The talk of the town these days is Artificial Intelligence. It’s the latest and greatest piece of technology that everyone wants to get their hands on. Most consumers are aware of some very popular examples of artificial intelligence, like Amazon’s Alexa or Apple’s Siri. But, what about using artificial intelligence in the workplace? Is it possible to use these tools to better leverage your business? The answer is yes, but we’re going to dive into what exactly artificial intelligence first to better understand how it can be used to help you get paid faster.

WHAT IS ARTIFICIAL INTELLIGENCE?

You might be surprised to know that artificial intelligence isn’t exactly a new concept. It was first referenced in the 1950’s as a task performed by a machine that would otherwise have to be performed by a human using “intelligence”. The difference is that artificial intelligence is doing this all through the use of algorithms. When the artificial intelligence is first created, it is programmed using algorithms to understand and solve specific problems. In fact, these machines are typically programmed to continue to learn how to solve specific problems based on trends and patterns in data.

COMMON MISCONCEPTIONS OF ARTIFICIAL INTELLIGENCE

There are quite a few commons misconceptions of artificial intelligence. The first is that these machines are “robots”. Although they are, and can be classified as one, it’s not in the typical sense that you would assume a robot to be. It’s not always a robot that looks like what you’ve seen in the Hollywood movies. It doesn’t even need to be a separate physical object like the Amazon Alexa. Instead, it could as simple as a browser based application that is being fed data. It can look as simple as any old website.

The second greatest misconception about artificial intelligence, especially in the workplace, is that it will replace workers. Many people are afraid that is it can perform tasks that are normally done by a human, that it can also replace those same humans. Often times, artificial intelligence simply enhances the work that is already being done. It allows those workers to focus their time on tasks that include more strategic, creative, deep thinking or developing personal relationships; while the machine completes more automated and manual tasks.

HOW ARTIFICIAL INTELLIGENCE CAN HELP YOUR BUSINESS GET PAID FASTER

There are a few ways that artificial intelligence can help your company get paid faster. When using automated accounts receivable software in your credit and collections department, your collections process is put on overdrive. As stated before, it won’t replace the collectors you already have, but it will allow them to become even more efficient and strategic in their work.

First, the software will automate the manual tasks of the department. Instead of having to send out each individual email communication to each individual customer that owes money, the artificial intelligence completes all those tasks for you. Using the programmed algorithms, it knows who is due on an invoice and who is coming due to send out the proper invoice reminders and demand letters.

Second, it keeps collectors on top of upcoming tasks. It knows exactly what needs to be done next and alerts collectors to it. For example, if a customer who is 60 days past due is due for a collection call, your employees will receive an alert reminding them to make the call.

Finally, it calculates cash forecasting to let your entire department know what to expect to come. Based on previous patterns in your data of how long it typically takes to get paid, the artificial intelligence for your accounts receivable can tell you how much you can expect to bring in in cash flow based on what receivables are coming due.