Jade has developed Invoice Outcome Prediction solution which predicts what invoices will be paid late and by how many days the invoices could be defaulted Following are the key data elements that are captured from the ERP system to achieve the desired results.
Jade Global gathers the historical information to arrive at the credit rating of the customer, which includes the total invoices paid, number of invoices that were late, and the ratio of invoices paid versus late average days late. For new customers where historical information is absent, information like customer credit worthiness, organizational profile, financial details etc. are gathered from public domains and credit rating agencies for predicting the invoice outcome. Jade used supervised learning algorithms and built statistical models to predict the outcome of the invoice payment.
Invoice Payment Prediction
Jade Global Invoice Outcome Prediction solution gives you a much needed heads-up and prevents any kind of defaulting in the invoice payments.
This can bring in financial stability by:
- Prioritizing delinquent invoices for actions based on the expected time of payment, one can optimize the use of collections resources
- Taking preemptive actions on invoices that are likely to become delinquent can drive down the collection time
- Predicting collection probabilities, most suitable payment terms, and schedules for a given customer