Generative artificial intelligence (AI) is rapidly transforming the financial landscape for Chief Financial Officers (CFOs), reshaping decision-making processes in enterprise payments. This development was highlighted by Ahsan Shah, the Senior Vice President of AI/analytics at Billtrust, during a recent episode of PYMNTS TV. This segment was part of the broader PYMNTS B2B Outlook 2030 event series that explores technological advancements in the business-to-business (B2B) sector.
Shah outlined how AI-powered business payment networks are proving instrumental in enhancing operational efficiency, particularly in challenging and uncertain economic times. These technologies have the potential to significantly reduce the metric known as days sales outstanding (DSO), subsequently improving cash flow forecasting.
Generative AI, a recent advancement in the AI field, represents a departure from traditional AI's supervised learning models. This new breed of AI uses whole language foundational models, opening up multifaceted opportunities for enterprises. Shah explained that this technology can be deployed universally within organisations, offering capabilities to write, create, and even code. Such functionalities could deeply personalise buyer experiences and robustly forecast future cash flows.
The evolving role of the CFO was another focal point of Shah's discussion. Traditionally tasked with financial oversight, CFOs now find their roles expanding as they lead technological integration within their firms. In recent consultations with CFOs, Shah noted an increasing interest in leveraging AI capabilities to complement payment teams. This shift aims to harness data more efficiently and derive actionable insights from diverse and fragmented data sources.
Billtrust, which provides B2B software solutions, has observed that many CFOs are charting unique technological paths within their firms with the objective of optimising cash flows and strengthening supply chain relationships. According to Shah, a year ago many CFOs were uncertain about where to begin with AI integration. However, perceptions have evolved as CFOs now recognise AI as a valuable tool, prompting discussions on its potential applications within their organisations.
In today's fast-paced economic landscape, CFOs no longer need extensive coding knowledge or large engineering teams to interpret and synthesise data. The AI models from Billtrust facilitate rapid insights and actions to identify growth opportunities and pinpoint potential issues before they escalate. Shah highlighted a scenario where AI could detect and address payment delays, enabling companies to adjust terms or offer personalised payment solutions proactively.
Billtrust continues to inform its clients on the advantages of AI, acknowledging that this technological journey is still in its early stages but progressing quickly. Over time, Shah envisions that AI will handle up to 80% of manual tasks in organisations, allowing employees to redirect their efforts towards fostering creativity and innovation within their firms.
Far from replacing human creativity, AI is positioned as a creative partner within teams, emphasised Shah, contributing to an environment where technology and human ingenuity coexist and thrive.
Source: Noah Wire Services