Most A/R leaders are well acquainted with the technology that enables automation and reallocates their team’s bandwidth to more high-impact jobs like evaluating critical accounts and making data-backed decisions. These technology pieces include Robotic Process Automation (RPA) and Artificial Intelligence (AI).
A relatively less popular and new piece of technology in this space is Natural Language Processing (NLP), which is a branch of AI that is concerned with the interactions between an intelligent system and human languages.
The NLP technology is famous for intent and entity identification. This means that it is able to understand the requirement of the request raised and provide a reasonable answer. In the blog, we will try to break down how this unique technology can elevate A/R leaders into a more strategic role.
HighRadius has its own AI and NLP-powered digital assistant named Freeda, which is backed up by the HighRadius AI engine named, Rivana.
Rivana acts as the brain to Freeda and leverages the power of AI and Machine Learning(ML) to:
Freeda, on the other hand, sits at the core of the HighRadius Integrated Receivables platform and HighRadius Treasury Management Applications, leveraging the NLP algorithm to:
Let us take a quick look at how Freeda helps A/R teams to stay ahead of the customer behavior trends:
This is how digital assistants can perform the day-to-day finance operations and become a trusted colleague for A/R teams in the future
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HighRadius Integrated Receivables Software Platform is the world’s only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway – covering the entire gamut of credit-to-cash.