HighRadius Autonomous Finance Software Awarded 6th AI Patent – For Document Data Capture
HighRadius has 25+ issued and pending US patents; the latest patent was awarded for machine learning models to enhance the image quality of scanned financial documents.
HOUSTON – November 21, 2023 – HighRadius, the leading provider of Autonomous Finance software for order to cash, treasury, and record to report; has been awarded an exclusive patent by the United States Patent and Trademark Office for Identification and Removal of Noise From Documents [Patent Number: US 11,758,071 B1]
HighRadius’ Cash Application software provides 85%+ process automation using AI-driven data capture techniques. This patent is regarding one of those techniques. Around 10% of all scanned documents (such as cheques) have an image resolution under 300 dpi (dots per inch). The low resolution makes it difficult to differentiate between useful information and unnecessary noise. Removal of noise improves the ability to capture relevant information like invoice numbers, and payment amounts.
Check out the full patent here: <https://pages.highradius.com/hubfs/highradius.com/Others/US11758071.pdf>
“Our Autonomous Finance platform delivers measurable business outcomes using domain-specific AI models. These models can be trained using as little as two weeks of data, as a result of the 2000+ AI-driven finance transformation projects we’ve done” said Sashi Narahari, Founder and CEO of HighRadius. “The AI models solve specific finance functions like prediction of upcoming payments and accurate cash forecasting. On the contrary, generic AI engines require large volumes of data to train before they can solve specific business problems.”
HighRadius’ patent portfolio covers three categories of innovations.
1) Financial Transaction Analysis: Capabilities to drive predictions and suggestions of business transactions using ML algorithms. Example: AI-driven prediction of payments, enabling accurate receivables and treasury cash forecasts.
2) Human-Computer Interaction: Enhancement of user experience through guided handling of complex processes. Example: AI-powered call intent analysis to aid collections agents through phone calls with late paying customers.
3) Workflow Automation: Automation of tedious manual tasks. Example: Touchless processing of virtual cards and AI-driven trade deduction settlement.
About HighRadius Corporation
HighRadius offers cloud-based autonomous software for the office of the CFO. More than 800 of the world’s leading companies have transformed their order into cash, treasury, and record-to-report processes with HighRadius. Our customers include 3M, Unilever, Anheuser-Busch InBev, Sanofi, Engie GBS Solutions, Kellogg Company, Danone, Hershey’s, and many more.
Autonomous software is data-driven software that continuously morphs its behavior to the ever-changing underlying domain transactional data. It brings modern digital transformation capabilities like artificial intelligence, robotic process automation, natural language processing, and connected workspaces as out-of-the-box features for the finance & accounting domain.
Before the availability of autonomous software, finance stakeholders had to pick between a digital replacement of a paper-based solution or build & maintain custom RPA/AI-based tools in-house. In contrast, HighRadius’ Autonomous platform combines the best of both worlds to deliver measurable business outcomes such as DSO reduction, working capital optimization, bad-debt reduction, reduced month-end close timelines, and improved productivity in under six months.
