BillingPlatform has launched RevenueIQ, an AI suite aimed at supporting accounting teams in analysing, planning, and managing financial operations.
RevenueIQ integrates conversational artificial intelligence and custom-trained AI models with billing data to help organisations make decisions more efficiently and with connected financial intelligence.
According to Dennis Wall, Chief Executive Officer at BillingPlatform, "In terms of enterprise data sources, billing contains a rich record of customer interactions, transactions and operational processes, making it ideal for analysing product usage, sales, revenue, customer behaviour and other trends."
"Combined with RevenueIQ's AI capabilities, it empowers CFOs to optimise cash flow, maximise revenue, drive efficiency, elevate the customer experience and accelerate business agility – and delivers on our promise of 'One Platform, Infinite Possibilities.'"
The RevenueIQ suite is comprised of several key functionalities intended to automate processes, provide predictive insights, and tailor AI solutions to individual customer requirements.
AI-powered efficiency
RevenueIQ features Copilot, a tool that enables users to navigate the platform, generate reports, and request assistance via a natural language chat interface. This allows tasks such as querying outstanding receivables by customer or managing invoices to be completed using simple conversational prompts.
Business process automation
The system incorporates Contextual AI, which allows users to describe business requirements in plain language and then automatically convert those instructions into automated processes. This functionality is designed to reduce manual and repetitive work, enabling faster delivery of offerings and improving productivity without the need for programming knowledge. For example, users can establish and automate late fee policies through a description alone, with the application handling the configuration and execution of those policies.
Predictive financial intelligence
RevenueIQ leverages predictive analytics to deliver insights and forecasts on key financial metrics, including cash flow, collections, revenue, and churn rates. Finance leaders can use these analytics to automate proactive actions. An example cited is the ability to forecast cash flow for the upcoming quarter.
Customisable AI models
Through its AI Studio, the suite enables organisations to adapt and train AI models that correspond with their unique configurations, datasets, and business processes. Users can choose from pre-trained models or develop new ones, including anomaly detection features such as recognising irregularities in invoice data.
The RevenueIQ suite is included at no extra charge for BillingPlatform customers and will see future updates expanding its AI capabilities. The company indicates that the solution is intended to help enterprises reduce costs, improve agility, and monetise varying revenue models on a single platform.
BillingPlatform has been recognised by several industry analysts in the area of recurring billing and revenue management. The acknowledgements include being named a Leader by Forrester Research and Gartner, as well as receiving accolades from MGI Research, ISG, QKS Group, and IDC for customer satisfaction and market presence. The company has also featured on growth and performance rankings such as Deloitte's Technology Fast 500 and the Inc. 5000.
BillingPlatform serves a global client base across sectors such as software, finance, media, transportation, and communications, processing a significant volume of transactions each year in support of various business models.
