Budget: AI can help track key metrics in transactions

Union Budget 2021 | AI can help track key metrics in transactions

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By Narayan ‘Naru’ Ramamoorthy,

AI can digitize B2B processes at scale – speed, costs, and productivity.

Companies doing business in India have a tremendous opportunity to leverage AI across the B2B process flows right from purchase order (PO) to payments and reconciliation.

Today a lot of these processes are manual – hence in-efficient both from a cost and time perspective, e-invoicing is a great first step by the Government of India. This will enable AI-led digitization of invoice acceptance and reconciliation processes for buyers. The next step is to enable tracking payments.

If payment data becomes available, AI can help track key metrics, such as Days Payments Outstanding (DPO) and Days Sales Outstanding (DSO) across receivables and payables and start providing actionable insights for companies and the economy as a whole.

This will also help address the key issue for MSMEs– getting paid on time, besides enabling digital lending through cash flow, payment, and invoice data.

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(The author is the Chief Revenue Officer, Global PayEX)