Factoring is a labor-intensive business. There are a lot of documents that need to be matched to transactions. There is data entry. There are credit approvals. There are collections.
Now you can end the tedium of repetitive tasks and leverage artificial intelligence (AI) instead. Here are just a few ways that FactorCloud leverages AI and machine learning:
- Brightbolt Optical Character Recognition (OCR): Rather than keying in purchase schedules and supporting documentation, our Brightbolt OCR can “read” these documents and automatically enter the data into FactorCloud.
- Payment Application: Brightbolt OCR and AI also work hand-in-hand to automatically apply payments to the correct invoices based on remittance detail.
- Credit Approval: Set a few ground rules, and AI can automatically make credit decisions for you.
- Collections: Use AI to determine which invoices your collections team should focus on - the largest amounts, the most overdue, skipped invoices, or whatever’s most important to you.
Brightbolt’s AI and OCR are seamlessly integrated within the FactorCloud ecosystem. They automate menial, routine tasks, by leveraging the power of machine learning and neural networks. Free up your team to focus on more critical responsibilities instead. Get your team out of the grind.
Schedule a demo with us to learn more. We’d love to talk about how much time we could save your team!
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