There are a million things to worry about. In fact, we could spend most of our time worrying about health, family, the economy or that promotion. We could even spend our time worrying about those super critical things such as whether there will be two seats together when you’re late getting to the Cineplex to see the latest blockbuster with your significant other.
In all seriousness, of the things we could worry about, I’ve made the decision that Artificial Intelligence (AI) will not be one of them. That’s sort of like worrying whether I’ll be older in 10 years; AI is inevitable so I might as well stop worrying about it. And, not only should I stop worrying about it, I should embrace it.
By embracing AI, I’m able to see and appreciate the advances it’s having on Accounts Receivable and the entire Order-to-Cash process. As I stated in a blog post last July, Why Artificial Intelligence and Robotic Process Automation Are Here to Stay, AI – and by extension Robotic Process Automation (RPA) – is quickly streamlining and improving several areas in Accounts Receivable. Where AI can help make decisions amid ambiguity and learn as it goes, RPA can handle complex but repetitive tasks. More specifically, AI can help provide better credit risk analysis and decision making in credit management, improve data capture via OCR, enhance workflows and automate the cash application process.
Organizations embracing AI or some form of RPA will find themselves ahead of the curve in the next several years. Never mind the latest news highlighting driverless cars crashing on city streets, as newer technologies mature and improve, they tend to become ubiquitous such as electricity in our homes or the use of smart phones to find the closest restaurant. If the public panicked every time an automobile crashed in the early part of the 20th century, none of us would be driving our own cars today.
AI is already helping us in our jobs today and, in some cases, are beginning to replace staff where no physical presence is needed. Many of us have already started the process of understanding how we can leverage AI to our own benefit rather than resisting it and risk being on the outside looking in several years from now.
With this perspective in mind, I’ve decided to stop worrying about AI and embrace it. In an ever-changing business environment, where opportunity follows technology, it’s the best approach to ensure long-term relevance, peace of mind and career security.
Ernie Martin is Founder and Managing Director of Receivable Savvy. He brings over 25 years of experience in financial supply chain management, marketing and communications and draws upon his extensive experience to share knowledge and best practices with AR professionals. His resume also boasts time at several well-known brands and companies such as Tungsten Network, Delta Airlines, CIGNA Healthcare and Georgia Pacific as well as a number of years as an independent consultant.