EXECUTIVE INSIGHT dramatically higher and more costeffective conversion rates that move suppliers off paper checks onto secure, digital payment methods.
Giving suppliers the tools to contact support and the team, where the team instantly knows who they’ re calling about and what it’ s related to, is powerful. Having digital information to reference on the call, on recorded, transcribed lines is very effective for convincing and educating folks on why they need to change, how they need to transition to modern payment methods and what’ s in it for them. All of this education is personalised and intentional versus a robotic:“ Enter your info here, good luck. Give me your bank account info.” You really don’ t want to do that. You want to have something that improves the experience and that’ s what we’ re providing.
Q. HOW DOES THAT AI-POWERED SUPPLIER MANAGEMENT SYSTEM ACCURATELY PREDICT SUPPLIER CONVERSION TO DIGITAL PAYMENTS?
» I don’ t know if I could tell you exactly how – these models are a bit of a mystery. Some of the most important pieces involve looking at a comprehensive history of payment transactional flows, size, frequency, recency and volume trends and examining industry verticals, payment terms and a number of behavioural data points and supplier metadata to help us drive the forecasting. Another important factor is whether someone like us or our partners has paid them before, and how they have been paid. What that looks like helps us drive efficiency. All of this allows us to best target, identify and prioritise the most high-potential suppliers.
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