AI predicts when customers will pay their invoices

Jun 24, 2021

iController is launching a new feature that makes cash forecasting more accurate and reliable than ever

Estimated reading time: 2 minutes

iController uses artificial intelligence to make reliable cash forecasts. Based on more than 200 parameters, the AI algorithms analyse client behaviour and habits. For example, the new feature launched by iController in July can perfectly predict when clients will pay their next invoice. Companies can collect outstanding invoices faster and gain even more control over their credit management.

The Ghent scale-up iController optimises credit management with customer-friendly, efficient, and professional software. As a market leader, the company is always looking for the most innovative technology.The AI-driven cash forecasting that goes live in July aligns perfectly with this trend.

Hyper-reliable cash forecasts

Smart AI algorithms analyse the clients’ behaviour and habits based on more than 200 parameters. These do this much more accurately and reliably than the statistics used by companies today for their cash flow planning.

AI automatically recognises patterns, such as clients who invariably only take action after a personal reminder phone call. The system is also capable of recognising exceptions. If a client always pays his invoice after 30 days and, as an exception, once only after 60 days, the algorithm knows that this is a one-off event and will not suddenly change the payment term to an average of 45 days.

Improved follow-up on clients and payments

Users of the AI platform are shown cash forecasts on a well-organised dashboard. They automatically receive recommendations on when to send and follow up on invoices. For each client, the AI technology recognises the best time and channel to send an invoice. The platform also adapts procedures automatically. For example, AI will automatically shift clients who frequently pay their invoices late to a stricter follow-up procedure and clients who always pay on time to a less strict procedure.

‘The credit management of the future’

Peter Janssens, iController CEO: ‘AI-driven cash forecasting is the future of credit management. In a world and market that is changing rapidly, a strong cash position is more important than ever for responding to new challenges and new opportunities. With our technology, companies can better predict how much and when money is coming in. They can detect risks and anticipate possible shortfalls so that their cash flow never becomes an obstacle. Artificial intelligence is also constantly learning so our cash forecasting will become smarter and more accurate.’

The new AI feature will be available to all users from July at no extra cost. Your subscription type does not matter. All iController clients will be able to use the smart AI forecasts.

More information on the AI-driven cash forecasts is available on the iController website https://icontroller.eu/features/ai-cash-forecasting/

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