Enterprise Digital Assistants: How they can support you in your Credit, Collections and Cash Application Operations
Enterprise Digital Assistants: How they can support you in your Credit, Collections and Cash Application Operations
Emagia Next-Gen AI-driven Order-to-Cash Platform
1. What are Enterprise Digital Assistants
2. Digital Assistants For Credit Operations
3. Digital Assistants For Collections Operations
4. Digital Assistants For Cash Application
5. Planning for Your OTC Operations
Age of AI is Now. Order-to-Cash enters the Spotlight. +59% Number of survey respondent planning to use a SaaS Solution for Accounts Receivable in the next 12 months Given the uncertainty around the global pandemic, Accounts receivable and treasury applications have been top-of-mind for CFOs. The pressure to maintain cash is tremendous as companies of all sizes fight to retain market position and, in some cases, fight to simply stay alive AR Cloud Adoption Drivers Remote Workers Data Security Extensibility Limited IT Resources
World-class Digital Transformation Advantage with AI
Dorothy is the O2C Global Process Owner. Her drive is towards bringing Global visibility on the enterprise performance.
• Automate manual processes • Achieve better cost efficiency • Standardize processes across entities • Improve controls Meet Dorothy . Dorothy is focused on Improving: • Auto cash application from 35% to >90% • Standardizing due to multiple ERP systems • Automating significant number of manual checks She is looking towards Standardizing: • Implementing Collection strategies which is manual currently • Utilizing workflow functionality which does not exist • Automating manual reporting She is determined to Improve: • The cycle time for Dispute resolution • Analyze Root causes and drive improvements • Automated DOA driven routing for approval • Automated credit Debit Matching The O2C team needs – • Analytics dashboards • Cash forecasting • Robust reporting • Accounts Payable visualization • Automated aging reports • Ability to post invoices online • Make payments online through gateway . Credit ManagementDorothy is concerned that the current process is: • Manual credit check – D&B • Manual Scoring • No end end workflow • Manual order hold and release Current Challenges of Order-to-Cash Process Cash Application Collections Dispute Management Customer Portal and Receivables
Shifting to Intelligent AR Mindset 10© IDC Functional: Consumed with the day to day operation of the AR and treasury department Manual: Workflows are filled with tedious heavily-manual AR processes Disconnected: AR management is isolated from other related financial functions Reactive: Handcuffed to daily operations: can’t look beyond today’s crisis Operational-Focus: “Bean- counting”, focused on efficiency of department Strategic: Able to focus on higher level task like working capital management, cash forecasting Automated: Workflows are filled with AI-based automation for lower level processes Connected: AR is connected to other related financial functions like Sales, AP, Procurement Predictive: AR able to look beyond today with AI driven insights Customer-Focus: AR is actively finding ways to add increase customer experience
AI-powered Digital Assistants in Our Every Day Life “Hey Siri, What is the weather today?” “Hey Google, What are the news today? “Hey Alexa, Play the song Uptown Funk” “Hey Google, Call Bob” “Hey Siri, send a message to Chris….”
What are Enterprise Digital Assistants ? Natural Language ProcessingLanguage skills, ability to understand and interpret intents, text and voice skills Enterprise Information ProcessingConnectivity to enterprise information systems ERPs and with enterprise grade security and governance Artificial Intelligence Self-learning capabilities with cognitive abilities
3 Ways Enterprise Digital Assistants Deliver Value Engaging Customers 24X7 Mobile access and multi-language capabilities with highly personalized customer experience Performing Repetitive TasksData entry and data gathering purposes usually fetching information from various systems Assisting Workforce and ExecutivesWorkforce can be augmented by digital to drive efficiency and provide quick information
Why do you need Enterprise Digital Assistants in Order-to-Cash Operations • To Scale Your Receivables, Treasury and Customer Financial Services • Support eCommerce and Digital Business Models • Improve Customer Experience • Run better and Grow faster
Emagia introduces Gia, an AI-powered digital finance assistant for customer financial services.
Assisting CFO and Finance Execs Hi Gia - Give me an update on total cash received so far this week Hello Bert – I am be happy to give you the information. We received total cash of $3,232,890.67 in all BUs this week . Here is some more information about cash received in each business unit What is the total cash received this week in North America Region? Total cash receipts this week in North America is $1,583,413.56. This is 56% of total cash received across all regions. It is up by 17% compared to last week total cash receipts in North America. What is the total AR for the company? Here is the information on Total AR and aging for the company: Total AR - $5,668,345.38 Total Current - $2,345,567.78 Total Overdue - $3,322,777.60 Enterprise Digital Assistants for Order-to-Cash Managers and Staff
Power at Your Finger Tips for Order-to-Cash Managers and Staff Saves Time and Cost of Information GatheringGlobal operations reporting is cumbersome and time consuming. Reduces people and process bottlenecks Supports 24x7 with Information AccessMobile access on all devices, at all times and with all information provides tremendous power to manage Enables Faster Decision Making Manage with insights and information at digital speed. Helps managers to stay on top of the issues.
Enterprise Digital Assistants for Collections
Enterprise Digital Assistants Helping in Collections Record Promise to Pay and Disputes Take notes and record the information in the receivables management system for future reference Pay Now Processing Process credit card, ACH and major payment options Send Request to Pay Interact with the customer with relevant information.
Gia - Your Digital Finance Assistant Can Also Now Read and Extract Lockbox, Remittance and Invoice Documents Data Enterprise Digital Assistants for Cash Applications
Enterprise Digital Data Capture Assistants for Cash Application
Gia transforms the way you engage your customers for billing and payments. Available 24x7 for your customers, Gia can now create digital customer engagement with 100% of your customers in a very personalized way. Your customers can now talk, text or tap to interact with Gia and Gia will take care of helping your customers with the payments. She Enterprise Digital Assistants for Cash Financial Services
Free up your AR and Treasury time. Go Digital Now with Gia
Planning for Your Order-to-Cash Assistants
Set Yoour Digital Accounts Receivables Factory in Auto-Pilot
Digital Credit ApplicationsMobile self-service forms with digital signatures and digital reference checks Cognitive Order Processing Assess risk on every order without causing any delays in hold and release process Data-driven Credit DecisionsDrive consistency and personalization in credit scoring process using internal or external factors Predictive Risk MonitoringAR is a key asset for driving growth within the business; doing it efficiently within add FTEs is easier with software <2min B2B credit approval time Reimagining Digital Credit For the New Normal
Predictive Collections Data-driven personalization in collections strategy and correspondence Digital Invoicing and PaymentsShift from EIPP to DIPP and bots assisting posting of the invoices to customer portals AI-powered Digital AssistantsAssess risk on every order without causing any delays in hold and release process Digital Customer Self- serviceSelf-service digital portals with on-demand and mobile experience with voice and chatbots Reimagining Digital Collections For the New Normal >85% Current AR
GiaDocs – Cognitive Remittance Data CaptureEliminate manual lockbox remittance and payments data entry and document handling AI-driven Cash Application Straight through invoice-to-receipts matching and posting automation Automated Deductions ProcessingAssess risk on every order without causing any delays in hold and release process Digital Payment Wallets Self-service digital portals with on-demand and mobile experience with voice and chat bots Reimagining Cash Application For the New Normal >90% automatch
Experience the Exponential Impact Work, Workplace and Working Capital Shareholder Value Revenue and Profit Management Working Capital Management Risk, AR, AP and Cash Flow Valuable O2C, P2P, R2R Insight Digital Order-to-Cash Efficiency – The New Normal • Put AI to work and shift humans to manage • Experience rapid reduction in DSO and operational cost • Experience rapid reduction in credit risk and bad debt write-offs • Improve collections and increase cash flows • Minimize bad debt and improve profitability • Gain cash forecasting accuracy and customer satisfaction >60% Better Performance
Reimagining Global Order-to-Cash: Digital Insights – The New Normal Receivables Risky Customer Alerts Collections Cash Application DSO Forecast Cash Flow Forecast Risk By Region DSO Analysis Overdue Analysis Dispute Analysis
Industry: Information Technology Services Company: Global Information Technology Company with $2.5 Billion Revenues The Need: One Global O2C View, Process Automation, Reduction of DSO The Solution: Emagia AI-powered Digital Receivables Platform – Credit, Collections, Deductions, Cash Application and Analytics • ERP is Oracle R12 which covers 46 business units • Deployed in 70 countries across Europe, Americas and Asia Pacific • Cash Application auto match improved from 45% to 70% • Multi language capability - English, German, Spanish, Portuguese, French, Italian • Client focus of strong working capital management and reducing cost achieved • Configurable Collections Strategies – dynamic modification based on parameters. Automated reminder letters • SOX Compliance and detailed Audit Trails $4B Receivables * 300,000 Digital Transactions 85% Current AR 100% Customer Touch 90% Automated Cash Application Rate 100% Risk Assessment Digital Order-to-cash Transformation THE EMAGIA EXPONENTIAL IMPACT
Add Gia to your customer financial services team now! POWER IT UP
FREE SIGN UP FOR GIA – www.emagia.com/covid-19 Emagia Digital Collections for B2B Collections Teams GiaDocs Remittance Capture for B2B Cash Application Teams Emagia Digital Credit Apps for B2B Credit Teams
Interesting Books… DIGITAL ORDER-TO-CASH LEADER INNOVATOR
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