Overview

Bring IT is an end-to end-supply chain technology firm that helps customers design, implement, optimize, and scale their system architecture and business processes to gain a competitive advantage. The company deploys a best-in-class system architecture, enabling extended and seamlessly integrated global networks of suppliers and partners that perform at their maximum potential because the supply chain information is available to them in near-real-time, everywhere.

Supernova Award Category

Tech Optimization and Modernization

The Problem

When Bring IT first started, it needed a dedicated accounts receivables team. Bring IT knew it needed immediate help at the rate the company grew. Writing and sending emails was not feasible when the team needed clients to respond quickly with payment information. Manual email resulted in long waits for responses. In addition, the Bring IT team had to download all invoices received and then search through its contact database for clients to reconcile the information. 

The Solution

Bring IT knew it needed to start automating its collections processes. 

Enter Auditoria. 

Auditoria increased Bring IT’s finance office's speed, accuracy, and efficiency using AI-enabled Auditoria SmartBots to automate redundant and manual accounts receivable processes. Purpose-built for finance, Auditoria SmartBots integrated with Bring IT’s systems of record and acted as a system of engagement to dynamically prioritize worklists, streamline dunning notices, classify customer accounts, and handle helpdesk inquiries. Further, while most SaaS implementations are costly and time-consuming, Auditoria fully integrated with Bring IT in four weeks, providing step-by-step education to ensure all employees felt comfortable working with the new software.

The results

Often facing a seven-hour disadvantage, too much time was spent trying to manually reply to every customer email in an attempt to answer invoice or payment questions promptly. It was clear the current system needed to be more efficient.

By leveraging cutting-edge machine learning algorithms, Auditoria SmartCollections mined through thousands of invoices to decipher payer behavior patterns continuously and automatically for the Bring IT team. These patterns were then turned into insights to identify potential later payers and recommend where to focus Bring IT’s collections teams' daily efforts.

With Auditoria, Bring IT is in constant contact with its customers, allowing the company to collect quickly and efficiently while managing its cash flow better. Rather than performing simple, repetitive, and manual tasks, Bring IT has more time to focus on complex customer requests. Auditoria’s automation allows Bring IT to manage pending tasks better while minimizing common mistakes and exposure to risk often seen when tasks are manually performed.

Metrics

Using modern AI-powered optical character recognition, computer vision, and natural language understanding technologies, Auditoria reads, matches, stores, and processes evidentiary data faster and more comprehensively than traditional people-based techniques, reducing significant monthly costs.

With Auditoria, Bring IT automated classification and prioritization of receivables accounts, delivering automated bidirectional dunning based on state-of-the-art ML/NLU technologies, reduced the number of 10+ days past due invoices by more than 25% month over month, increased efficiency and reduced errors by half, scaling the technology as volumes of transactions increased without the need to add headcount, and gathered relevant data and metrics, reported in a centralized, dynamic dashboard that provided insights and focus for increased visibility and better decision making.

The Technology

Auditoria SmartCollections: Purpose-built for finance, Auditoria SmartBots integrate with systems of record and act as a system of engagement to prioritize worklists and handle helpdesk inquiries. SmartBots send courtesy notices and dunning based on communications cadences to maximize collections efforts and streamline correspondence, saving countless hours for the AR team. SmartBots monitor the AR inbox, reading emails/attachments, organizing actions, capturing updates, and escalating issues.

Disruptive Factor

As the industry continues to evolve and embrace new technologies, finance professionals, including the team at Bring IT, must stay ahead of the curve and leverage AI to stay competitive. At Auditoria, we recognized the evolving industry. We announced the addition of generative AI, including GPT-3.5 Turbo and BLOOM, to our existing technology stack for SmartBots trained in finance and business languages.

Shining Moment

It’s been over a year since Bring IT’s implementation of Auditoria, and the company is thriving. With automation freeing up time for more value-added activities, Raul Nava was promoted from Controller to Finance Director.  Auditoria made it easy for Bring IT to roll out new capabilities across the finance back office, keeping the team on top of the customer growth they are experiencing.