Recapping where we left off last time, our team here at Aiwyn:
Next, we had to ask ourselves: “What would a solution look like?” Better still:
- interviewed dozens of accounting firm leaders (Managing Partners, CFOs, Partners)
- uncovered the true, hidden costs of accounts receivable, and how it negatively affects firms
- determined that “broken accounts receivable” is a problem that needs solving
“What would a solution the world’s greatest accounts receivable (AR) solution for accounting firms look like?”
We determined that the 5 building blocks of a best-in-class AR solution would be:
Integrations: any new solution would need to integrate with existing PM and accounting systems (on-prem or cloud) and be open to integrations with future add-ons and systems
Automations: no solution could be "the world's greatest" if it didn't take rote, manual tasks OFF the plates of valuable partners and staff (in the case of AR, tasks like bill prep)
Data-Informed Action: if a solution could answer a CFO's or Managing Partner's question before they even have to ask it and show them a path for action, that would be best-in-class.
Behavioral economics and psychology: Accounting leaders often tell us how de-motivating their billing / collections processes are firm staff and for clients. So any new AR solution would need to harness core behavioral economics and psychology principles for driving motivation and creating joy.
Artificial Intelligence: A best-in-class AR solution would get smarter over time, creating more and more value for firms over time.
With these building blocks in place, firms could unlock the time and money that traditional accounts receivable processes had hidden away and gummed up.
Of course, we needed a name it. And we landed on Intelligence-Based BillingTM
(You can learn more about it here: www.aiwyn.ai)
The Right Team
Recall from my last post, our team had a third and final question we needed to answer:
"Are we the right team to solve this AR problem (and to build Intelligence-Based BillingTM)?
You can probably guess the answer . . . we certainly wouldn’t have this website if it was “no" . . . here's why we landed on “yes":
- Industry knowledge: For example, our CEO Justin spent 7 years at PwC where he built the firm's AI Center of Excellence and Automation (unlocking unprecedented productivity and solving core accounting and consulting problems). And beyond our core team, Aiwyn's advisors and investors are some of leading minds in the industry.
- Artificial Intelligence expertise: Our team knows how to build pragmatic AI solutions that solve real-world problems. Prior to Aiwyn, Justin and I cofounded an AI healthtech company (Digitize.AI, acquired 2019), Chris led the engineering and data science teams at PeraHealth as Chief Architect, and Tanner has worn the CIO hat at two successful companies.
- “Beta” customers: We've been fortunate to have three leading accounting firms work alongside us in a "beta" development program while we built the Intelligence-Based BillingTM platform. We didn't lock ourselves in garage, build something new, and then hope firms would like it—instead, we iterated with Managing Partners, CFOs, Partners, IT leaders, and AR managers, and built a solution the ground-up that's proven to solves AR problems.
All this is to say that we've reached an exciting first stage of our company's journey, but there's more to come . . . so be sure to read tomorrow's press release . . .