and reconcile accounts more accurately and in shorter span of time.
DigiVault also updates its knowledge base in near-real-time, so it continuously learns from new activities and operations. In combination with its powerful analytics platform, users can draw insights and generate business intelligence right away.
Getting Started with DigiVault
The journey of getting started with DigiVault entails several steps, beginning with connecting your financial data. This requires securely importing CSV, XML, XBRL, or SWIFT files containing detailed information about accounts receivable, sales invoices, and payments. Alternatively, the solution supports range of onboarding methods that allow you to securely link up your financial systems to the platform, such as connecting your SAP systems, QuickBooks, or MS Dynamics.
To get the full benefit from the machine learning-driven system, you also need to feed clean data into it. The quality of the data influenced the accuracy and relevancy of the reconciliation and insights. That?s why DigiVault uses AI-powered algorithms that automatically identify patterns and prevent human errors in the data input. By integrating these two technologies, you can be confident you are obtaining high-accuracy output.
Once you get the financial data into the platform, the machine learning platform kicks in. Its AI-powered algorithms will process the data and produce powerful insights in near-real-time. You?ll be able to access detailed insights that dynamically uncover hidden revenue sources and provide updates on how revenue is flowing into the company.
You also can take advantage of the automation feature to auto-match documents and reconcile invoices in no time. By harnessing the AI-power at the heart of the platform, DigiVault can identify potential matches and propose smart alternatives to bridge differences in open payments and invoices. Consequently, this allows you to bring down the time required to enroll incoming payments and organize customer accounts.
DigiVault also removes the work of manually auditing accounts with its self-auditing feature. This gives you the power to ensure documents are correctly filed, view the match-status in real-time, and cancel/confirm matches with single click.
As final step, you can use analytics tools to identify the root causes of any issues you may encounter. On dashboard view, you get clear, in-depth overview of customer accounts in real-time, allowing you to quickly spot areas of concern and remedy them instantly.
Bringing Together the Benefits of Machine Learning and Cash Automation
With the introduction of DigiVault?s machine learning powered cash automation software, companies can take advantage of detailed insights, improved accuracy, and near-real-time decision-making capabilities. These all help to streamline and simplify the traditionally labor-intensive process of order-to-cash automation, reducing the amount of time spent on back-end activities and freeing up resources for more strategic tasks.Finally, with its simple, user-friendly interface, you can benefit from all the features of the product without having to worry about steep learning curve. With everything worked out for you, you can get up and running with DigiVault as soon as you sign up for package.
