Soaring prices combined with commodity shortages are leaving plenty of bills unpaid. Reasons are countless, spanning from insolvency to clients simply cancelling their orders – often due to endless delivery delays. But the fact of the matter is that many clients are just not paying on time.
And when there’s a client who does not pay, there’s a company that is not paid. Unpaid overdues, debts and lower cash flow put these companies at risk. Recovering overdue payments is crucial.
However, the collection processes are often neglected and collection teams under-armed. The cost of unpaid invoices remains high.
So, how can a company effectively improve its collection process?
Artificial intelligence is being used across all industries to reveal information that balance sheets and income statements cannot provide in advance. With this information companies can make today decisions that will determine tomorrow’s business. AI can become a partner and give businesses a head-start in strategic decision making.
Predictive software solutions, powered by AI, enable collection teams to recognize customer payment patterns; they give them the tools to organize and prioritize the collection effort – and get their receivables paid.