The AI platform will support users with rich insight for accurate decision making and better outcomes. We strongly believe this will be the largest technology transformation ever witnessed by the credit and A/R function.
Houston, TX (PRWEB) June 13, 2017
HighRadius Corporation launches Rivana™, an Artificial Intelligence-based machine learning platform to power their Integrated Receivables solution offerings for credit, collections, cash application, deductions, billing and payments. Rivana is capable of working across all HighRadius cloud solutions. HighRadius™ Rivana has been built from the ground up on machine learning algorithms which ‘learn’ every possible receivables dataset and enable accurate and timely credit and accounts receivable decisions. This will allow time-strapped analysts to easily make data-driven decisions.
Details are also available at the HighRadius™ Rivana page on the HighRadius™ website.
Most software developed on the Create-retrieve-update-delete (CRUD) paradigm for electronically centralizing information is only designed to enable user collaboration, without providing support for the in-depth analysis required for making a decision. Hence, CRUD systems always require end-user input for decision making. Given that credit and A/R analysts spend nearly 80% of their time in clerical tasks, it is nearly impossible for credit-to-cash teams to scale effectively with human-driven decision making. It is also not feasible for analysts to account for all the various dimensions and patterns that influence credit and A/R outcomes, as they must rely on individual judgement based on experience that varies from one analyst to another.
For example, most collections analysts chase past-due customers without complete knowledge of their payment behavior. Similarly, companies receive thousands of deductions every day, and despite most of them being valid, deduction analysts spend hours executing routine steps to confirm deduction validity. Likewise, credit analysts perform credit reviews on blocked orders which for the most part result in releasing the order in an unconfirmed expectation of future payments.
Also referred to as, ‘Embedded Decision Making,’ HighRadius Rivana combines the power of machine learning with rich A/R data, to help credit and A/R departments significantly reduce the number of transactions they have to manually review, freeing up their time for high-value, decision making. Historically, decision making has happened beyond the processing software, and relied on human judgement and individual experiences. However, The Rivana™ AI platform enables analysts to arrive at accurate answers for questions such as, “When will this invoice get paid?” or, “Should the credit limit for this customer be increased?” As an example, HighRadius Rivana is capable of automatically resolving deductions which have a very high probability of being valid, allowing analysts to only focus on the deductions which are most likely invalid. This ensures that analysts spend time on actual deduction recovery instead of working on deduction cases which could easily be validated without human intervention.
HighRadius Rivana Artificial Intelligence Platform is currently built on a dozen machine learning algorithms to continuously learn and provide insights on all possible credit and A/R prediction scenarios including use-cases such as invoice payment dates, validation of deductions and prediction of potential customer default.
HighRadius is organizing a launch event to enable the credit and A/R community get the first glimpse of Rivana and learn more about the endless possibilities of Rivana’s machine learning for receivables processes. The event will be broadcast live via webcast on Thursday, June 22nd at 1:30 PM CST. Registration is now open.
Commenting on the launch, Sashi Narahari, CEO and President, HighRadius, said, “We have had tremendous success over the last few years by introducing Artificial Intelligence in our Cash Application Cloud solution. AI helped us achieve more than 80% item-level hit-rates compared to traditional OCR systems which rely on rope-and-zone technologies. With Rivana, HighRadius is expanding the possibilities of Artificial Intelligence across our entire suite of credit-to-cash cloud solution. Process automation is only a part of the picture. The AI platform will support users with rich insight for accurate decision making and better outcomes. We strongly believe this will be the largest technology transformation ever witnessed by the credit and A/R function.”
More information on the world’s first machine learning platform for credit and accounts receivable is available here.
HighRadius™ is a Fintech enterprise Software-as-a-Service (SaaS) company that provides an Integrated Receivables Platform to optimize receivables and payments functions such as credit, collections, cash application, deductions, and electronic billing and payment processing. The Integrated Receivables platform allows suppliers to digitally connect with buyers via the RadiusOne network, closing the loop from supplier receivable processes to buyer payable processes. HighRadius solutions have a proven track record of reducing days sales outstanding (DSO) and bad debt, and increasing operation efficiency, enabling companies to achieve an ROI in just a few months.
For more information please visit http://www.highradius.com.
For More Information Contact:
Senior Marketing Manager