Say Hello to Freeda: 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
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.
Meet Freeda: NLP Powered Digital Assistant From HighRadius
HighRadius has its own 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 and leverages 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 look at how Freeda helps finance professionals provide high-quality service to their customers:
1. Improved user experience
- Freeda helps an analyst 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 the analyst 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 analyst 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 analyst 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 analyst 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 an analyst 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
Freeda, supported by the AI platform- Rivana, can act as your digital assistant to perform the day-to-day finance operations.
It could help you with customer calls:
- Suggests real-time questions that you can ask your customer on calls.
- Provides suggestions on how to answer questions from the customers.
- Predicts the probable questions that your customer might ask.
It could help identify the intent of the customer by performing sentiment analysis:
- Assigns customers to different sentiment buckets- positive, negative, and neutral.
- Determines 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.
