Preparing Accounts Receivable industry for the next gen with RPA and AI.
Every day, hundreds – if not thousands – of files are transacted between your agency. Adding to this list, you have other data files that you need to process for scrubbing and enriching of data through various data providers. With so many moving parts within the ARM operations, automating various tasks is inevitable.
Goal is to freeing up the staff to focus on the core operations - Collect More!!
There are not two, but just one goal - Collect More !!
Freeing up collectors to do what they do best, collect, collect and collect.
Loading Accounts (EDI)
When you have thousands of records to import into your ARM system and further manipulate the data before loading them to build the work list, automation can make this process simple, efficient and 100% error free.
Despite of having the right file structure and data, EDI teams across organizations spend hours together in manipulating data before processing the accounts. EDI is not only time consuming but error-prone. Automation through robotic process delivers fast and reliable data interface mechanism for A/R operations.
​
Minimal Expected Cost Savings: 1 to 2 FTE
Type of Bot: Unattended Bot (No manual intervention required)
Dispute Management (eOSCAR)
On an average 5 to 7 minutes spent on processing a single dispute registered by a consumer either directly or indirectly and accordingly work through the online reporting systems like eOSCAR to gather and disperse all the information to the respective accounts for the compliance team to start resolving it.
​
Based on the type of dispute, the filing and documentation process can be tailor-made and the bot can be programmed accordingly to assist the compliance team.The total number of disputes received by an agency can be between 1,500 to 15,000 disputes per month on average, depending on the volume of accounts handled.
​
Minimal Expected Cost Savings: 1.5 to 3 FTE
Type of Bot: Unattended Bot (Minimal manual intervention required)
All e-Filings (Legal)
Every single day, thousands of accounts within A/R operations are handed formally to the state, county and municipal courts based on the jurisdiction. Based on the process established by every courts, the number of steps taken to complete a filing may take anywhere between 3 to 5 minutes for each filing. This is a tedious and highly time consuming process where automation can simply give back your time.
​
Minimal Expected Cost Savings: 1 to 2 FTE
Type of Bot: Unattended Bot (No manual intervention required)
Data Reconciliation
Day in and day out collection operations do multiple data reconciliation process within every department from EDI to Accounting.
Examples:
-
Accounts listed
-
Payments - Direct Payments
-
Bank statements - Accounting Ledger
-
Cash Register (receipts & deposits) - Bank Statements
-
Auditing Trial Balancing and Report Generation
All such reconciliations can be automated into an error-free and well-streamlined process.
Minimal Expected Cost Savings: 1 FTE
Type of Bot: Attended & Unattended Bot (Manual intervention may be required on few)
And many more use cases..
DON'T MISS OUT.
Get your copy of the eBook
Leaders guide for Robotic Process Automation
A comprehensive guide exclusively for leaders in the financial services for building and scaling the automation within their existing and new operations.
Practical guidance for implementing robotic process automation (RPA).
