Say Hello to Freeda: NLP and AI-Powered Digital Assistant for Your Order-to-Cash
What you’ll learn
- Meet Freeda: The HighRadius digital assistant powered by AI and NLP that could elevate A/R operations in the office of a CFO
- Discover the technology behind the digital assistant: Intent and entity identification and its use cases in finance
- Improve user-experience in finance: Happier employees make happy customers
Introduction
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.
Meet Freeda: NLP-powered digital assistant from HighRadius
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:
- Make accurate decisions
- Discover Insights
- Make accurate forecasts
- Improve Productivity
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:
- Understand the language
- Process the language
- Realize the intent
- Provide appropriate response and information
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 the 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 where to start the day.
- Freeda also manages the call dashboards and identifies the critical customer/account based on the 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 sources of data.
2. Customer interaction transcription
- Freeda transcribes live customer calls along with highlighting and capturing the important points. It then saves them in the call log.
- This allows the A/R team to quickly track all the essential details from the call and act accordingly.
3. Intelligent suggestions
- Freeda suggests intelligent action items based on the call with the customer and allows the team to make quick decisions.
- It can also draft emails, along with attaching the relevant documents, based upon the recent interaction with a customer. The analyst can then manually configure the email if required and send it out.
- It also notifies the team members of the additional tasks done by the system, like saving the call notes, 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 cloud 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 it 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 a trusted colleague for A/R teams in the future
It could help teams drive exceptional customer calls by :
- Suggesting real-time questions that the analyst could ask the customer on calls.
- Providing suggestions on how to answer questions from the customers.
- Predicting the probable questions that the customer might ask.
It could help identify the intent of the customer by performing sentiment analysis:
- Assigning customers to different sentiment buckets- positive, negative, and neutral.
- Determining the intent using voice and tone, for instance- will the customer keep the Promise-to-Pay or not.
- This allows the collector to take corrective actions proactively.
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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.
