“Forecast accuracy increases as extensive data is analyzed intensively.”
A recent survey with treasury teams from leading Fortune 1000 companies revealed that the main reasons for inaccurate cash forecasts included unusual spikes in A/P, uncontrollable timing of A/R, price volatility and market dynamics. This means that treasury teams could produce more accurate forecasts if they could process and analyze more extensive datasets across A/R, A/P, and other cash-flow categories.
But, can treasurers handle such complex datasets without wasting time on data-mining or excel modeling?
Consider receivables forecasting as an example. Invoice-level payment dates can be accurately predicted by calculating the forecast using around 30 variables (~60 for some companies) ranging from open invoice data to historic and recent customer payment behavior. But, how can your treasury team process this data, let alone determine the 30+ variables to track?
Artificial Intelligence-enabled cash forecasting models automatically generate high-accuracy reliable forecasts across all categories and timeframes, allowing treasurers to focus on strategic decision making. Join this webinar to learn how your treasury team can start adopting AI-enabled cash forecasting into their everyday practice.
HighRadius Electronic Invoice Presentment and Payment (EIPP) Software provides tools that automate and speed up invoice communication and facilitate a faster collection of payments, enabling a closer and more convenient relationship with customers. It automates the invoice transmission and payment collection process providing a configurable solution that supports multiple invoice formats and different modes of transmission (fax, email, portal, etc.) depending on the targeted customer, its integration with ERP systems and a rich search capability enables efficient storage and retrieval of past invoices, backup attachments to minimize disputes and short pays. Apart from that it also has some key features that you would not want to miss out: level-III interchange and surcharge; self-service customer portal; invoicing across email, customer portals, post, and fax; advanced deduction management; and lightning e-payments. The result is faster invoicing and payment collection, better customer service, and improved profitability and cash flow.