HighRadius Announces First-Ever Finance Team-Centric Accounts Payable Solution
The GenAI powered product enables AP teams to reduce costs and improve supplier relationships by automating invoice processing and supplier communication.
HOUSTON – April 1, 2024 – HighRadius, announces the launch of Accounts Payable Automation, the industry’s first GenAI native solution, to automate the entire payer-supplier payment process.
AP teams have been working with traditional, one-way applications intended to reduce manual processes and save costs. However, these haven’t helped suppliers, who get limited payment visibility and must log in to multiple supplier portals. Supplier relationships have deteriorated, especially when AP processes have moved offshore.
With HighRadius’ GenAI-powered Accounts Payable Automation’s Supplier Connect product, suppliers will get immediate responses to their queries, including clear details on the status of their payments and guidelines for any actions required. The product will transform AP teams with improved supplier retention and reduce costs by eliminating manual, repetitive tasks.
This product suite, designed to reduce invoice processing costs, improve AP teams’ efficiency and supplier relationships, includes:
- Supplier Connect: Automated communication with suppliers - including responses to queries and guidance on actions to be taken.
- Instant Response: Responds to supplier queries on payments and invoice clarifications.
- Response Interpretation & Resolution System: Analyzes supplier requests and drives resolution automatically (ex: Quantity mismatches).
- Proactive Task Generator: For exceptions, proactively generates tasks for AP teams and suppliers to facilitate swift action.
- AP Invoice Automation:
- Invoice data capture: GenAI powered multi-channel (email, paper scanned Invoice, EDI, etc.) invoice data capture and coding to GL accounts.
- AI Validation: Validates information, matches documents and highlights any exceptions.
- Resolution and Task Automation: Automatically generates tasks for relevant stakeholders and triggers actions for resolution.
The HighRadius AP product suite, coupled with its Treasury and AR offerings - helps finance teams drive greater savings, streamlining payment discounts and reducing working capital costs.
"In my conversations with over 100 Global Business Service owners in the last 12 months, I kept hearing them say that AP processes have been neglected, still relying on outdated software and leaving the key stakeholders - suppliers and AP teams - dissatisfied," said Sashi Narahari, Founder & Chief Executive Officer of HighRadius. "Our goal is to use GenAI to enable lean AP teams to serve satisfied suppliers at low costs, without offshoring!”
About HighRadius Corporation
HighRadius offers cloud-based autonomous software for the office of the CFO. More than 1000 leading companies have transformed their Order-to-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.
