Corporate treasury technology company HighRadius is rolling out a new cash flow forecasting solution developed using artificial intelligence (AI) technology.
The company announced its AI-Based Cash Forecasting Cloud solution in a press release Tuesday (April 30), saying the new solution will provide corporate treasurers with real-time forecasting functionality without the need for manual data integration. HighRadius said the solution was built on its machine learning platform Rivana and deploys AI algorithms designed for specific areas of corporate finance, including payroll, accounts payable, accounts receivable and expense.
“Treasurers have been demanding a higher degree of cash forecasting accuracy to help them evolve beyond managing daily funding and low-yield investments, to making higher yield decisions,” said HighRadius Founder and CEO Sashi Narahari in a statement. “We have successfully solved AR forecasting with AI by predicting payment dates at an invoice level and now we’re introducing AI-based, automated forecasting models for high-variability cash flow categories including AR and AP to enable the digital transformation of the treasury function.”
In its announcement, HighRadius highlighted its own industry research that found more than 98 percent of corporate cash forecasting currently relies on “spreadsheets and basic formulas,” with a high degree of manual workloads for corporate treasury teams without the accuracy that AI can provide.
HighRadius said that legacy strategy is “crippling corporate treasurers from making confident short-term and long-term debt and investment decisions.”
The launch of its AI cash flow forecasting tool follows HighRadius’s introduction of its Collection Agency Data Exchange (CADE) solution, which enables accounts receivable teams to more seamlessly share AR data with collection agencies and electronically submit accounts for collection.
Previously this year, the company also launched its Freeda Digital Assistant, an AI-powered too to help AR professionals manage daily operations. Freeda enables call note logging, scheduling, event reminders, information gathering and other tasks.