Rimilia are entering a Knowledge Transfer Partnership (KTP) with Aston to develop an intelligent financial management software tool that models debtor payment behaviours using predictive data analytics and machine learning that will inform collection strategies.
Rimilia design, develop and implement Intelligent Finance Solutions and provide automation for Accounts Receivable, Bank Reconciliation, Financial Close & Cash Allocation processes. Solutions are provided as Software as a Service via their Alloc8 modular software suite. Their flagship product 'Alloc8 Cash' automatically allocates payments received to the correct invoices issued, replacing a manual, time-intensive process.
Rimilia and its clients have collected large amounts of credit control data via Alloc8 and the focus now is on determining how this data, combined with behavioural data can be used to predict debtor payment behaviour. Currently Rimilia is able to predict 30% of debtor payment behaviours, which has stimulated high interest levels in the functionality from clients. The company's strategic aim is to disrupt the market with a new module that will be developed by the KTP to capture 100% of payment behaviours, providing a range of additional benefits to Rimilia's clients.
The KTP will address key technical challenges using the latest academic research in the areas of structural pattern recognition, machine learning and data and network science to create a highly innovative product. This performs in-depth data analysis, which will lead to understanding, modelling and predicting debtor behaviours. The KTP outcomes will enable Rimilia to be first to market with a unique intelligent software product to predict debtor behaviour, based on constantly updated information.
Outputs from the KTP will be incorporated into Alloc8 Intelligence as the project progresses, providing the enhanced functionality on an incremental basis, bringing the product to market quickly, supporting the company’s ambitious growth strategy.
The project will provide further research opportunities for Aston's Systems Analytics Research Institute. It will give the academics an opportunity to understand the limitation of a range of techniques when applied to real-world data, which in turn will inform future research. It will also offer a real testing ground for some of the machine learning modelling approaches developed in recent years by Aston academics. Rimilia have joined Aston's "Industry Club" for computer science companies and the KTP will further strengthen the relationship between Aston and Rimilia.
Aston academic Dr Luca Rossi said of the project: "I am very excited to work with Rimilia on this KTP project, it's a chance to put my research into practice and achieve impact outside the academic world."
Jamie Cunningham of Rimilia said: “In Q3 this year we have been continuing to invest in our R&D lab and we look forward to the imminent arrival of Dr Ali Rezaei Yazdi. Ali joins us as part of the KTP project we are undertaking with Aston University. We have had fantastic support throughout the KTP process to date, and this project will continue to run over the next 3 years. The R&D lab will be generating exciting new content to be delivered through our Collect and Intelligence applications, really pushing at the boundaries of what is possible in the world of intelligent accounts receivable processing.”
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We have had fantastic support throughout the KTP process to date, and this project will continue to run over the next 3 years