HighRadius found that 20% of an A/R leader’s critical time is lost in finding the reports to monitor team performance, while 33% of team productivity is spent on simply looking for customer-related data and invoice information. Automation allows finance leaders to invest their time in more high-impact jobs such as evaluating critical accounts, improving risk-awareness, and making data-backed credit decisions to reduce risk exposure.
Order-to-cash executives are well acquainted with the technology that enables automation namely, Robotic Process Automation(RPA) and Artificial Intelligence(AI). What some of them might not be aware of is the relatively new concept called Natural Language Processing(NLP), which is a branch of AI that is concerned with the interactions between an intelligent system and human languages.
In the next section, let us try to understand how NLP can help finance and A/R leaders evolve into a more strategic role.
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 and leverages the NLP algorithm to:
Let us take a look at how Freeda helps finance professionals provide high-quality service to their customers:
Freeda, supported by the AI platform- Rivana, can act as your digital assistant to perform the day-to-day finance operations.
[15-min Demo] Cash Forecasting Cloud
Optimizing Liquidity With Accurate A/R Forecasting
Effective ways for Treasury to optimize liquidity through accurate Accounts Receivable forecasting
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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.