Does your business face short- and long-term cash flow issues? Don’t take it lightly, it can vastly affect your business growth & revenue.
If you are ignoring it over dealing lockdown ease or working on getting business back in the flow, Artificial Intelligence of Salesforce Einstein can serve the favour.
Though numbers don’t lie, here are some numeric stats to prove the point:
According to the data on small business insights: “Late payment increased 7.8 days for small business in between February to May 2021 and decreased the revenue 28%.”
But don’t they can lower the loss just by forecasting the cash flow?
Yes, they can. Despite that, it is not late to start over!
Staring tips to overcome cash flow issues by forecasting:
- Preventing shortfall in the first place
- Regularly using & creating cash flow statements
- Keep updating seasonal dip insights for necessary precautions
- Use modern-day tools to increase accuracy
Defining Cash flow issues-
When a business struggles to pay its debts because of the due payments, it has cash-flow issues. Or say, when money under a business funnel does not meet its requirements of account payable, it means they do not manage their cash flow.
How to create a short-term cash flow forecast?
From one week to 90 days, looking for the near future forecast serves more confidence for customers.
- Start with short-term money in
- Look for how money comes into the business and enhance your sales
- Add in short-term money out
- Look for how you will pay out money
How to create a long-term cash flow forecast?
You can forecast as long as you like, but we advise at least doing it for 12 months or you can forecast it for up to 3 years as well.
- Consider payments related to findings, huge maturities & investments
- Include projection from finance & sales terms
- Look for seasonality and historical business records
Also know- How AI can enhance sales?
How Salesforces’ AI helps in improving cash flow?
Managing both long- and short-term cash flow while not losing the empathy to pandemic facing customers, something Salesforce AI solutions work for. As Salesforce says itself, its goal is to increase down-facing productivity, scale up customer experiences and maintain empathy.
How Salesforce focuses on these essential parts of growing businesses?
- Empathy part- The Salesforce solution collects deep insights from customers based on past data that strengthen relationships, cases, priorities leads, campaigns. Basically, it connects with a place of understanding.
- Productivity part- With help of Einstein's next best actions, recommendation and intelligence case classification, employees can do more in a brief time. The AI solution offers them all information and answers to take quick & best-automated action.
- Customer Experiences part- To enrich personalisation for potential customers, AI bots answer common customers' query, so your agents can handle more complex cases. It also arms your agents with AI tools, so they can fast & accurately provide the solutions.
Also know- How upleveling smart merchandising?
Salesforce Einstein Includes: Complete suite of AI solution-
- Einstein Prediction Builder- As the name defines, this AI Einstein solution helps to predict payments. For example, think about a popular restaurant that offers live shows as well. Now management has to prepare all arrangements as per pre-booked reservations. But what if a lot of them cancel their bookings and the restaurant has to pay returns? In another case, if they have an Einstein Prediction Builder, they can predict cancellation as per records and data. And that’s how this AI Salesforce solution helps to predict the best possibilities.
- Einstein Bots- Part of Salesforce Service Cloud, Einstein Bots is a smart, Artificial intelligence bot to chat with customers. These AI-based bots don't need human support to answer the query. It quickly & accurately performs an action, sends messages and asks questions based on customer inputs.
- Einstein Vision- For harnessing the power of image recognition, Einstein vision is far more than just experimenting with images. A great product from the family of AI products makes your life easy after the Einstein prediction builder’s work. It converts better opportunities and cash flow.
- Einstein Language- The NLP(Natural Language Processing) to analyze unstructured text. Business influxes customer support of email, comments, web forms, social media can use its filter and understand which one belongs to which department.
- Einstein Discovery- To use AI, ML(Machine learning) and data analysis altogether, Einstein discovery is like having your own data scientist. The vast set of data helps you to predict outcomes, suggests ways and important correlations and improves outcomes.
Salesforce solution for cash flow forecast!
Now you know-how efficiently & accurately Salesforce AI-based solution: Salesforce Einstein can help you with cash flow forecasts. Even after that, struggling with short- or long-term cash flows is the same as cutting opportunities yourself.
Enjoy the power of Artificial Intelligence!