The growth in the automation space has been fuelled partly by the efforts of solution providers to cater for growing demand. Some of those companies have a very broad approach to enterprise processes, while others – notably HighRadius – are highly focused on the AR space and the application of artificial intelligence (AI), machine learning (ML) and workflow optimisation tools in the O2C process. Ultimately a CFO needs to find a technology provider that will help unlock the value of internal and external data – and embed data-led intelligence into day-to-day finance practices like AR. This requires a vendor with intimate knowledge of both processes and pain points, as well as the ability to combine both business and technological expertise to automate manual tasks and integrate all of the requisite data feeds. While the CFO can undertake a comprehensive review of the O2C process and identify where delays and disruption are caused by manual processes, thereby determining where automation might bring the greatest advantage, the move to automation can only be made when they fully accept that the less human input there is in AR, the more efficiently the process will flow. The technical aspects of improving productivity in the AR function and centralising key data feeds are simple enough for vendors like HighRadius – thanks to the ongoing development of solutions and a constant hunger for innovation.
Many financial institutions and retail businesses, along with other industry sectors, have proved this point already. HighRadius has, for example, delivered tangible results to the likes of global nutrition brand Danone, ride-sharing giant Uber, and Swiss insurance company Zurich – whether to reduce days deductions outstanding (DDO) or days sales outstanding (DSO), or to accelerate cash application. That said, it is not only large multinational enterprises that are benefitting from AR automation. SMEs are also seeing the opportunity to improve efficiency and optimise cash flow. A large proportion of US SMEs are reported to have integrated some workflow automation, or are considering it, and that trend is spreading fast around the world. Though it counts many multinationals among its clients, HighRadius has also developed its solutions to suit middling enterprises that don’t have the IT resources to consolidate on an ERP platform but still want to automate and streamline their receivables and treasury processes.
The key to this is a suite of cloud-based, AI-driven solutions that help companies to get the best from their people – who it supports with tools designed to assist with better, faster, data-driven decision-making.
Finding the perfect partner
The philosophy of HighRadius is to find the synergies that arise when humans and machines work together, optimising the efficiencies of automation.
Finance Director Europe /
www.ns-businesshub.com
The company’s autonomous collection solution is a prime example of this drive to data-driven decision support. The solution manages workflow, optimises call lists and initiatives calls, captures essential features from customer interactions and creates action items, leaving the agent to do what they do best – engage with customers.
Behind that capability is the core of the company’s platform, which draws together multiple data feeds and formats from across the enterprise, integrating them with external data sources to identify and prioritise the customer calls that need to be made, or the disputes that need to be managed. All of this is delivered using cloud-based, software-as- a-services (SaaS) technology, which gives organisations a central repository of AR information that can be easily and securely accessed from anywhere.
“As the cloud, AI and ML increasingly pervade all aspects of forward-looking businesses, CFOs would do well to consider how they can transform the AR process – which is so crucial to a company’s strategic planning and future growth.”
As the cloud, AI and ML increasingly pervade all aspects of forward-looking businesses, CFOs would do well to consider how they can transform the AR process – which is crucial to a company’s strategic planning and future growth. CFOs will increasingly be required to make sure that customer touchpoints in the finance function are aligned with the broader digital transformation process that so many firms are starting to undertake.
The benefits for customers, meanwhile, will be the ease with which they can pay invoices – vital in a world where online businesses are taking customer service to the next level. Naturally, engagement with suppliers will improve too. For those suppliers, improved cash flow will be the foundation of their strategic development. In the latest IDC MarketScape Report, one quote read: “Consider HighRadius when you are looking for an O2C platform capable of handling large, complex processes and IT landscapes,” proving the quality of service and partnership that HighRadius offers. The right partner will have the tools to both take the strain of traditionally manual processes – and empower the humans in the loop to operate more effectively and actually apply their skills where they are most needed.
Embarking on a journey towards AR automation seems inevitable for many enterprises. But the first step – finding the right solution provider – is the most important of all.
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