September 13, 2023
HighRadius Launches FreedaGPT: Generative AI for the Office of the CFO
- Capabilities include AI email responses, live call-to-notes summaries, and chat-to-analytics across the HighRadius Autonomous Finance platform for Order to Cash, Treasury, and Record to Report.
- FreedaGPT is powered by OpenAI’s enterprise-grade Large Language Model (LLM) with HighRadius’ proprietary domain-specific Big Data, processing $7.7 trillion in financial transactions annually.
HOUSTON – September 13, 2023 – HighRadius, the leading provider of Autonomous Finance Software for Order to Cash, Treasury, and Record to Report, launched FreedaGPT – Generative AI for the Office of the CFO.
FreedaGPT is the next generation of Freeda - HighRadius’ AI-enabled digital assistant for Order to Cash, Treasury, and Accounting teams. By integrating proprietary machine learning and AI algorithms with OpenAI models, customers can leverage natural-language prompts to unlock powerful automation without complex coding.
FreedaGPT is currently available as a public beta with the following use cases:
1. FreedaGPT for Email Responses
FreedaGPT can help finance teams save the time they spend painstakingly responding to emails from customers, vendors, and internal business teams. For example, collections agents receive hundreds of emails from customers and sales teams daily. These could include inquiries for bank statement & account summaries, customer invoices, credit limits, and transaction summaries. Collectors typically spend at least one-third of their day generating reports and finding the right attachments to respond to these emails.
HighRadius’ FreedaGPT uses Generative AI to understand incoming emails, draft replies, and auto-append attachments. The collector can simply log into their FreedaGPT-managed inbox, use the FreedaGPT-generated email responses, and just hit send. FreedaGPT is integrated within the HighRadius’ Autonomous Platform, avoiding the hassle of switching between email applications, GPT tools, and the HighRadius platform.
2. FreedaGPT for Chat-to-Analytics
FreedaGPT can help finance teams generate reports in seconds with simple natural language input without going through complicated ERP screens or working with IT teams for data. For example, as quarter-end approaches, accounting teams have the thankless job of gathering past data, making consolidated reports, and generating real-time insights to help CFOs make accurate decisions.
With FreedaGPT, accountants can simply use NLPs to generate reports and charts, review trends of closing balances across GL and Sub-GL accounts, compare historical transactions, identify missing transactions in the current period, and much more.
3. FreedaGPT for Live Call-to-Notes Summaries
FreedaGPT enhances collectors' efficiency by eliminating the risk of missing details during collection calls. It actively processes call information and generates concise summaries and action items from the call transcript within HighRadius modules.
For example, collectors handle multiple dunning calls daily, where customers provide promise-to-pay (P2P) dates that need to be recorded. They also need to send reminder emails proactively. With FreedaGPT, collectors can ease the burden of tracking P2P dates and concentrate on effective client communication. FreedaGPT automatically sends a meeting summary after each call, records the P2P date, and drafts a reminder email. Additionally, it provides timely reminders to the collector as the P2P date approaches.
“There is a lot of hype around generative AI today,” said Sashi Narahari, Founder & CEO of HighRadius. “What everyone fails to understand is that it is a disruptive technology and will become mainstream in the next five years. At HighRadius, we focus on deploying generative AI via use-cases that make business sense for our clients instead of just chasing the latest trend.”
Check out FreedaGPT for the office of the CFO
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.
Finance business stakeholders have been led to believe that they have only two choices: pick an application software vendor that digitizes a paper or Excel-based process to an electronic system of record or choose a middleware platform for AI or RPA to build and maintain in-house domain-specific capabilities. In contrast, HighRadius Autonomous Software 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.
