With economies shrinking, entire industries sunsetting tools, and established companies disappearing, businesses have once again been forced to refocus on the importance of cash. And with the world’s collective purse-strings tightening, effective payment collection has become an even tougher task than it was before.
But, things are looking up for 2021. By all accounts (pun intended), this should be the year of recovery. And for A/R teams, that means a return to stability, the opportunity to learn from 2020’s challenges and an exciting chance to define the department’s ‘new normal’.
With short-term survival now ensured for many, A/R transformation has retaken its rightful position at the top of the function’s agenda – and technology has a huge role to play in that. From improving productivity and accelerating collections, to streamlining decades-old processes, there are a huge number of ways that a small handful of core technologies can impact and improve A/R operations.
This year, there are three specific technologies that we’ll likely see most teams focus their time and budget on: Process Mining, Machine Learning (or Artificial Intelligence depending on your level of sophistication), and automation.
Here’s why.