March 30, 2023ChatGPT for B2B Collections & Accounts Receivable Posted By : Clint Kordsmeier/ 0 comments / Under : AI By Clint Kordsmeier, VP of Sales at O2C Pro I’m sure by now, most people have at least heard of, if not interacted with ChatGPT, one of the fastest growing technologies the world has seen. It uses Generative AI (advanced machine-learning) and language-processing techniques to render text in a conversational tone. We’ve only scratched the surface as it relates to potential business applications, including how it might impact the Order-to-Cash domain. I decided to go to the source, so I simply visited open.ai.com and asked this simple question… “How can ChatGPT help with B2B collections and accounts receivable?” Here was the response I received: “As a language model, ChatGPT can provide guidance and answer questions related to B2B collections and accounts receivable. Here are a few ways ChatGPT can help: Providing best practices: ChatGPT can provide best practices for B2B collections and accounts receivable, including tips for effective invoicing, payment reminders, and collections management. Offering guidance on payment terms: ChatGPT can offer guidance on setting payment terms for B2B transactions, such as when to offer discounts for early payment and when to extend payment terms. Assisting with dispute resolution: ChatGPT can provide guidance on how to handle disputes with customers over unpaid invoices, including how to negotiate payment plans and how to escalate issues if necessary. Suggesting tools and software: ChatGPT can recommend tools and software to help manage B2B collections and accounts receivable, such as automated invoicing and payment processing software, collections management software, and accounting software. Overall, ChatGPT can provide insights and recommendations to help businesses improve their B2B collections and accounts receivable processes, reduce delinquencies, and improve cash flow.” This exciting new technology coupled with predictive analytics, AI, and automation capabilities already integrated into solutions like Webcollect present great opportunities to help further simplify communications and increase efficiency.