In the current era of digital transformation, it’s valid to speculate if automation with artificial intelligence (AI) could cause human jobs in business and organizational systems to become obsolete. Looking closely at why these systems exist and the motivation that drives them, you realize that there is much more to them than efficiency and optimization. Therefore, for any business process to work best, it must prioritize people over mere processes.
In the specific field of Accounts Receivable (AR) management, processes have been accelerated by using AI and machine learning (ML). ML algorithms predict growth patterns by analyzing data, providing key insights to the AR process. AI helps with cash application, predicting customer payment due dates, collections outreach, and cash flow management. By automating many of the simpler tasks, AR teams are free to focus on the parts of the job that require higher levels of intuition and understanding, such as addressing line item discrepancies and customer disputes.
AI’s scopes are however limited when it comes to offering personal advisory services. Human understanding, intuition, and emotion are still essential in providing services that offer value and help clients plan their financial budgets and projects. Similarly, when it comes to customer outreach, safety and understanding are best ensured by trusting it in the hands of people rather than machines.
Hence, humans and machines must collaborate if organizations are to reap the benefits of greater efficiencies and improved profits. Together, AI and humans will help orient processes towards people, offering the perfect blend of automation and meaningful interactions for customers.
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