No. Technology is an important pillar of business competitiveness, but employees remain at the core of business functions and will continue to be so in the future. The human touch is needed to complete tasks such as negotiating with delinquent customers, executing strategic operations, and innovating processes, actions that machines will likely not be able to do in the near future. In today’s increasingly complex financial landscape, companies need to move beyond an automation narrative to an augmented approach to achieve business excellence.This is the second blog from a three-part series on how finance leaders can transform their teams into a future-ready workforce that can support growing business needs. In the first part, we discussed the roadblocks faced by a distributed workforce. This second part focuses on the various technological solutions that can help overcome these challenges. In the third part, we will analyze how HighRadius’ Autonomous Finance solutions could help your business eliminate these challenges with the power of automation.
The shift to a workforce enabled by technological innovations and digital skills is considered to be one of the most effective approaches for organizations to enhance their business capabilities. However, considering the rise of distributed teams across the globe, CFOs are under pressure to set up plans for transforming their workforce. The growing customer base adds to the complexity of the situation. Let’s dive deep into the augmented workforce model to understand how it can cater to the unique needs of distributed teams.
The augmented workforce model utilizes a blend of technology and humans to work on finance functions in order to achieve better outcomes. Advanced technologies such as artificial intelligence (AI) and machine learning (ML) are used to streamline processes and establish efficient digital workflows.
Despite being in the 21st century which boasts of self-driving cars, collectors are busy writing dunning emails. Sounds obsolete, right? In this technology-driven world, sticking to the traditional approach of handling finance operations might lead to long-term losses and competitive disadvantages.
The way work is done is changing due to the rise of advanced technologies. Jobs are being reinvented, creating the ‘augmented workforce,’ and finance leaders need to adapt to this change in order to achieve success.
In recent years, the finance and accounting sector has seen significant advancements in workforce augmentation technologies to support digital acceleration. Let’s take a look at the significant ones:
When managing a distributed team, it’s easy for things to go unnoticed. Whether it’s inefficiencies in processes, missed business opportunities, or lack of team collaboration, these overlooked issues can turn into major roadblocks over time. In the previous part, we discussed the challenges of a distributed workforce in detail. Here, we will list the technologies that empower distributed workforces to counter the obstacles.
In today’s unpredictable business environment where customer needs are evolving faster than ever, companies need to be more agile and sustainable. One way to do this is by making your finance function autonomous. Businesses need to seek ways to integrate autonomous finance features with the human workforce to achieve synergies. Let’s discover the benefits of an augmented workforce and how it enhances the nature of work:
As we have gained a clear understanding of the value of an augmented workforce, let’s deep dive into the steps for its successful implementation:
Four-step guide for successful implementation of an augmented workforce
Shurtape Technologies, LLC is an industry-leading producer of pressure-sensitive tape products. Over the years, Shurtape has grown exponentially and expanded its business across continents. They have facilities in the US, Canada, UK, Germany, and Mexico. The credit and AR team at Shurtape Technologies, LLC handled receivables for all of its brands.
With the growing customer base, the credit and AR team at Shurtape faced several challenges:
How did HighRadius help Shurtape Technologies?
Check the entire story on how Shurtape Technologies achieved scalability of credit and AR with HighRadius solutions.
HighRadius is the market leader in the emerging software category called Autonomous Finance and aims to disrupt how the Office of the CFO is executing key finance functions like accounts receivables, treasury, and accounting with AI. HighRadius Autonomous Finance Platform is a dynamic data-driven platform whose behavior continuously morphs as the underlying domain-specific data changes.
With Big Data, AI and NLP technologies HighRadius solutions help bring real-time intelligence to automate clerical, repetitive work empowering users to make timely and accurate decisions.
The Autonomous Finance platform is currently available for three key parts of the Office of the CFO: Autonomous Receivables for Order to Cash, Autonomous Treasury for Treasury and Risk Management, and Autonomous Accounting for Record to Report.
In our next blog, we will explore how to restructure your finance team’s role by building an autonomous finance function with HighRadius.
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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.