Emerging technologies are bringing about significant improvements in Accounts Receivable. One of the newer technologies gaining traction lately is Robotic Process Automation (RPA). RPA is often associated with Artificial Intelligence in the sense that tasks historically performed by individual staff would now be handled by software with ‘self learning’ capability. This capability allows automated software to intuitively make correct decisions when gathering and selecting vast amounts of data to help process receivables.
The benefits of such a solution include costs savings, greater efficiency and more rapidly completed tasks. Organizations handling a variety of receivables tasks can benefit from incorporating such technology.
How it works
To better understand how this technology might work, a RPA solution might be deployed to enhance an organization’s cash application process. The functions of accepting and processing payments – and ensuring those payments are applied quickly and accurately to corresponding customer accounts – are done automatically. Available data related to customer payments is gathered, deciphered and then matched based on predetermined business rules to ensure those payments are applied to the proper accounts. Because this happens instinctively within the software, removing the need for manual intervention, accuracy and speed increases.
There are a number of organizations incorporating this kind of technology made available by different solution providers. One of those solution providers is HighRadius, a provider of automated cloud solutions for Receivables operations.
RPA in action
For a closer look at this emerging technology and to see whether it might be of benefit to your organization, join sharedserviceslink and HighRadius for a free webinar as they illustrate how Air Products, a world-leading industrial gases company, transformed its Accounts Receivable function through RPA.
Wednesday, July 20, 2016, 9:00 AM