Despite the increased capacity of AI - based technology to complete almost anything, it goes without saying, “When there is no power, there is no technology.” The truth is that humans will always be needed in a business. Their roles will include validating the business’s systems for efficiency and accuracy, or to hold the business together until the power comes back on. We also know that when it comes to computer programs, results show, “… crap in, crap out” as we have all seen with many programs in the past and now even with AI results.
It also appears to me that one of the core problems over the years in my experience, is to ensure all changes to processing systems are completed correctly by authorised personal with the correct ethos and information. When the initial information or any changes are not made correctly, the billing system will contain incorrect information which prevents prompt payment of invoices, allows for fraudulent interference, the creation of false sales etc.
Another aspect of using AAI and technology base billing systems will be laziness of thought and care when processing and billing customers. After all, the unprofessional, the disenfranchised or the lazy employee, will simply assume that all the information is correct on the invoice being produced. It these employees who will fail to understand or care what information is showing on the invoice including:
- valid purchase-authorising details,
- it shows the correct destination person or address for the invoice,
- it shows the correct pricing shown for each and every product and customer,
- correct banking details,
- product identifying reference details, etc.
For instance, in the past, we know that research has been closed down when the interacting computers started amending the outcomes of the intended project. There was also the case of a major bank in Australia when a computer program started amending the expected results based on subsequent information entered by users that led to massive loan losses.
Using ChatGPT for customer service enquiries is also causing immense dissatisfaction with customers. As a result, dissatisfied customers are bombarding call centres wanting to talk with a human who can often quickly supply the information required by the customer. The proviso, is of course, the person delivering the message must know the answer for the enquiry and speak clearly in the customer’s own language.
In addition to the above examples, we see that fraudsters and cyber criminals are using increasingly highly advanced technology to better scam victims and to hack in to even the best run businesses.
Then there are those businesses, particularly in regional Australia, which want to go cashless. Often these businesses face intense competition and a loss of reputation and sales as their customers leave them and go to their competitors who are happy to take cash. This is another situation where the use of technology, even those based on information and procedures developed by AI has caused a loss of sales and profits.
As we review the above information, a major issue stands out, the retrenching of experienced and professional employees which are deemed to be a negative cost factor, versus employing cheaper and less experienced people. This poorly thought-out strategy, suggests management is concentrating on cheaper upfront costs, rather than on-going and long-term costs. Sadly, this emphasis usually results in increased costs throughout the business because of resultant inefficiencies and inadequate resources to correct and avoid the mistakes which have caused these increased costs.
At the end of the day, selling and billing your customers should never be perceived as boring. It is an essential business task that requires ongoing due diligence and proper care if you want your business to be paid for its goods and services. After all, every incorrect invoice sent and that remains unpaid beyound the terms of trade agreed with the customer, is either delaying the receipt of cash or causing your business increased costs and a loss of profits.
Want to know more, contact Kim at kim@creditmatters.com.au, or 0411 649 261, or have a look at what we offer via our website at www.creditmatters.com.au
