Case Study: AI to predict ideal customers in B2B. Applied in invoice financing
Critical Future develops AI system built on machine learning to predict ideal customers for invoice financing with over 80% accuracy.
Groundbreaking new solution for invoice financing, with a use case for Machine learning in predicting customers which can be used across B2B sales & marketing.
Challenge
Optimum Finance is a leading invoice financing provider, but could marketing & sales be enhanced by AI? Rather than targeting clients which are not interested in invoice financing, could you use AI / Machine learning to predict ideal customers for invoice financing? Would it be possible to use AI to predict ideal customers?
Optimum Finance, has announced its collaboration with Critical Future as part of its mission to use technology and automation to revolutionise the sector and benefit its SME customers.
What Critical Future did
Our new AI System developed for Optimum Finance is a first-in-sector machine learning capability which can identify companies which will need invoice finance services within a couple of months.
Using data from a range of public and third-party sources, the proprietary system, which took three months to develop, uses a set of rules and criteria to identify businesses which will need cash flow support in the form of invoice finance. The system can predict with over 80% accuracy the businesses which need support, based on a defined set of demographics, characteristics of sectors and previous invoice finance usage.
Optimum Finance started its investment programme in new and emerging technologies in 2019 and since then has created a number of tools to enhance automation. This is allowing the sales and account handline teams to reduce manual processes and focus on developing and adding value to a growing number of business owner customers.
Client Feedback
Commenting on the new capability, Optimum Finance CTO, James Beck said: “This is a game changer for us. We are already ahead of the market when it comes to the automation of our applications process, instant offers and onboarding procedures.
“This latest technology means we can be really targeted about who we speak to. So often when an SME needs access to funds time is of the essence and knowing the profile of the type of business which can benefit from working with us ultimately means we can help more companies in a shorter space of time. This is even more critical now when businesses are struggling on a number of fronts as a result of the impact of the pandemic on the economy.”