Sidetrade, the artificial intelligence software vendor for business, welcomes the British government’s efforts to challenges around company cash culture, particularly its emphasis on using technology to address the issue of credit management.
On 19th June, the British government’s Department for Business, Energy, and Industrial Strategy (BEIS) released its response to a call for evidence on addressing the problem of delayed payments. The call received nearly 300 submissions; the highest number BEIS has received on the issue to date, demonstrating the importance and urgency of the matter.
Olivier Novasque, Sidetrade founder and CEO, said: “The consequences of delayed payments on business can be serious, particularly for SMEs. Sidetrade’s extensive experience in this area includes monitoring B2B delayed payment in collaboration with the French government’s mediation bureau, producing a report every six months. It gives government and business insight into what’s happening, sectors most affected, and possible causes to be addressed.
“The UK government’s focus on using technology is to be particularly welcomed. Sidetrade specialises in providing Aimie for Finance – AI software driven by machine learning and natural language processing algorithms for B2B credit management. A number of our larger business clients have adopted Aimie for Finance, with excellent results: reduced delays to get paid, better team productivity, and more efficient customer communications.
“I would therefore urge chief finance officers and the government to increasingly focus on introducing AI-enabled technology to address delayed payment. AI can simplify business processes, accelerate cash generation, and reduce disputes between businesses.
62 percent of respondents said they used technology to manage the order-to-cash process. The response document also revealed that government departments have been asked to nominate a non-executive director responsible for prompt payment who will look at how better to use technology and AI to make payment processes more efficient.
According to the response document, international evidence suggests that UK businesses’ adoption of technology lags behind the best performers in the EU. Among the reasons cited by respondents as barriers were concerns around technology being too complicated, taking too long to implement, and training needs.
Rob Harvey, Sidetrade’s global head of operations, said: “It’s important to listen to business concerns around introducing technology, and help them to understand how AI is simple to use and helps finance departments with cash collection.
“It was also insightful to read that 59 percent of respondents indicated that they do not research the payment performance of a business before they enter into an agreement with them. Thanks to Sidetrade Payment Intelligence, which is part of Aimie for Finance, our clients can do exactly that – compare the payment behaviour of a customer. It’s just one of the benefits of introducing AI into the finance function of a business.”