AI startup Rimilia revolutionizes managing cash, debtors, and working capital
Date Updated: Tuesday, December 3, 2019
This is a guest post from Rimilia (www.rimilia.com)
Customer relationship management (CRM) is by now a familiar tool to many, helping organizations maintain a relationship with customers by collecting data and managing interactions. But in recent years our cofounders, all financial professionals, recognized that a key part of that relationship involves managing your balance sheet regarding customers’ debt and payments received. Debt, and how it’s managed, makes a crucial contribution to an organization’s bottom line, and they realized that conventional CRM doesn’t capture its significance on the balance sheet.
So we founded Rimilia, designed an AI-driven cashflow management infrastructure, and invented a new term to describe it: financial relationship management, or FRM. Rimilia FRM is the first AI-powered platform that helps manage and maintain financial relationships with customers in real time, providing unprecedented analysis and insights that help businesses take the right actions at the right time.
We work with large enterprises where, conventionally, the labor-intensive process of reconciling payments and managing credit—turning invoices into cash—would be outsourced, or partially improved by integrated software applications for enterprise resource planning (ERP). But those timeworn methods can only go so far in improving a task that more often than not still involves roomfuls of people trying to pair up debts and checks.
We bring the power of machine intelligence to bear on the process, integrating it into those systems, working with virtually any bank, any currency, any ERP system, in any country and in all languages. We dramatically reduce the time taken to reconcile payments or prioritize collections, using proprietary AI algorithms and machine learning to digest massive amounts of aggregated data, analyze customer behaviors, and identify payment triggers. We take into account current economic conditions and trends, providing a dynamic and responsive environment. FRM provides customer intelligence and improves relationships, reduces days sales outstanding (DSO), and improves the bottom line by increasing revenue per customer. An improved relationship with debtors improves overall customer satisfaction and increases sales.
Our partner director Brian Morgan puts it this way, “Old ERP systems are like a GPS system that just puts your road atlas onto a screen. Rimilia FRM provides the turn-by-turn guidance with added information about latest road changes and current traffic. There is so much data to consider. We bring the analysis you need and provide guidance for you to take the optimal action. Our AI platform helps turn raw data into wisdom.”
We benefited early on from the Microsoft for Startups program, notably the co-sell opportunities and the Scale Up accelerator that provided invaluable advice, inspiration, and encouragement. The program really opened doors for us, and the team at Microsoft were a big help, reviewing and fine-tuning our marketing and sales strategies as we grew.
We now have a portfolio of Rimilia solutions. We originally built and operated them from our own datacenter, but two years ago we decided we needed to increase scalability and reduce operations overhead. The natural choice was Microsoft Azure, which provides us with the flexibility and responsiveness we need, along with well-demonstrated uptime and great performance. And with built-in Azure security and compliance features, we benefit from Microsoft expertise in those areas, helping to bring our solutions to a global audience.
Brian continues to raise awareness among CFOs that there is a better way to manage cash, and he offers this advice to other startups, “Make your current customers your best marketing tool. New customers will come onboard once they see clear evidence of your current success.”