Say Hello to Freeda: Every Finance Leader’s Must-Have AI Assistant

Introduction

Finance leaders are always under the pump to transform businesses, improve team efficiency, and drive better business outcomes. It goes without saying that only those who leverage the right technology at the right time can deliver exceptional business outcomes despite volatile market conditions. And one technology that has been making waves across various industries is AI chatbots like ChatGPT. Chatbots are being used in industries ranging from healthcare to retail, helping businesses improve customer engagement and streamline their operations. And with the emergence of Natural Language Processing (NLP), chatbots are becoming even more powerful.

NLP is a branch of AI that enables machines to interpret and understand natural human language, making it an incredibly valuable tool for businesses. Freeda, every finance leader’s AI-powered digital assistant, leverages NLP, to automate and streamline many of the tasks involved in the order-to-cash process.

How does NLP work?

Natural Language Processing (NLP) technology has gained significant recognition in recent years for its ability to identify intent and entities in human language. At its core, NLP is designed to enable machines to understand and interpret natural language, allowing for seamless communication between humans and machines. One of the most impressive features of NLP is its ability to identify the intent behind a request, even if it’s phrased in a variety of ways. This can help you to respond to customer inquiries more accurately and efficiently, improving their experience with your business. Additionally, NLP’s entity identification capabilities can help you extract specific pieces of information from unstructured data, such as names, dates, and locations, providing you with valuable insights that can inform your decision-making.

This blog breaks down how NLP can elevate finance leaders, specifically A/R leaders, into a more strategic role.

Meet Freeda: The 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, on the other hand, sits at the core of the autonomous receivables platform and autonomous treasury solution, leveraging the NLP algorithm to:

• Understand the language
• Process the language
• Understand 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 customer behavior trends:

1. Prioritized Worklists

Freeda helps the finance team by organizing their worklists and arranging action items based on priority levels while also suggesting how to start the day. In the collections process, Freeda manages the collection call dashboards and identifies critical customer accounts based on past-due date details along with the collection amount. This enables your analysts 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 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 take course corrective actions immediately.

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 relevant documents for you based upon recent interactions with your customers. You 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’ AI-based Deduction Management Software 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.

• 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 so that the analyst can remain prepared to answer those.

Conclusion

With the power of NLP on its side, Highradius’ digital assistant, Freeda, helps A/R teams prioritize customers based on categories, identify their intent, and make intelligent suggestions. By using NLP to analyze customer behavior and intent, Freeda can provide A/R teams with intelligent suggestions for how to follow up with customers in a way that is tailored to their needs. This can help teams stay ahead of customer behavior and proactively address any concerns or issues before they become major problems. By doing so, teams can improve the overall customer experience, leading to increased customer loyalty and retention.

But the benefits of Freeda and NLP go beyond just customer experience. By optimizing working capital, A/R teams can improve cash flow and reduce the need for costly financing options. With intelligent suggestions from Freeda, teams can identify opportunities to improve their collections process and reduce DSO, ultimately leading to improved financial performance for the business.