partners, including confirmation of the delivery of goods by logistics providers. Proof of delivery automation was our very first product, and that was done using RPA.” RPA is an enabling technology that brings in data from third-party systems, such as proof of delivery, which can then be married with other information sources and value predictions. More important to the value proposition, however, is AI, which is used to match key data points, such as payment data, remittance data and open invoices throughout the ERP system.

“The same kind of thinking is true of our approach to AI, which we were using in cash application before AI was a sexy topic and had so much hype around it,” Shabeer adds. “Those data streams had to be reconciled by automation, but we found that traditional methods could only go 50% of the way. We wanted to go 80% of the way using automation, so we turned to AI to correctly tag the documents.” Back in 2013, when HighRadius was first looking at cash application in the O2C space, machine learning (ML) got the solution to that 80% threshold. Now, its solution exceeds that performance in reconciliation automation straight out of the box.

“AI and ML look at a host of data points to ensure that they match and, ultimately, reduce revenue leakage,” says Shabeer.

The autonomous revolution HighRadius has built a large roster of clients, including global household names and smaller enterprises in key industries such as consumer products, manufacturing, distribution and energy, though its potential applications are not limited to any particular industry. Regardless of what ERP, accounts receivable or treasury management system a company is using, its suite of products will be able to automate manually- intensive tasks, streamline communication, and allow process standardisation to drive best practices. Key metrics like DSO can be radically improved, as can working capital availability and the accuracy of cash forecasting. HighRadius can automate and constantly update data sets – with updates performed every day rather than weekly or monthly – and APIs can draw in the data from multiple sources within an organisation. With HighRadius ‘dotONE Performance’, meanwhile, the finance team gets real-time visibility into receivables potential from an intuitive interface.

“One of the main reasons we have leapfrogged older companies is our huge focus on research and development,” says Shabeer. “We have a unique business model that invests heavily in people as well as technology, which leads to innovation, and we are therefore firmly focused on the future needs and role of the CFO.”

Finance Director Europe /

Hence the development of autonomous receivables, which leverages the Freeda Virtual Assistant for credit-to-cash. Sitting at the core of the integrated receivables platform and treasury management applications, Freeda is an AI-enabled tool that can answer questions and assist with workflow, just as a knowledgeable colleague would. Using natural language processing, it can recognise spoken commands and the content of customer calls. “Our goal is to deliver better decision support to users of the solution, so we automate whatever can be automated and, in the areas where humans are needed, we provide the tools to help them make better decisions,” says Shabeer. “Autonomous receivables will show why a person is on the call list for the day, and Freeda can call the client through the system, transcribe each call and mark key events, such as the promise that a payment will be made at a certain date.”

Power to the people

HighRadius solutions rely heavily on sophisticated technology, but that technology is put to work to empower people within an organisation. Indeed, the company believes that the three pillars of success are people, process and technology.

“The aim is to enable people to add value, which they can do when they are supported in making better, faster decisions,” continues Shabeer. “Human intervention is a key part of the process. Clearly AI and ML will be key to technological aspects of decision support, but so will RPA to enable the automation of many manual tasks.”

The next step in its journey of innovation proves this point. The company is developing an AI-powered solution to bring the value of business users’ expertise into the ERP platform, where it can benefit decision-making processes across the organisation. “Excel is the number one piece of software in the office, which gives a lot of freedom for people to do analysis offline, where it is hard to monitor,” says Shabeer. “The question is how you bring out the value of the analysis by enabling online analysis for business users. People can do their own analytics but put it onto the cloud to bring it into the system.” Yet to be named and due for release later in 2021, the solution is based around the fundamental concept of supporting better decision-making and analysis. “We are bringing the Excel world into the cloud,” says Shabeer. “Analytics are infused into day-to-day work patterns rather than being stand-alone reports that are rarely consulted. The value of a user’s analytics and AI predictions is fully brought out.” Shabeer has a natural humility but cannot avoid the fact that HighRadius is two or three years ahead of its competitors. That should be music to the ears of CFOs. ●


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