HighRadius lately helped with the biggest UNConference for the workplace of the CFO, Radiance 2024 on Feb thirteenth & 14th, 2024, at Globe Life Area Stadium in Dallas.
The session’s key theme was the transformation of finance and finance professionals because of new expertise.
Sashi Narahari, Founder and CEO of HighRadius, mentioned:
“Finance would be the quickest adopter of AI, and everybody in finance will develop into a knowledge scientist. Till now, monetary modeling required particular coding abilities. The LiveCube 2.0 platform permits finance professionals to make use of ‘English’ because the coding language to carry out complicated evaluation and even create ML fashions.”
HighRadius will play a key function “on this transformation by way of GenAI-powered FreedaGPT, which noticed new use-cases launched within the occasion, and LiveCube – No Code platform, which additionally had updates.”
FreedaGPT is a Gen-AI assistant “for Order-to-Money, Treasury, and Accounting groups throughout the HighRadius Autonomous Finance platform.”
Modules embrace:
- FreedaGPT E-mail Compose: Drafts tailor-made responses for incoming emails and attaches related paperwork like bill copies, account statements, proof of supply paperwork, and so on. Ex: Collectors reply shortly to emails, liberating up their bandwidth.
- FreedaGPT Name Assistant: Automates call-to-note summaries and suggests actions Ex: A Collector must make notes & follow-up after a name. FreedaGPT Name Assistant generates name notice abstract in real-time, creates a draft follow-up electronic mail, together with the abstract of the dialog and routinely logs a promise-to-pay or dispute or follow-up primarily based on the dialog
- FreedaGPT Help: Assists with assist queries the place self-service resolutions exist, thereby eliminating the necessity to create assist instances. The place self-service resolutions don’t exist but, FreedaGPT will seize the suitable info in pure language from the person and routinely create the assist case.
- FreedaGPT Insights: Generates stories and abstract charts immediately utilizing pure language responses in a chat window. Ex: AR Supervisor who needs extra info concerning anomalies can simply question FreedaGPT “Present the highest 5 anomalies with excessive threat the place the foreign money is USD”, which then generates abstract stories, insights, and graphs inside seconds.
Additionally introduced was LiveCube 2.0, “a no-code platform, which permits finance enterprise customers in automating high-volume transaction knowledge evaluation with an Excel-like front-end. It now options ‘LiveCube evaluation with FreedaGPT’ – the place English language prompts can be utilized by finance professionals to collate, evaluate and validate datasets after which provoke resolutions.”
HighRadius additionally launched ‘Accounts Payable Automation’, “the newest addition to its Workplace of the CFO software program platform.”
That is the business’s first GenAI Native product suite that “will remodel the best way AP groups at present function and drive enchancment in provider relationships.”
As coated, HighRadius says that it “presents cloud-based autonomous software program for the workplace of the CFO. Greater than 800 main firms have reworked their order-to-cash, treasury, and record-to-report processes with HighRadius. Our clients embrace 3M, Unilever, Anheuser-Busch InBev, Sanofi, Engie GBS Options, Kellogg Firm, Danone, Hershey’s, and plenty of extra.”
Autonomous software program is data-driven software program “that repeatedly morphs its habits to the ever-changing underlying area transactional knowledge.”
It brings trendy digital transformation capabilities “like synthetic intelligence, robotic course of automation, pure language processing, and linked workspaces as out-of-the-box options for the finance & accounting area.”
Earlier than the provision of autonomous software program, finance stakeholders “needed to decide between a digital substitute of a paper-based resolution or construct & keep customized RPA/AI-based instruments in-house.”
In distinction, HighRadius’ autonomous platform “combines the most effective of each worlds to ship measurable enterprise outcomes similar to DSO discount, working capital optimization, bad-debt discount, lowered month-end shut timelines, and improved productiveness in underneath six months.”
