target audience: TECH SUPPLIER Publication date: Dec 2023 - Document type: Market Perspective - Doc Document number: # US51433623
Generative AI in Accounts Receivable: Opportunities to Better Manage Collections and Cash Flow
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Abstract
This IDC Market Perspective discusses the possible transformation in the accounts receivable department through the implementation of generative AI technology. With features such as automated debt collection, generated communications with customers, and predictive analytics, organizations can be empowered to improve their AR processes and better manage their cash flow. Decision makers must be cognizant of potential challenges such as manual processes, disruptions to cash flow due to uncollected payments, and complex dispute resolution. With the capability to address these challenges, generative AI is poised to have a significant impact on AR processes as the technology continues to advance.
"The accounts receivable department is ripe for technology that facilitates process automation, easier cash flow management, and optimized dispute resolution," says Jordan Steele, research manager, Worldwide Financial Applications Support at IDC. "With the delay in automation common in finance departments, solutions that can effectively implement generative AI technology to address these concerns will be well equipped to meet the needs of today's accounts receivable department."