Robots vs AI in Cash Application
Could AI improve the quality of your professional life?
Could a robot save you from long hours of repetitive work?
A study by AFP found that only 1 in 4 A/R teams achieve higher than 60% straight-through cash application rates. For every one A/R team focused on high-value credit and collections activities, there are three stuck in the weeds of reconciling payments and remittance.
What about your team?
RPA and AI are already delivering more than 95% no-touch cash posting for Fortune 1000s and SMBs alike.
But, many A/R teams have limited information on these new technology options and can not visualize the impact on productivity, cost savings and employee satisfaction.
In a payment-remittance landscape comprised of checks, ACH, cards, wires, emails, web remittance and EDI files, some A/R teams still rely on bank lockbox services and 2nd-gen technology, such as OCR.
Join Judy and Elaine as they demystify RPA and AI and help you move to the future of cash application.
- Compare technologies like OCR and templates with RPA and AI-based solutions
- Estimate savings from 95% straight-through cash posting and reduction in lockbox key-in costs
- Understand how to automate remittance capture for electronic payments from emails, customer portals and EDI files
- Boost employee morale by transitioning team from clerical work to high-value credit and collections activities
Senior Trainer, IOFM
Her career has been focused on Procure-2-Pay, Order-2-Cash, and developing Shared Service Centers in the U.S. and Europe; earning high recognition for process improvement and major cost savings. She led the first departments to earn IOFM AP & AR Departmental Certification designation.
Today she is a Public Speaker, does consulting in P2P and O2C. She participated as co-founder and played a major role in writing and conducting certification training in these fields. She is a strong believer in “raising the bar” in these areas.
Encourages Women through Facebook: called: Women-at-Work
She also owns and operates a retail department store along with her passion in doing mission work at home and abroad.
Director of Product Marketing, HighRadius
As Director of Product Marketing, Elaine Nowak is dedicated to educating credit and A/R practitioners about the impact of using an integrated receivables workflow enabled by Artificial Intelligence to improve key receivables operating metrics. Elaine’s mission includes working with progressive users along with industry partners to identify and share key insights in best practices at industry forums, conferences and webinars.
Continuing Education Units available:
Receive 1 CEU toward renewing ARM, ARS, AOCM or AOCS certification from the Institute of Finance and Management! The Accounts Receivable Certification and Order-to-Cash Certification Programs are designed to establish standards for the profession and recognize Accounts Receivable and Order-to-Cash professionals who, by possessing related work experience and passing a comprehensive exam, have met stringent requirements for mastering the Accounts Receivable and Order-to-Cash bodies of knowledge.
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