What YayPay’s IDC Leader Position Means for the Future of AR Automation
In less than 6 years, since being founded in 2015, the team at YayPay is both humbled and thrilled to have been named a Leader in the new “IDC MarketScape: Worldwide SaaS and Cloud-Enabled AR Automation Applications for Midmarket 2020-2021”.
This is a momentous occasion for all of us at YayPay, and a testament to the hard work, dedication, passion, and innovation the team continues to bring to our customers.
But what does this milestone mean for YayPay? How will it shape our focus in 2021 and beyond? What does it mean for our customers? What does the report reveal about the future of AR automation?
I sat down for a candid interview with Anthony Venus, CEO and co-founder of YayPay to find out.
Here’s what he shared.
Q: What does it mean for YayPay to be positioned as a Leader in the IDC MarketScape Report?
AV: Becoming a Leader in the IDC MarketScape has been an objective since our inception. This is a tremendous achievement for all of us.
YayPay is a more than a decade younger than our major competitors. It’s truly remarkable that we have earned this top position in such a short period of time. Now that we’re in the Leadership category, we need to continue to strive for more innovation.
From the beginning, we have invested heavily in building a platform based on advanced artificial intelligence (AI) and machine learning (ML). It’s one of our core strengths and a key competitive advantage. Building upon this foundation will ensure we continue to deliver value to our customers.
Most importantly, remaining close to our customers and making sure we’re fulfilling their needs and meeting their demands will continue to be a key area of focus.
Q: Can you talk a little bit about the strengths and capabilities IDC has recognized in YayPay?
AV: We’ve been specializing in the credit and collections workflow for some time now. We are continuing to invest in enhancements to the solution around credit risk assessment, deductions and dispute management, cash application and helping AR teams leverage the strength of our predictive analytics capabilities. While the competition has had years to perfect these modules, YayPay has been able to accomplish faster results by building modern software designed by and made for a millennial workforce. Keeping an innovative outlook from the beginning has led us to take a strategic and logical approach to satisfy the needs of our customers.
Q: What does our Leadership position mean for YayPay in terms of the competitive landscape?
AV: Millennials often want a simple, seamless customer experience with great UX/UI and to see results fast. By using tools like predictive analytics and data to influence change, we know YayPay will continue to appeal to the largest growing employee group of our time. Comprehensive data along with simple displays and a straight-forward dashboard helps our customers easily collect and predict payor behaviors and plan future cash flow.
Q: How has YayPay’s approach differed from other players in the IDC MarketScape?
AV: Rather than stacking new technology on top of old technology, we’ve taken a very comprehensive, one-platform, self-serve approach to our software, which is what todays’ customers really want. Software development and product design have come a long way over the last few decades. YayPay is by far most the modern platform in the IDC Leaders Category for AR Automation. Our modern approach enables AR teams to do more work in less time and be far more efficient than ever before. We aim to make AR teams even smarter and give then more insight, more time back and more control.
UX and UI usability is a core strength of YayPay. As we continue to invest more heavily into AI (artificial intelligence) and ML (machine learning), YayPay subsequently becomes smarter the more you use it.
At YayPay, listening to customer needs, being quick to adopt new technology throughout our business and being fast to market are some of our biggest competitive advantages. With careful assessment of needs coupled with smart planning and agile practices, we’re able to launch the most cutting edge AR Automation software We help our customers to align and transition their work processes to become best practice, and by using YayPay customers gain a competitive edge.
YayPay makes it easy for our supplier customer’s customers (buyers) to access their account information, download invoices, raise a dispute, or pay it directly with the click of a button. We have placed a significant focus on perfecting our payment portal. We feel it’s unmatched by anyone in the marketplace. Not only is it so easy to use, it also enables payment plans which has proved very handy for customers who are managing the financial fallout associated with a pandemic. All of these factors create a positive total customer experience resulting in long-term brand loyalty and advocacy.
Q: What does YayPay have in store for 2021?
Building upon our history of delivering consistent and meaningful innovation to our customers, we are excited about what’s to come in 2021 and beyond.
With an increased focus on credit worthiness and data analytics, our teams are working diligently to help companies better leverage the AI capabilities smart software brings. Things like further improvements to communication workflows, using predictive algorithms and introducing credit modules, deductions management and advanced cash application are top priorities. Our hope is to improve the total customer experience through smart innovation and through assessment of our customers’ current state as a result of the ongoing pandemic. We want to continue to strive towards creating the ideal state – a highly automated finance back office and a world powered by autonomous commerce.