How AI’s Language Capabilities Will Revolutionize B2B Payments
Change is a constant force in our world, and it applies not only to evolution but also to the advancement of business practices. In the realm of B2B payments, artificial intelligence (AI) has the potential to transform how accounts receivable (AR) processes are optimized.
According to Ahsan Shah, Senior Vice President of Analytics and AI at Billtrust, AI can be viewed through two lenses – internal efficiencies and external product. In the case of AR and accounts payable (AP), both are transitioning from back-office functions to strategic components of business operations, making them ideal candidates for AI integration.
Shah emphasizes the interconnectedness of payables and receivables, noting that they are two sides of the same coin. To maximize the potential of AI in this space, it is crucial to consider the entire lifecycle of receivables, including buyers, suppliers, and processes.
Generative AI, which utilizes language models to understand and interpret data, is driving this transformation. It enables businesses to gain insights into payment trends, buyer behavior, risk analysis, and anomaly detection. For instance, Billtrust is leveraging generative AI to analyze its own datasets and make data-driven decisions.
The applications of generative AI in the broader B2B payments ecosystem are numerous. It can automate and integrate payment systems, handle unstructured data from communication channels, facilitate language translation for cross-border payments, and offer personalized recommendations for dispute resolution.
The transition from a rule-based universe to a language-based universe opens the door to countless possibilities within payments, Shah explains. By embracing AI integration and ensuring data readiness, organizations can tap into its full potential. This involves understanding the differences between structured and unstructured data, adopting suitable database solutions, and cleaning, tagging, and structuring data effectively.
Despite the hype surrounding AI, Shah urges organizations to go beyond surface-level discussions and identify specific contexts where generative AI can be applied. The first step is to understand the problems that AI can solve.
Looking ahead, Shah envisions a shift towards agentic, or multi-agent generative AI. This approach involves AI acting as an orchestrator across different domains, optimizing various steps in the AR process, and enabling personalized recommendations, campaign management, and strategic decision-making. The focus will shift from point solutions to a holistic approach that maximizes the potential of generative AI.
In conclusion, AI’s language capabilities have the power to revolutionize B2B payments by optimizing processes, improving analytics, and driving better decision-making. It is essential for organizations to embrace AI integration, leverage generative AI, and prepare their data infrastructure for the future. By doing so, they can unlock the transformative potential of AI and stay ahead in the rapidly evolving world of B2B payments.
