PYMNTS.com » Feed PYMNTS.com » Comments Feed PYMNTS.com » Companies With AI-Driven Strategies Outcompete Peers, Study Finds Comments Feed alternate alternate alternate PYMNTS.com » JSON Feed PYMNTS.com » Companies With AI-Driven Strategies Outcompete Peers, Study Finds Comments Feed -- Companies With AI-Driven Strategies Outcompete Peers, Study Finds -- the industry is at a crossroads, facing a technological advancement that promises to leave no sector untouched: artificial intelligence (AI). The technology’s potential benefits read like an AR team’s wish list — and the reality is not far off. 77%: Share of CFOs who report -- pressures threaten its flow, elevating AR teams to the top of organizations’ priority lists. While AI is not without risk and must be understood and implemented with care, the upside of AI adoption for AR is increasingly difficult to deny. In this edition of the “Working Capital Tracker®,” we zoom in on how AI can help AR teams ease pain points so companies can thrive amid -- AI Can Speed Payment Processing and Boost Efficiency -- biggest challenge inhibiting collection. By automating tasks in the order-to-cash process, AI can increase their speed and efficiency, taking the first step in helping organizations achieve a healthy bottom line. Companies can also increase AR teams’ productivity by off-loading routine and labor-intensive tasks to AI, such as data entry, compliance checks, invoice processing and collections, freeing human workers to -- Making it easier for customers to pay is the first step in ensuring swift payment. AI-enabled virtual assistants and chatbots offer a 24/7 self-service tool, allowing customers to access their transaction histories and make requests or file disputes. In the case of AR disputes contributing to payment delays, AI can accelerate resolution cycle time by identifying and assigning reason codes to each dispute -- AI’s ability to collect and draw upon vast reserves of customer data makes it a superior tool for creating tailored experiences for each customer. With generative AI, companies can customize customer communication plans, building better relationships to facilitate swifter payments. AI can also help companies increase customer retention by allowing AR teams to focus on providing the best quality -- Businesses Can Harness AI for a Better AR Strategy 58%: Share of the most profitable companies since the pandemic’s onset that increased their investment AI initiatives One of the hallmarks of AI systems is their unique ability to draw information from a wide variety of sources and process large quantities of data, on which companies increasingly depend to formulate winning business strategies. By mining this data trove, AI can assist businesses in unearthing trends, patterns and relationships that can inform better -- AI can also help predict outcomes for better collection strategies. By analyzing customer transactions, credit history and other financial data, AI can identify customers at risk of defaulting and help proactively create payment plans for them. It can aid in forecasting -- The “Working Capital Tracker®,” a collaboration with Billtrust, explores how AI can assist AR teams in easing their specific pain points to thrive amid economic uncertainty. -- Progressive Takes Lead in Latest Provider Ranking of Insurance Apps See More In: accounts receivable, AI, AR, artificial intelligence, automation, B2B, B2B Payments, Billtrust, commercial payments, Featured News, Fraud Prevention, generative artificial intelligence, News, payments innovation, PYMNTS Intelligence, PYMNTS News, Technology, -- News Execs: Google’s AI Integration Could ‘Kill Journalism’ Decision Brief: Online Seller’s Guide to Advanced Authentication -- [ ] PYMNTS Today [ ] Artificial Intelligence [ ] Cryptocurrency