• Thinking About Implementing AI Finance Software?

Improve Your Organization’s Operational Efficiency with Advanced Intelligent Technology

May 28, 2019
by Steve Richardson

We are all starting to embrace artificial intelligence (AI) in our day-to-day lives, from interacting with home devices to cars that drive themselves… and AI is quickly being embraced in the business world.

Maximize your organization’s operational efficiency with data-driven processes and machine learning. Think about the time you would save, how much productivity would improve, and more importantly, the boost in profitability.

Has your fintech organization adopted artificial intelligence yet?

What is AI?

Artificial intelligence is the automation, data collection and analysis, and training of computer systems to perform tasks previously performed by humans. AI vastly improves repetitive tasks and not only automates them but gathers information in an intelligent way from which it can self-learn and continue to improve efficiency, allowing for large data sets to be analyzed to find key insights. Using these insights, you can make smarter, data-driven business decisions to improve operations and boost profits. Learn more about AI in our blog, “AI Jargon Demystified.

AI for the Financial Industry

In the past, the financial industry has been hesitant to adopt artificial intelligence and machine learning to automate financial processes such as accounting, credit management, and monitoring cash flows. The sensitivity of this data has made many businesses concerned about adopting artificial intelligence.

More recently, there has been a trend of adoption and utilization of artificial intelligence in the finance world, and companies have seen significant returns on their investment as well as improvements in operational efficiency.

How Can Artificial Intelligence Help Your Business?

How much are you relying on manual processes within your accounting department? Repetitive tasks make up the majority of an employee’s day, and that repetition can lead to errors. In fact, a study conducted by Dartmouth College Tuck School of Business found that 94% of spreadsheets contained errors.

Those errors could have a major impact on your business. Protect your business and your clients by automating those processes. Artificial intelligence learns as it goes, constantly evolving to streamline and adapt to your business to improve efficiency and accuracy.

Besides saving time and improving accuracy, the software uses predictive analytics, which uses data to find trends and patterns, and uses that insight to determine future behaviors. This forecasting can help you predict customer payment behavior and use that information to make better decisions and create real-time strategies, previously unheard of. After predicting these patterns, it will deliver key information to you, like when a customer is likely to pay. It will also alert you when there are changes in customer behavior or when there’s an action to be taken, allowing you to better prescribe a more efficient way of managing customer debt, credit limits, buying trends, profit margins, and erosion of profit, etc.

The software can also help with customer disputes by keeping track of dispute statuses and analyzing root cause analysis in a user-friendly dashboard. Take control and be better prepared before you speak to your customers.

Forecasting can also be used to determine the cash that will flow into a business on a daily, weekly, or monthly basis. With AI, your business operates more intelligently to compile data with less effort from you, giving you more effort to focus on strategic decisions.

Implementation Can Be Easy

Now that you understand how artificial intelligence can help you run your business better, try it for yourself. Implementing artificial intelligence is easy with the Rimilia solution.

The Rimilia Cash automation solution comes out-of-the-box with cloud-based delivery, allowing you to see the benefits of the system on day one!

Once the solution is implemented, our cash automation system comes with a built-in learning program that allows it to continue learning and adapting to your business. This solution grows with your business, so you’ll continue to see benefits beyond the implementation period.

AI can have a significant impact on your organization. With Rimilia, you’ll be up and running in a matter of weeks with a quick return on your investment and almost immediate results. With a simple and intuitive user interface, you’ll have no trouble adjusting to the platform.

Not sure if AI is right for your company? Read how Veolia was able to successfully implement Rimilia’s software. You can also contact one of our knowledgeable sales reps to request a demo by calling 1-833-425-5628 or emailing [email protected].