“Autonomous Receivables: The new era of Finance Function.”

It was a pleasure to host a CFO Singapore lunch on behalf of HighRadius. Our lead Naveen Gupta – VP APAC – HighRadius ensured that all 14 CFOs discussed…..

From self-driving cars to dancing robots, AI is transforming many industries and functions. It is beginning to have a significant impact on the finance function also.  AI and Automation technologies can act as an enabler to improve performance KPIs, discovering business opportunities, and creating business value. Hence, as per a recent PwC survey, 68% of CFOs are increasing investments in digital transformation over the next year. This will allow CFOs to not only ensure fiscal discipline but also become proactive strategic planners for the company. 

One such process is accounts receivables. The session will discuss global best practices in adopting AI for A/R processes.  An AI-driven system can affect the A/R team’s ability to handle invoice creation, presentment, collections, and deductions. This in turn improves the costs of people employed, customer experience, and working capital.

We discussed:

• AI – Media is full of stories about how AI is transforming various industries. Do you believe AI will impact (1) your industry (2) Finance function and (3) how ready is your company to look at AI to drive efficiencies?
• Challenges in your A/R process: How is your A/R process executed today?. How many invoices do you process per year? Are you facing any challenges with your A/R process – could be related to customer experience, control, FTE costs, repetitive tasks, delays in the collection – or anything else that comes to your mind.
• People – What are your plans to improve the day-to-day operations of your people? How many people are in your AR process – especially cash and collection? What is their motivation to handle repetitive tasks such as applying cash? Where are people based (offshore / HQ) to execute these processes?
• Tech Innovation and adoption: Do you think the latest technological innovation and AI can potentially improve your AR process. If yes, which areas and any plans to adopt?