Cash Application – 5 Ways to Get the Most from Automation with OCR

Key Takeaways

Evaluate the data capture capability and accuracy of an OCR solution and assess if a solution will result in new work for your team
Understand how an incomplete OCR technology solution can be detrimental to your business objectives and customer-specific requirements
Enhance OCR-based automation to work across remittance and payment formats to support the shift towards electronic payment and remittance (email, Excel files, PDF, web portals, etc.)
Measure real automation rates to be able to compare apples to apples across solutions
Build a business case for choosing an enhanced OCR solution over traditional OCR technology, hiring additional resources or using bank lockbox services

Speakers

Jay Tchakarov, AVP of Product Management, HighRadius Corp.

About The Webinar

Cash application is one of the most manual, time-consuming activities in the receivables function. More than 40% credit and A/R departments are evaluating Optical Character Recognition (OCR) technology to eliminate manual cash reconciliation and posting. However, 90% of decision-makers are not aware of the additional opportunities and areas of automation which can be activated by enabling an OCR solution with more recent technology.

Join us as we explore the technical strengths and limitations of traditional OCR solutions and emerging operational and business requirements. We will also review Artificial Intelligence, machine learning and other technological advances which can enhance OCR to help achieve automation objectives across remittance and payment formats.

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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.