A Life-saving Innovation for an Important Yet Neglected Aspect of Business

HighRadius, a Houston based company, has officially announced the launch of industry’s first GenAI native suite called Accounts Payable Automation, which is designed to automate the entire payer-supplier payment process. To understand the significance of such a solution, we must take into account how, up until now, AP teams have been working with traditional, one-way applications to reduce manual processes and save costs. Although geared towards efficiency, these applications haven’t managed to help suppliers, considering they gave them only a limited amount of payment visibility, while simultaneously asking them to log in to multiple supplier portals. Enter the solution in question. Talk about the way Accounts Payable Automation suite will solve this problem on a more actionable note, the answer begins from its GenAI-powered Accounts Payable Automation’s Supplier Connect product, where suppliers can expect immediate responses to their queries. They can also expect clear details on the status of their payments and guidelines for any actions required. Before presenting a solution, though, the stated product will make a point to analyze the registered queries with a cutting-edge response interpretation system. Once all the factors have been duly studied, the product would go and solve the query automatically. Markedly enough, the Supplier Connect product also brings to the fore a proactive task generator. Applicable only in special cases, this generator proactively conceives tasks for AP teams and suppliers to facilitate swift action. 

“In my conversations with over 100 Global Business Service owners in the last 12 months, I kept hearing them say that AP processes have been neglected, still relying on outdated software and leaving the key stakeholders – suppliers and AP teams – dissatisfied,” said Sashi Narahari, Founder & Chief Executive Officer of HighRadius. “Our goal is to use GenAI to enable lean AP teams to serve satisfied suppliers at low costs, without offshoring!”

Another detail worth a mention regarding HighRadius’ new suite is rooted in its API Invoice Automationcapabilities that basically include GenAI powered multi-channel (email, paper scanned Invoice, EDI, etc.) invoice data capture and coding to GL accounts. The given AI angle can also come in handy when the agenda is to seamlessly validate information, match documents, and highlight any exceptions. 

Founded in 2006, HighRadius has risen up on the back of its ability to offer AI-driven autonomous finance solutions that can adapt to the dynamic behavior of underlying domain transactional data. As a way to sustain this adaptability, the company practically powers digital transformation capabilities like robotics, AI, process automation, natural language processing, and connected workspaces etc, for the finance and accounting industry. Within that industry, HighRadius helps you access specific services like DSO reduction, working capital optimization, bad-debt reduction, reduction across month close timelines, productivityimprovement in less than six months of implementation, and plenty more. The company’s excellence in delivering these services can also be understood once you consider it has, so far, enabled more than 800 organizations to transform their Order to Cash Treasury, as well as their Record to Report processes. The stated user base comprises of various industry leaders, such as 3M, Unilever, Anheuser-Busch InBev, Sanofi, Kellogg Company, Danone, and Hershey’s etc.