In the latest episode, Billy Holliday from Invevo delves into the world of collections and credit control, emphasizing the power of technology in optimizing what is a critical business function.
He discusses the impact of interest rates, the importance of automation, and the role of digital communication in today’s business landscape.
Key takeaways include the need for agility in uncertain economic climates, the value of AI-driven recommendations, and the importance of auditability in AI decision-making. With a focus on creating predictability and early warning signs, businesses are urged to invest in technology to prepare for the challenges and changes on the horizon.
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Key Points
- Technology plays a pivotal role in enhancing collections and credit control processes.
- Segmentation is a quick win strategy for improving collections.
- Digital communication is becoming increasingly vital in business interactions.
- Flexibility in remote work arrangements is acknowledged, with a shift back to the office in some cases.
- Building a robust business case for technology investment is crucial.
- API integration and real-time connectivity are on the rise.
- AI can recommend treatment strategies and identify blockers in collections.
- Auditability of AI decisions is a key consideration for businesses.
- Automation remains a recurring theme in improving business operations.
- Technology investment is essential for future challenges and economic changes.
Key Take Aways
- Businesses should prioritize technology adoption to enhance predictability and agility.
- Reactivity is crucial in uncertain economic climates to adapt to changes effectively.
- Collections and credit control functions serve as risk highlighters within an organization.
- AI-driven recommendations can significantly improve decision-making processes.
- Ensuring auditability in AI decisions is essential for trust and transparency.
- Continuous monitoring and adaptation to economic changes are vital for future success.
- Hybrid work models offer flexibility and work-life balance.
- Improved visibility and seamless integration with third parties are key goals.
- Technology investments should focus on cost reduction, working capital improvement, and future-proofing.
- AI’s role in early warning signs and root cause analysis is invaluable.
- The macroeconomic outlook is subject to change, requiring adaptable strategies.
- AI-powered systems automation can drive productivity and customer relations.
#Invevo
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