Carrier Logistics Inc., which provides fleet management software for less-than-truckload fleets, announced a new feature for its Facts software that provides automated accounts receivables risk scores. The enhancement uses artificial intelligence to identify at-risk accounts, which conserves valuable company resources and reduces bad debt, the company explained in a news release.
“In today’s economic climate, timely accounts receivable collections are more important for carriers than ever before,” said Ben Wiesen, president of Carrier Logistics Inc. “With automated A/R risk scores being calculated in the latest version of Facts, you can quickly know which customer accounts are at higher risk and use that information to prioritize collection efforts and improve your cash flow.”
The AI-driven automated A/R risk scores feature in FACTS looks at accounts receivable records much the same way that an experienced A/R manager would, focusing on such factors as account age, payment history, open balance trends, and activity for each customer. The system does this automatically and it can focus on all accounts, all the time.
That means even small balance accounts with a potentially elevated collections risk that might otherwise have slipped through the cracks are brought to management’s attention before they turn into a collections problem.
Users can sort by risk score to view accounts with a higher risk or by the change in risk to see which accounts require more attention. The data can be presented in various options, including in Excel format, and in line and bar charts to illustrate scores over time.
“The automated A/R risk score functionality was designed to give our clients an indicator of where to look for issues,” said Yvan Vazquez, customer success manager at Carrier Logistics Inc. “On the enhanced customer inquiry screen, they now have a powerful tool for visualizing key insights and determining which accounts constitute a high risk that could lead to bad debt.”
Carrier Logistics Facts is designed to meet the transportation and freight management needs of asset-based LTL carriers and the last-mile industry. It includes online customer shipping tools, dispatch and driver management, a rate engine, cross-dock management, and a full back-office suite that gives transportation professionals the tools they need to operate cost-effectively while providing improved freight visibility to their customers.
“Spending less time analyzing customer accounts also means your staff can focus on other essential business processes,” Wiesen said. “This addition to Facts is the latest improvement we’ve made using AI technology and one of many more to come.”
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