We close this week’s topic on the impact of technology on Credit Managers with the latest episode:
- Episode 4 – Artificial intelligence will enhance predictability
Artificial Intelligence (AI) combines the power of algorithms, Machine Learning and Big Data. AI thus offers the possibility of automating cognitive tasks normally performed by humans, while developing models capable of predicting and automating human decisions. A technology that is already benefiting credit managers.
With such artificial intelligence technologies, the system becomes capable, for example, of “learning” about customers’ payment habits. Based on these analyses, it can launch effective and appropriate pre-referral procedures (targeting the right contact, invoice format, cash flow status, tacit agreement on payment terms, etc.), predict payment dates or anticipate payment peaks.
This technology thus supports the Credit Manager in managing his debt collection campaigns and optimizing cash flow. It strengthens his role with the finance department, notably by contributing to the preparation of budget forecasts. Artificial intelligence can also make lettering proposals, freeing up the time of credit managers. They can then carry out new statistical processing and propose actions better suited to a given situation.
Eventually, these technologies, and in particular artificial intelligence, will make it possible to go even further and carry out predictive analyses, simulating the future from the past by taking into account all available data in order to propose relevant analyses that facilitate decision-making. These advances could lead the credit manager to play a greater role in his company’s performance and strategy.
Digital technology, artificial intelligence, technological innovations: all these developments are bound to have an impact on credit management professions. According to a Hays/AFDCC study conducted by the AFDCC and the Hays recruitment agency on the evolution of the credit management profession, 88% of respondents (credit management professionals) see an opportunity in the automation of redundant tasks using Artificial Intelligence and IT systems in general.
