According to Treasury Strategies’ State of the Treasury Profession Survey, Treasurer’s have reported Cash Forecasting as one of their top 3 priorities for the past 3 years in a row. Amidst the Covid-19 outbreak and correlating economic downturn, accurate cash flow forecasts have become more critical than ever.
Yet, despite its importance, most organizations still struggle to consistently produce accurate cash flow forecasts – largely due to the high unpredictability of Accounts Receivable.
Enter Artificial Intelligence.
AI has the ability to not only automate existing processes, but to actually improve the output, resulting in highly accurate, instantly accessible cash flow forecasts with drill-down capabilities.
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HighRadius Cash Forecasting Cloud – an advanced forecasting system – leverages the proven RivanaTM Artificial Intelligence (AI) platform to provide the most accurate cash flow forecasts – right from a ledger account level and rolling up to the organizational level. Delivered as a Software as a Service (SaaS), the solution seamlessly integrates with your company’s ERPs, accounting systems, banks and order management systems. Multiple AI and Machine Learning algorithms process datasets including bank statement inflows/outflows, sales orders/customers invoices, purchase orders/vendor invoices and expense reimbursements for comprehensive as well as accurate cash flow forecasts. The closed-loop, machine learning feedback system ensures that the forecast models become more accurate with time.