Order-to-cash software provider HighRadius is turning to artificial intelligence to enhance the accounts receivable process.
The company issued a press release on Thursday (Feb. 14), introducing the Freeda Digital Assistant. The solution is built on Rivana artificial intelligence technology, and allows accounts receivable (AR) professionals to interact with the tool via touch- and voice-activated functions. Freeda automates information gathering, call note logging, reminder and follow-up scheduling, and other manual tasks.
Freeda is part of HighRadius’ new Autonomous Receivables offering, a solution the firm said aims to support the meshing of human and AI-powered technology in AR.
“Traditional enterprise software is clunky, with information buried deep behind dozens of clicks,” said HighRadius Chief Product Officer Sayid Shabeer in a statement. “The current narrative around AI and automation often revolves around replacing humans with machines. HighRadius is changing the conversation by capturing what machines excel at and delivering that technology to best serve human needs – improving efficiencies, driving faster AR conversion and, in the process, making happier employees.”
Also part of the Autonomous Receivables tool is the HighRadius Collections Cloud, which deploys machine-learning algorithms to predict when invoices will be paid and guide organizations’ collections strategies.
HighRadius said Kloeckner Metals was the first to pilot Freeda and the Autonomous Receivables solution, which will be available to all customers next week.
“Automation aside, I think Autonomous Collections will allow collectors to really focus on customers who matter,” said Kloeckner Metals Head of Shared Services, North America Scott Phillips in another statement. “As a manager, the auto-archiving of conversation history is not only great from an audit point of view, but also a game-changer for internal training and feedback.”
The launch of the Autonomous Receivables solution follows a $50 million investment placed in HighRadius in 2017 by Susquehanna Growth Equity. Last year, the company then partnered with Citi, whose investment arm, Citi Ventures, also invested in the firm. At the time, HighRadius emphasized its focus on artificial intelligence and automation.