Since the introduction of AI into the business world, companies around the globe have been in full deployment mode to get as much money coming in as possible. AI has been used for calls, texts, email reminders, and more. Where businesses have been dropping the ball is leveraging AI to successfully manage the money going “out”. This begs the question of what does it mean to successfully leverage AI to streamline your business processes? The answer is not as simple as a complete takeover.
To deploy AI in accounts receivable successfully you have to factor in the incredible value and importance of “peer-to-peer” involvement. For later stage accounts that are 90+ days past due, you need a real human to look at the account, understand what happened and then approach the client in a professional and strategic manner.
AI Acts as the "Navigator," While a Human still Holds the "Keys."
AI has proven that it is great at taking on small tasks and small accounts to be collected. That is why it is helpful to think about AI as the “navigator”. While a navigator can help keep you on the course you have charted it isn't the key to getting to the end of your path, the key is you the human.
Why There is Always a "Human Gate"
As we discussed in the last point, humans are the key to success when it comes to managing your accounts receivable. When it comes to your accounts receivables, you have a gate that swings both ways. You have money coming in and money going out. My point is simple, it cannot be a “what” (a.k.a. AI) that manages how the gate swings, it has to be a “who”.
The Current Reality: AI does 99% of the Preparation
Even as you recognize the important role humans play in Accounts Receivables, especially when it comes to “peer-to-peer” interaction, the real muscle will still be our “navigator” AI. On the business course you have steered, it can screen for fraud, verify data, select the optimal date, and select the payment method.
The question of where to draw the line with AI is one that is not specific to the AR industry, it is happening all over the world. As a seasoned veteran with 25+ years under my belt, I can only speak to what I see everyday in NCS Companies. We see a lot of success in helping clients with managing their AR by relying on our team or AR Specialists with the specialized experience to look at an aged account, quickly assess the status, and put together a communication plan to reach out. If you are interested in learning what this could look like for your business, reach out today, and let’s talk!