The AR automation market is growing fast - reaching $3.81 billion in 2023 and expected to grow at about 13% annually through 2030. And there's a good reason: AR teams are dealing with more complex billing processes than ever before. But the real story isn't in the numbers - it's in how different industries are finding new ways to automate their AR processes.

We're seeing a big shift in how companies think about AI in finance. A great example? About 78% of mid-market CFOs are planning to increase their AI budgets this year. They're not just throwing money at new technology — they've seen what AI can do for their AR processes and want more of it.

The thing is, each industry has its own AR challenges. Software companies handle recurring billing differently than manufacturing firms, and service businesses have their own way of doing things. That's why customizable AI modules are making such a difference. They're helping AR teams automate complex processes while working with their existing systems, not against them.

In this article, we'll look at how different industries are using AI-powered AR automation to solve their specific billing challenges, and what that means for your business. You'll see real examples of how companies are cutting down on manual work and getting paid faster, all while keeping their unique workflows intact.

Benefits of Customizable AI Accounts Receivable Solutions

Let's talk about what happens when you bring AI into your accounts receivable process. It's a bit different from the old way of doing things, and there are some great benefits we're seeing across different industries.

Making Financial Operations Smoother with Automation

AI-driven A/R automation is changing how teams handle their day-to-day work. We're seeing AR teams spend way less time on manual tasks, and they're getting invoices out faster too. And the really good thing? Your team can focus on more important work while the AI handles the routine stuff.

Getting the Numbers Right, Every Time

You probably know how frustrating it can be when billing errors pop up. Well, with AI, you get a heads-up before things go wrong. It's like having a really detail-oriented team member who checks everything twice. Your customers will appreciate getting accurate bills the first time around, and your team won't have to deal with fixing mistakes later.

Better Cash Flow with Real-Time Updates

It's tough when you don't know exactly when money's coming in. That's why real-time insights are such a big deal. You can see right away which invoices are still out there and spot payment patterns. And when you need to plan ahead? The forecasting tools help you figure out what your cash flow will look like down the road.

Making Customer Interactions More Personal

AI can help you figure out the way to work with each customer. It looks at how they usually pay and what works best for them. Then you can adjust how you communicate with them. Some customers might prefer email reminders, others might need a different approach — and AI helps you sort that out.

Smarter Ways to Handle Collections

No one likes chasing payments, but it has to be done. The difference now is that AI can tell you which overdue accounts need attention first. You'll know exactly where to focus your efforts to get better results. This is part of why companies are so excited about using AI to improve A/R turnover.

As a result, teams are working smarter, getting paid faster, and spending less time on paperwork. That's what good AR automation should do — make your life easier while helping the business run better.

Customizable AI AR Modules in Action: Industry-Specific Applications

Fintech Sector: Making Credit Risk Assessment Better and Faster

The fintech industry is doing some interesting things with AI in accounts receivable. And there's a good reason for that — banks and financial companies are leading the way in AR automation right now. In fact, they've got the largest share of the market in 2023.

So what's making AI so valuable for fintech companies? Well, it's changing how they look at credit risk in a couple of different ways:

Smart Algorithms That Learn and Adapt

Fintech companies are using AI to figure out if someone's likely to pay back a loan, and they're getting better at it too. The great thing about these AI models is that you can adjust them to fit what matters most to your company. You might care more about payment history, while another company might focus on different factors — and AI can handle both approaches.

Real-Time Data That Gives You the Full Picture

It's probably tough to make good decisions when you're working with old data. That's why fintech companies are bringing in real-time information from all sorts of places — everything from recent transactions to other financial activities. It helps paint a better picture of someone's financial situation right now, not six months ago.

A Real-World Example

Let's say you're running a personal loan company. You've got AI working for you that looks at:

• Credit scores
• Income documents
• How people have paid their loans in the past

What used to take 8 to 12 hours can now be done in about 15 minutes. Your team gets answers in minutes instead of days, and they're good answers too.

What This Means for Fintech Companies

When you bring AI into your AR process, a few things happen. First your team gets time back — they can focus on the complex stuff while AI handles the routine work. And when customers see how fast you can make decisions, they're more likely to come back and tell others about you. On top of it, you can spot potential problems before they happen, which means fewer loans that don't get paid back.

By the way, if you're looking to make these kinds of changes in your company, platforms like Fazeshift can help you set up AI that works with your specific needs. It's a bit like having a really smart assistant who knows exactly how your company works.

2. Retail Industry: Making Billing and Fraud Detection Work Better with AI

Retail businesses are finding some great ways to use AI in their AR processes. And it's making a real difference — about 75% of companies say that automating AR helps them give customers a better experience.

Let's look at what's working well. First, there's the automatic tracking of invoices and payments. It's simple: the system keeps an eye on when bills need to go out and when they should be paid. Then there's the smart fraud detection — AI looks at how people usually pay and spots anything that seems a bit off.

Here's a real example of how powerful this can be: Walmart was dealing with a huge problem. They had two years' worth of unresolved deductions. They brought in an AI system and managed to clear a month's worth of deductions in just two weeks. That's the kind of improvement that makes a real difference to your bottom line.

The AI also watches for anything unusual in how customers are paying. If someone who usually pays on time starts being late, or if there's a sudden change in their buying patterns, the system flags it right away. Your team can check it out before it becomes a bigger problem.

And here's something that's working really well: proactive AI payment reminders. The system knows exactly when to send reminders and who needs them. It's like having a really efficient collections team that works 24/7, but without bothering customers unnecessarily.

By the way, all of this isn't just about getting paid faster — though that's definitely a good thing. It's also about building trust with your customers. When your billing is accurate and consistent, and when you can spot and stop fraud before it happens, customers feel more confident doing business with you.

3. Healthcare Organizations: Making Complex Billing and Insurance Claims Easier with AI

Healthcare billing is complicated — there's insurance to deal with, different types of claims, and so much paperwork. But AI is changing things in a quite big way. McKinsey found that good automation could save between $200 billion to $360 billion in US healthcare spending. That's a lot of money that could go back into patient care.

Here's what's working well with AI in healthcare AR: First, there's OCR technology. It can read documents and pull out all the important information automatically. Your team doesn't have to type everything in by hand anymore. And when you're dealing with insurance claims, getting the details right the first time is really important.

The time savings are impressive. One healthcare provider found that AI saved their AR team about 4.5 hours every day — they cut down the time they spent on cash applications by 75%. That's almost half a workday that staff can spend on more important things.

And here's a real example that shows how well this can work: Premier Health in Ohio had a problem with unpaid bills. That's tough — you want to help patients, but you also need to keep the lights on. They tried something different: they used AI to figure out which accounts were likely to pay and created smart outreach programs. Over 16 months, they brought in an extra $2.6 million that they probably would have lost otherwise.

Let's say you are an owner of a healthcare facility. You've got invoices coming in from all sorts of places — medical suppliers, service providers, you name it. With AI handling the paperwork, you can get those claims to insurance companies faster. And when claims go out faster, money comes back faster too.

Well, this is what healthcare organizations are finding: when they use AI in their AR process, they can spend less time on paperwork and more time on what really matters — taking care of patients. The technology handles the complex stuff in the background, while your team focuses on providing great healthcare services.

4. Construction Sector: Making Project Billing and Cash Flow Work Better with

The construction industry has always had a tough time with getting paid. In fact, construction companies waited about 94 days on average to get their money in 2023. That's a really long time when you've got bills to pay and projects to run.

AI is starting to change this though. Construction companies are finding that smart AR systems can help them deal with all the complex parts of construction billing — you know, things like progress payments, holding back money for quality checks, and working with different contractors.

When it comes to invoicing, AI makes everything run smoother. You can set up automated billing cycles that help cut down on mistakes. And that's important when you're dealing with big construction projects where even small errors can cause big delays in getting paid.

Here's what's really good about these systems: they show you exactly what's happening with your money in real time. Project managers can see right away if there might be problems with cash flow coming up. And they can do something about it before it becomes a real headache.

Say you're running a construction company. You start using an AI system that keeps track of how long it takes different clients to pay you. The system notices that some clients always pay late on bigger projects. Now you can talk to them early, maybe set up different payment schedules, or find other ways to keep your cash flow healthy.

Keeping track of these numbers helps you make better decisions about which projects to take on and how to schedule your work. When you know exactly how different clients pay, you can plan your resources better and keep your business running smoothly.

5. Real Estate Industry: Making Rent Collection Easier with AI

Property managers have a tough job — keeping track of rent payments from lots of different tenants, dealing with different lease agreements, and making sure everything runs smoothly. Well, AI is starting to change how all of this works, and the results are impressive.

Let's look at what some big property companies are doing. Companies like Brookfield tried something different with their rent collection process. They brought in AI to handle things like payment reminders and late notices. The results? At one of their properties, they saw their collection rate go up from 97.6% to 99.6%, and they were getting paid about two weeks faster than before.

Here's how these AI systems are making life easier for property managers: First, they handle all the invoice creation automatically. If you've got different lease agreements with different terms, the system keeps track of all that and sends out the right bills at the right time.

The reminder system can get very smart too. Instead of property managers having to chase down late payments, the AI sends out friendly reminders when rent is coming due. And if someone's late, it can even help work out payment arrangements — all without a person having to get involved.

Another good thing is how it puts all the information in one place. Property managers can see exactly who's paid and who hasn't, right from their dashboard. That's really helpful when you're dealing with lots of different properties and tenants.

Here's a real example of how this works: Say you're managing an apartment complex. The AI system knows all your tenants' lease terms and payment schedules. It automatically sends out rent notices, tracks who's paid, and lets you know if there might be any problems coming up. Your team doesn't have to spend hours on spreadsheets anymore — they can focus on keeping the property running well and helping tenants with other things they need.

And by the way, when tenants get consistent, professional communication about their payments, they tend to have a better relationship with property management. It's good for everyone when the payment process runs smoothly.

What's Coming Next in AI AR Solutions?

AR technology is moving fast, and it's pretty exciting to see how different industries are using it in their own ways. You might be surprised to learn that language tasks take up about 62% of employee work time — and AI could help free up about 65% of that time for more important work.

So what's coming up in the world of AR automation? Here are some interesting trends we're seeing:

The AI is getting smarter and more specific. Instead of one-size-fits-all solutions, we're seeing AI that really gets how different industries work. If you're in healthcare, your AI will know about insurance claims. If you're in construction, it'll handle progress payments. That kind of thing.

Machine learning is going to be a big deal too. Companies will be able to spot patterns in their data and figure out things like when customers are likely to pay late, or which collection strategies work best. And the great thing is, the system keeps learning and getting better over time.

Here's something that's really changing: customization. Companies don't want generic solutions anymore — they want something that fits perfectly with how they already work. And AI is getting good at adapting to different workflows and systems.

Real-time updates are becoming really important too. Companies want to know exactly what's happening with their money right now, not just at the end of the month. That way, they can fix problems quickly before they become bigger issues.

By the way, if you're working in finance or accounting, this is probably going to change how you spend your day. A lot of the routine stuff will be handled automatically, so you can focus on the more complex parts of your job that really need human judgment.

All these changes are making AR processes work better for different kinds of businesses. Whether you're running a small retail shop or a big healthcare system, there's probably an AI solution that can help make your AR process run more smoothly.

The Bottom Line

Every industry has its own way of handling accounts receivable, and that's exactly why customizable AI solutions are making such a difference. From fintech companies cutting down their processing time to healthcare providers saving hours on paperwork, we're seeing AR teams work smarter, not harder.

That’s why each sector is finding different ways to use AI. Retailers are automating their complex billing patterns, construction companies are getting better visibility into their cash flow, and healthcare providers are spending less time on paperwork and more time on patient care.

If you're managing an AR team of 5-25 people, and you're dealing with complex billing processes or multiple systems, you might want to check out how Fazeshift can work with your existing setup. Their AI modules plug right into tools like Salesforce and NetSuite, so your team can keep using the systems they already know.

Want to see how it works with your specific billing needs? Schedule a Demo with Fazeshift.