Cash Application in Europe is significantly more complex than in the USA, especially for Shared Service Operations. This is because of multiple currencies & languages, integration with multiple ERPs & banks, variation in banking regulations across countries, accommodating multiple digital payments etc.
AI-powered digital assistants and document data capture methods like Gia Docs AI can perform 70 to 90% of the manual operations in Cash Application, generating exponential productivity. Businesses can reduce complexity of cash application in Europe with AI to achieve high auto-cash hit rates for exponential gains.
Download this eBook to understand how to:
- Improve productivity in cash application in Europe
- Cut down manual efforts by up to 90%
- Quickly assimilate new business units into an SSO
A glimpse into this eBook
- The European economy presents a number of unique challenges to achieving world-class performance in Cash Application.
- Cash Application in Europe can benefit substantially from major advancements in AI Digital Technologies.
GiaDocs – Cognitive Data Capture/Intelligent Document Processing helps:
- Eliminate manual extraction of remittance data entry and document handling
- Extract all required data from remittance documents, files, vendor & customer portals, EDI transmissions, e-mails, etc.
- Eliminate manual keypunch of remittance data into a file
- There is a large opportunity for most companies to substantially improve the cost efficiency, timeliness, and accuracy of their European Cash Application function
- It is achievable using Artificial Intelligence (AI) and IDP Automation and Analytics
- AI Automation can perform 70 – 90% of manual operations in Cash Application
- Companies can free up staff for higher-value tasks by automating cash application in Europe
Some of the key challenges to cash application automation in Europe include:
- Payments in multiple currencies – managing foreign exchange differences
- Remit Advice in multiple languages
- Utilization of multiple banks located in many countries with local banking regulations and practices.
- Accommodating newer Fintech Digital Payments (e.g., Square, PayPal, etc.)
Remit Advice received in a number of modes:
- paper or scanned images
- EDI
- downloads from customers’ vendor portals and your EIPP portal
- bank files in various formats
- Wide variance in how Remit information is displayed in customers’ Vendor Portals
- Integration with multiple ERPs for most companies
AI-powered Digital Assistants like Emagia’s Gia help:
- Eliminate manual application of payments to open invoices
- Perform the receipt-to-invoice matching and clearing of open AR items
- Eliminate manual deductions
- Auto-identify short-pay (and over-pay) with reason codes, auto-generate deduction, and route it to the designated resolver through workflow
