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Say Hello to Freeda: NLP and AI-Powered Digital Assistant for Your Order-to-Cash

What you’ll learn


  • How Freeda, The HighRadius digital assistant, uses AI and NLP over RPA to analyze insights & make accurate decisions.
  • Discovering the technology behind the digital assistant: Intent and entity identification and its use cases in finance.
  • How Freeda can enable A/R teams to create a significant working capital impact on the CFO’s office.

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Introduction

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.
How Natural Language Processing works - Identity & Entity Identification
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.

Meet Freeda: NLP-powered digital assistant from HighRadius

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 leverages the power of AI and Machine Learning to make strategic decisions & improve productivity
Freeda, on the other hand, sits at the core of the integrated receivables platform and treasury management applications, leveraging the NLP algorithm to:

  1. Understand the language
  2. Process the language
  3. Understand the intent
  4. Provide appropriate response and information

Rivana acts as the brain to Freeda - with the Integrated receivables Platform sitting at its core

How Freeda can create value for A/R leaders in the office of a CFO

Let us take a quick look at how Freeda helps A/R teams to stay ahead of customer behavior trends:

1. Prioritized Worklists

  • Freeda helps the team by organizing their worklist and arranging action items based on priority levels while also suggesting how to start the day.
  • Freeda also manages the call dashboards and identifies critical customer accounts based on past-due date details along with the collection amount.
  • This enables them to function faster and trims down their search time to look for different data sources.

2. Customer Interaction Transcription

  • Freeda transcribes live customer calls and highlights and captures the important points. It then saves these points in the call log.
  • This allows the A/R team to quickly track the essential details from the call and act accordingly.

3. Interaction-Based Suggestions

  • Freeda suggests intelligent action items based on calls with customers and allows the team to make quick decisions.
  • Freeda can also draft emails and attach the relevant documents based upon recent interactions with the customer. The analyst can then manually configure the email if required and send it out.
  • Freeda also notifies team members of additional tasks done by the system, like saving call notes, and updating the correspondence history, etc.

4. Intent Analysis

  • Freeda identifies keywords, phrases, letters, sentences, rows, and column headers in an email body.
  • For instance, the HighRadius Deduction platform has an email inbox that enables the A/R team to directly go through all the emails in a single place rather than navigating somewhere else for it. Freeda captures the data from the inbox to provide a suggestive action item for the analyst.

What does the Future of Finance with NLP Look Like?

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

NLP could help teams drive exceptional customer calls by:

 Digital Assistants drive exceptional customer call by making suggestions & predicting customer’s questions

  • Suggesting real-time questions that the analyst could ask the customer on calls.
  • Providing suggestions on how to answer questions from customers.
  • Predicting probable questions customers might ask.

NLP could help identify the intent of customers by performing sentiment analysis:

Digital assistants identify intent by analyzing the tone of the customer to predict the validity of the Promise-to-pay

  • Assigning customers to different sentiment buckets like positive, negative, and neutral.
  • Determining intent using voice and tone, for instance, will the customer keep the Promise-to-Pay or not.
  • This allows collectors to take corrective actions proactively.

Conclusion

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.

This would enable teams to stay abreast of customer behavior and proactively follow up with them, leading to an improved customer experience and optimized working capital.

Find out how Freeda helps your A/R team to reduce DSO by 2x

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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.