Optimize Cash Collection: Use Machine learning to Predicting Invoice Payment
This work addresses invoice payment prediction for financial industries, but it is incremental as it applies existing methods to a specific real-world dataset.
The paper tackled the problem of predicting invoice payment to optimize cash collection, achieving 77% accuracy with a prototype developed in partnership with a multinational bank, which improved customer prioritization and supported collectors' daily work.
Predicting invoice payment is valuable in multiple industries and supports decision-making processes in most financial workflows. However, the challenge in this realm involves dealing with complex data and the lack of data related to decisions-making processes not registered in the accounts receivable system. This work presents a prototype developed as a solution devised during a partnership with a multinational bank to support collectors in predicting invoices payment. The proposed prototype reached up to 77\% of accuracy, which improved the prioritization of customers and supported the daily work of collectors. With the presented results, one expects to support researchers dealing with the problem of invoice payment prediction to get insights and examples of how to tackle issues present in real data.