Rivile started to use artificial intelligence: innovation will allow companies to grow their business faster

2020 highlighted the importance of innovation. The explosive growth of e-commerce market encouraged Rivile, a business management and accounting software development company, to shift the focus to new solutions. The company introduced an updated version of Rivile GAMA, supplemented with artificial intelligence (AI) technology and additional functions for business management and e-commerce.

In 2020, businesses had to shift away from physical stores to e-commerce, mobilize work and digitize their business activities. In order to address rapid changes in customer needs and demands, Rivile adjusted its product and business development plans and introduced important e-commerce related solutions, artificial intelligence-based products and other automated business management and accounting functions.

“We have tried to listen to the new needs of our customers and respond to them as quickly and accurately as possible. Therefore, the new version of Rivile GAMA is even more intelligent, mobile and focused on e-commerce. While developing our products, we analyzed the entire e-commerce process, for example, how quantities are forecasted, how goods are received or sold, how payments are reconciled or how essential reports are prepared. We hope that the updated system will allow customers to mobilize work, automate processes and digitize business activities, and, of course, help them to grow their business more successfully,” Evaldas Žiedelis, director of Rivile, said.

Artificial intelligence will facilitate customer demand forecasts

Artificial intelligence-based solutions are at the heart of the new version of Rivile GAMA. According to the head of the company, this strategic business move was primarily driven by the need of the companies to forecast sales, stock on hand and other important indicators more accurately, thus saving time and improving business efficiency.

In cooperation with KTU researchers, the company completed a research and experimental development project, and together with the new version of Rivile GAMA, has recently launched artificial intelligence-based tools for business.

An updated business management and accounting system with integrated AI technologies allows companies to forecast goods, raw material and production orders and demand more accurately. It makes it easier for businesses to maintain the desired amount of goods in warehouses, prepare for possible increases in demand or avoid raw material supply shortages in production. Companies can choose a specific forecasting method themselves or allow the system to do it for them.

Evaldas Žiedelis explained that the company decided to focus on artificial intelligence and the development of tools based on this technology after starting a new partnership with Advantes technologies , a company providing business productivity improvement and automation solutions.

“The focus of future product development is artificial intelligence-based expert systems for better decision-making and process automation. The Rivile system is the backbone of many companies of the country, thus by integrating additional artificial intelligence solutions we aim to enable our customers to be more automated, more productive and grow faster,” Dr Vilius Kontrimas, CEO of Advantes technologies, said.

Focus on e-commerce solutions

During the pandemic, companies faced a range of various major challenges, and namely the need for effective solutions for online businesses encouraged the development of additional Rivile products.

As online sales increased significantly, some companies were forced to implement fundamental changes in existing processes: earlier some tasks could be done manually by employees, and now companies had to look for either additional human resources or automated solutions. Therefore, the new Rivile GAMA version allows to import sales data from Shopify, Etsy, PrestaShop, Pigu.lt and other e-commerce platforms.

“Before the pandemic, for some businesses the turnover from online sales was very insignificant, but now their online sales surged. Such turnover growth and low digitalization meant more work and problems for businesses. In order to eliminate the need for our customers to look for extra workforce, we decided to offer integrations with various e-commerce platforms. From now on, after integrating the e-commerce platform with Rivile GAMA business management and accounting system, sales data and other business-relevant parameters will be retrieved automatically. As the amount of manual tasks decrease, company accountants can devote their time to more important tasks,” Žiedelis said.

In order to ensure efficient order fulfillment for merchants, together with the new Rivile GAMA the company introduced an updated mobile scanning application MSCAN. The newest version enables employees who are working in the store premises or warehouses to work independently and in real time with a business management and accounting system. The mobile application works easily on any device with a web browser – there is no need to make significant investment in the required devices. To be able to work with MSCAN, a smartphone and a wireless scanner (prices of which start at EUR 15) are everything you need.

With the new version of MSCAN, customers can work more conveniently and productively in the store premises or warehouses. The mobile application allows order pickers or warehouse workers to execute orders in an independent and flexible manner: collect goods efficiently, make the necessary changes, e.g. adjust quantities if there are not enough goods available, create additional documents and perform other necessary actions.

Automated solutions facilitate business management and accounting

More than 30,000 companies, that manage business and accounting processes using Rivile products, now can use additional solutions that will facilitate business management and accounting.

From 2019, an increasing number of Lithuanian companies, including small businesses, may face the need to submit a SAF-T file to the State Tax Inspectorate if their annual income exceeds LTL 300,000. The companies are obliged to submit their accounting data in the SAF-T file format upon the request of the State Tax Inspectorate, for example during a tax audit.

“We have noticed that the use of SAF-T is increasing, for example, companies may have to provide data in this format in order to recover the overpaid VAT. To facilitate the work of our customers and reduce the likelihood of errors, the new version of Rivile GAMA offers an i.SAF-T functionality, which allows you to easily generate and submit a SAF-T file to the State Tax Inspectorate. We constantly improve this tool taking into account business needs and changes initiated by the State Tax Inspectorate,” Žiedelis said.

An improved Rivile’s Settlements module will also help to facilitate the company’s accounting processes. The reconciliation of debts and payments requires a lot of work and effort, and this is something that most businesses do every day. Now, the newly improved Settlements module allows to fully automate this process, while saving time for accountants and accounting specialists and reducing the likelihood of errors.

Source: vz.lt