Fintech enterprise Software-as-a-Service (SaaS) company HighRadius has announced the development of a new cash flow forecasting solution using artificial intelligence (AI) technology.
The Texas-based company, which has London and Hyderabad offices, offered details of its AI-based cash forecasting cloud solution in a press release, which said that 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 (AP), accounts receivable (AR) and expenses.
Spreadsheets still prevalent
“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.
“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.”
HighRadius added that its own industry research found more than 98% of corporate cash forecasting still relies on “spreadsheets and basic formulas,” with a high degree of manual workloads for corporate treasury teams without the accuracy offered by AI.
According to the company that legacy strategy is “crippling corporate treasurers from making confident short-term and long-term debt and investment decisions.”
The launch of HighRadius’s AI cash flow forecasting tool follows the launch two months ago of its Collection Agency Data Exchange (CADE) solution, which enables AR teams to more seamlessly share data with collection agencies and electronically submit accounts for collection.
In 2017 HighRadius launched Freeda, a credit-to-cash virtual assistant and recently added 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.
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