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A French startup has developed an unusual tool based on the payment habits of companies and could help improve companies’ cash flow.
franceinfo: Olivier Novasque, how can artificial intelligence help recovery?
Olivier Novasque, founder and CEO of Sidetrade : We have collected over 330 million payment experiences over the past three years from over two to three million debtor companies, and we have analyzed which actions lead to a settlement within five days or which were ineffective.
For example, we observed if a customer used to pay on the 15th of the month or rather at the end of the month, if he was more sensitive to an email, a phone call or a letter. Thus, we are able to tell, for a particular business, what is the best way to relaunch it in order to have the best chance of getting your money back.
Has the health crisis accelerated the adoption of these technologies?
Yes. During lockdowns, we saw that some companies found themselves completely paralyzed because they no longer had access to their information system and that they could no longer even receive the checks that arrived at the office, because there was no had no one left. Digitization has therefore emerged as an absolute necessity. The Covid crisis will have had the merit of making up, in nine months, progress that had not been made over the past five years.
In the future, will all business-to-business transactions be handled automatically by AI?
I believe him. Even if there will always be a place for humans, since in transactions between companies, we need the human spirit to negotiate a contract. I don’t think artificial intelligence will negotiate contracts for us tomorrow. But for the payment of invoices, this can be done with artificial intelligence, and in a completely digital way, without any manual intervention.
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