Most A/R leaders are well-acquainted with technology that enables automation and reallocates their team’s bandwidth to more high-impact jobs like evaluating critical accounts and making data-backed decisions. Such technology includes Robotic Process Automation (RPA) and Artificial Intelligence (AI).
A newer and less well-known technology in this space is Natural Language Processing (NLP). NLP is a branch of AI that helps people to interact with machines when using natural human language.
NLP technology is famous for intent and entity identification, meaning it can understand the intent behind a request and provide a reasonable answer. This blog breaks down how this technology can elevate A/R leaders into a more strategic role.
Highradius has its own AI and NLP-powered digital assistant named Freeda, backed up by the AI engine, 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 integrated receivables platform and 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 customer behavior trends:
This is how digital assistants can perform the day-to-day finance operations and become an invaluable partner for A/R teams in the future
With the power of NLP on its side, Highradius’ digital assistant Freeda seeks to help A/R teams prioritize customers based on categories, identify their intent & make intelligent suggestions.
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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.