Billtrust, a B2B order-to-cash and digital payments market leader, has officially announced the launch of a new AI functionality within its accounts receivable platform, a functionality which is designed to help finance professionals better understand their business, make strategic decisions, and engage customers more effectively. Named as Billtrust Finance Co-Pilot, the solution in question offers unparalleled, deep analysis of a customer’s data so to let them input queries in plain language and generate instant insights and recommendations. Furthermore, users can also answer multi-step queries such as, “What is the total amount billed for account X?” and “What are my bottom X accounts with the worst payment history?” Complimenting the same is a set of predefined questions that automatically generate prompts. Another detail about this co-pilot is rooted in built-in data security features and access control mechanisms that protect sensitive information, and therefore, allow users to easily and securely access their data for unmatched insights. Alongside Billtrust Finance Co-Pilot, Billtrust is markedly bringing forth two new analytics modules i.e. Payments Analytics and Cash Application Analytics, Going by the available details, both these modules are user-friendly, self-service reporting dashboards within the Billtrust platform. Hence, upon using them together, you should be able to generate relevant information to speed decision making, while simultaneously achieving a holistic view of your business. Not just holistic, but the stated view also arrives in real-time for the purpose of triggering faster payments, improved cash flow and working capital, and more satisfied customers.
“Historically, it has been a struggle for finance teams to aggregate their data for better decision making,” said Ahsan Shah, Senior Vice President of Data Intelligence at Billtrust. “Our new tools apply analytics and AI to customer datasets, helping users gain unparalleled insights and a 360-degree view of their entire order-to-cash process including payment trends, buyer behavior, risk analysis and anomaly detection. Ultimately, our customers will benefit from dynamic analytics, real-time data and insights, and the ability to make quick, smart decisions which position their business for success.”
More on these analytics modules would reveal how, Payments Analytics empowers users to evangelize broader business tactics like payment acceptance and surcharging strategies. Beyond that, you can also come expecting, at the same time, to better understand buyer behavior and trends such as timeliness, payment preferences and variability. This, in turn, ensures more targeted customer engagement strategy for improved outreach, as well as transitioning of buyers to online platforms.
Moving on to the Cash Application Analytics module, it delivers a refined and precise customer engagement strategy by helping users understand data on overall matching performance, match volume, and payment volume at a buyer/payer level. The stated facility is provided in combination with the means to recognize trends at multiple levels of detail across flexible date ranges and intervals (customer, match type, job type, job name). In case that’s not enough, the module would also isolate “bad payors,” thus allowing users to customize the parameters on how a bad payor list is formulated.
“Cutting-edge accounts receivable technology involves a rapidly developing set of tools including advanced analytics and generative AI,” said Kevin Permenter, Senior Research Director of Enterprise Applications at IDC, a global market intelligence firm. “Billtrust has made significant investments to build a robust, long-term AI and analytics strategy to help its customers truly harness the enormous potential in AI with the goal of helping users achieve positive business outcomes.”
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