Credit and A/R leaders have tried many options to reduce costs and eliminate busywork and manual effort from cash application operations. Traditional automation technologies such as optical character recognition (OCR), and software parsing tools have only partially succeeded in automating the cash application process and delivered only limited improvements. These shortcomings and inability to provide significant-efficiency gain only become more visible with growing payment volumes and the rise of electronic payments requiring significant increases in resource needs and operational costs for applying cash.
Recent technological advances and specifically Robotic Process Automation (RPA) have shown significant promise to quickly upgrade existing systems. Based on customer-specific business rules and Artificial Intelligence, RPA has the ability to complement existing functionality and scale it to automate the entire cash application process. Organizations who adopt this technology across industries have enabled their existing cash application systems to handle the increasing payments volumes, today, and moving forward, while also reducing manual tasks and overhead costs.
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.