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What is Autonomous Finance?

Autonomous Finance is a next-gen finance platform that continuously learns from your ever-changing finance and accounting transaction data. It predicts business outcomes through proactive decision-making for improved working capital impact, enhanced customer experience, and accurate cash forecasting

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Difference between Automation and Autonomous

Automation refers to the use of technology to perform tasks that were previously done manually. On the other hand, Autonomous systems is able to make decisions and take actions on their own, without human intervention.

Automated Collections

Uses pre-defined criteria to prioritize accounts based on aging bucket, account size and payment history

automated Collection

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Autonomous Collections™

Using AI the system prioritizes accounts in real-time that have the likelihood of missing payment based on payment history, credit score etc.,

automated Collection

Automated Collections

Sends pre-drafted dunning emails, SMS based on the pre-defined rules and templates

automated Collection

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Autonomous Collections™

Generates personalized and contextually relevant emails with references to payment history, promise to pay commitment details and other attributes

automated Collection

Automated Collections

Captures and logs interactions with customers through a manual process

automated Collection

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Autonomous Collections™

Automatically transcribes voice to text and logs calls and notes in the system

automated Collection

Automated Collections

Tracks and updates promise to pay commitments made by customers manually

automated Collection

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Autonomous Collections™

Advance technologies like AI, ML, NLP automatically tracks and updates the payment commitments made by customers

automated Collection

Automated Collections

Generates reminders for follow-ups based on predefined schedules

automated Collection

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Autonomous Collections™

Schedules follow-up tasks based on likelihood of payment, changing credit score etc.,

automated Collection

Path to Achieve Autonomous Finance with HighRadius

The HighRadius Autonomous Finance platform is currently available for three key areas of the Office of the CFO

Order To Cash

Transform the Order to Cash process with HighRadius to create working capital impact, lower DSO and increase efficiency.

Treasury & Risk

Automate cash management and use AI to forecast cash, reduce risk, and allocate cash efficiently to transform the Treasury function.

Record to Report

Automate account reconciliation and anomaly detection to achieve day zero financial close and gain real-time visibility into financial data.

Treasury & Risk

Automate cash management and use AI to forecast cash, reduce risk, and allocate cash efficiently to transform the Treasury function.

Record to Report

Automate account reconciliation and anomaly detection to achieve day zero financial close and gain real-time visibility into financial data.

Order to Cash

Automate cash management and use AI to forecast cash, reduce risk, and allocate cash efficiently to transform the Treasury function.

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autonomous finance

Treasury & Risk

Transform Treasury function by automating critical aspects of cash management and, leverage AI and Machine Learning to optimize cash position, reduce risk exposure and drive efficient cash allocation. This enables Finance Leaders to transform Treasury function into a strategic driver for growth and innovation in the organization.

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autonomous finance

Record to Report

Transform Accounting function by automating tasks such as account reconciliation, journal entries and intercompany accounting to achieve day zero financial close. And leverage AI and Machine Learning to improve accuracy and financial reporting; thereby providing real-time visibility into financial data. This eliminates errors, save time and allows Finance Leaders to make more informed-decisions.

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autonomous finance

Order to Cash

Transform Order to Cash process with automation, AI, Machine Learning, and NLP (Natural Language Processing) to achieve autonomy. This enables Finance Leaders / AR Leaders to create a single integrated platform thereby streamline the process while enhancing accuracy, increasing efficiency and reducing DSO

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Benefits of Autonomous Finance for Finance Leaders

By leveraging advanced technologies such as AI and machine learning, autonomous finance solution automates and streamlines finance processes

Autonomous Receivables_highradius

Faster Cash Conversion

HighRadius Autonomous Finance solution help in better cash flow management and improving working capital by automating Order-to-Cash process, accelerating cash conversion and reducing DSO

20%

Reduction
in DSO

Accurate Cash Forecasting

Autonomous Finance software can provide accurate cash forecasting and risk management capabilities; helping CFOs and Treasurers to optimize cash positions and reduce financnial risk

90%

Reduction
in Forecasting Errors

Autonomous Receivables_highradius
Autonomous Receivables_highradius

Real-time Access to Finance Data

Autonomous Finance software offers real-time data insights and reporting, helping Finance leaders gain better visibility into financial performance to make more informed decisions

360o

View of
Financial Data

Increased Efficiency and Productivity

Autonomous Finance solution reduces manual repetitive tasks and errors, freeing up Finance team to focus on strategic tasks, leading to optimization of finance operations

15hrs/mo

Saved
Per FTE

Autonomous Receivables_highradius
Autonomous Receivables_highradius

Improved Compliance and Auditability

Autonomous Finance software ensures compliance with accounting standards and regulations, reducing the risk of errors and penalties, leading to improved auditability and financial transparency

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Frequently Asked Questions

Autonomous Finance solutions uses a combination of AI, Machine Learning and automation technologies to analyze fianncial data and automate financial processes. They can learn from historical data and user behaviour to make predictions, identify patterns and suggest actions

How do Autonomous Finance solutions integrate with existing financial systems?

Autonomous Finance solutions can be integrated with existing financial systems, such as ERPs and CRMs, through APIs or connectors, to enable seamless data transfer and workflow automation.

How much does it cost to implement Autonomous Finance solutions?

The cost of implementing Autonomous Finance solutions can vary depending on the scope of the project, the complexity of the financial processes involved, and the technology stack used.

Yes, Autonomous Finance solutions use advanced security measures , such as encryption and multi-factor authentication to protect financial data. They also comply with regulatory standards, such as GDPR and SOX, to ensure data privacy and compliance

Any business that deals with financial transactions and processes can benefit from Autonomous Finance solutions, regardless of size or industry. They can help businesses of all sizes, from small startups to large enterprises, improve their financial performance and efficiency.

Businesses can measure the ROI of Autonomous Finance solutions by tracking key performance indicators (KPIs), such as cash flow, days sales outstanding (DSO), and financial close cycle time. They can also compare the costs and benefits of using Autonomous Finance solutions versus manual or traditional methods.