HighRadius Launches AI-Based Cash Forecasting for Treasurers
AI-Based Solution Boosts Cash Forecasting Accuracy, Makes Manual Cash Forecasting Using Spreadsheets Obsolete
HighRadius, a fintech enterprise Software-as-a-Service (SaaS) company, specializing in Artificial Intelligence (AI)-based autonomous systems for Accounts Receivables and Treasury processes, announced its latest offering – AI-Based Cash Forecasting Cloud. The new solution will enable treasurers to achieve accurate, real-time cash forecasting without having to manually collect and transpose data across spreadsheets and various systems.
Built on RivanaTM, HighRadius’ proven Machine Learning Platform for finance departments, the solution will enable companies to accurately forecast cash flows with purpose-built AI algorithms at individual operational categories including accounts receivable (A/R), accounts payable (A/P), expense and payroll.
Sashi Narahari, Founder & CEO, HighRadius, explained, “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. We have successfully solved A/R 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 A/R and A/P to enable the digital transformation of the treasury function.”
HighRadius’ extensive research with treasury leaders across industries revealed that more than 98% of corporate cash forecasting is performed using spreadsheets with basic formulas. In addition to being manual and time consuming, most of these techniques do not incorporate any statistical modeling on large volumes of data to drive accurate forecasting. This is crippling corporate treasurers from making confident short-term and long-term debt and investment decisions. Trusted by Fortune 500 and Global 2000 companies, HighRadius has a track record of success deploying AI-driven software solutions used by various corporate finance professionals, teams and departments. The AI-based Cash Forecasting Cloud joins HighRadius’ treasury management applications which also include Cash Management Cloud and Bank Reconciliation Cloud.