Robots vs AI in Cash Application

Details

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.

Key takeaways

  • 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

Speakers

  • Judy Bicking, Senior Trainer, IOFM
  • Elaine Nowak, Director of Product Marketing, HighRadius