What do predictive analytics mean for the AR customer experience?
As a leader in the Accounts Receivable Applications market, Quadient AR never stands still. We love developing new features that optimize collections, accelerate payments, and ease your AR reporting burdens. In this article, we’re going to show you how one of our most powerful capabilities improves your customer experience and business results.
If you ask our R&D team, one of their dearest innovations is predictive analytics. Last summer, Nicole Dwyer wrote one of my favorite Quadient AR blog posts about how machine learning-driven predictive analytics improves collections. A technologist might say, “AI-driven predictive analytics employs sophisticated algorithms to scrutinize vast volumes of financial data to learn from historical patterns, customer behaviors, and payment trends to identify invoices that exhibit signs of delay or difficulty in payment.” That technologist would be correct, but let’s strip away the jargon and explain what that capability actually offers your AR team and customers. Put frankly, why should you care?
When Quadient AR’s predictive analytics identifies a potential payment issue, your team has the opportunity to get ahead of a situation. Did I mention that the payor analysis is up to 94% accurate? This means that the platform can almost flawlessly predict customer payment behavior, giving you a solid handle on when your money is coming in at all times.
Using this information, you can employ empathy, customer relationship knowledge, and account data to deliver a good customer experience during a potentially difficult situation. The predictive analytics feature clearly identifies which customers require exceptional attention, while the platform’s automated communication workflows handle the routine transactions. By shining a light on the small amount of potential payment issues, you can act quickly and stand out among other vendors who are in a similar position with this account.
Quadient AR customers have the capability to quickly research the customer’s payment history, understand the current account status, summarize payments, and review collection analytics. With this information, you have an opportunity to craft a custom communication that best works for this specific customer in a given situation. By identifying the potential exceptions from thousands of transactions, the predictive analytics capabilities offer a chance for your organization to apply a personal touch to the right situations.
This scales your team by prioritizing their time to deliver the most benefits. Knowledge of your customer, their business, and the situation gives you the best chance to move to the front of line for hopefully a full payment, or at least a partial payment. The technology behind predictive analytics gets better every day, as the data set continuously increases. When viewed through a Customer Experience lens, the AI and Machine learning technology sifts through thousands of variables to help you focus your attention on the right invoices from the right customers at the right time.
While empathy and customer experience are important, they don’t show up as line items on your financial statements. You require business cases and proposals to improve your AR process. We certainly sympathize with you. So, Quadient cocreated an ROI calculator with Forrester to help you look at AR automation in a new light.
If you want to learn how your AR processes stack up against others, download “From ‘Starting Out’ to ‘Superstar’: Mapping Your AR Automation Journey” from the Institute of Finance and Management.
We also have plenty of customer reviews, use case stories, and customer testimonials from some of our customers who transformed their approach to AR on our site.
