Microsoft Dynamics 365 Finance is constantly evolving to meet its customers’ needs and periodically will update or release new features in waves throughout the year. This is part two of a three-part blog series that will give you a quick overview of some of the exciting things Microsoft has pushed out last year, including customer payment predictions.
What are Customer Payment Predictions?
Customer payment predictions uses artificial intelligence along with predictions to improve project cash flows. You can also use time series forecasting to predict future cash flows. Keep in mind, to enable the Customer payment predictions feature, you must also be using Finance insights. Check out part 1 of this blog series for an overview of the Feature management workspace.
Often, businesses are stricken with a tedious and time-consuming collections process and without necessary data and detail provided to D365, the system cannot accurately predict cash flows. After creating a strategy for automating collections tasks, D365 can predict payments based on customer behavior.
After defining the ‘buckets’ for probability of payment and using that as the basis of the prediction model, the Customer credit and collections workspace will contain two new tiles: Customers and Transactions predicted to be paid late. Based on the prediction model, each table will display the on-time probability of payment along with the invoice detail.
Additionally, you are given insight into customer metrics like the last payment date, average payment amount, average invoice balance, average days late, and average amount late. You can also see historical data going back to a year. This gives you the ability to proactively manage your collections process.
If you haven’t already, please take a minute to read the first blog in this series: https://ellipsesolutions.com/whats-new-in-dynamics-365-part-1-intelligent-budget-proposals/