HighRadius has launched a generative artificial intelligence (GenAI)-powered solution designed to automate the payer-supplier payment process.
The new Accounts Payable Automation solution automates invoice processing and supplier communications, the provider of cloud-based autonomous software for finance teams said in a Thursday (March 7) press release.
“In my conversations with over 100 global business service owners in the last 12 months, I kept hearing them say that AP [accounts payable] processes have been neglected, still relying on outdated software and leaving the key stakeholders — suppliers and AP teams — dissatisfied,” Sashi Narahari, founder and CEO of HighRadius, said in the release. “Our goal is to use GenAI to enable lean AP teams to serve satisfied suppliers at low costs, without offshoring.”
The Accounts Payable Automation solution includes two products focused on improving supplier relationships and invoice processing, according to the release.
One product, Supplier Connect, enables automated communication with suppliers, the release said. Supplier Connect responds instantly to suppliers’ questions about payments and invoices, analyzes and resolves suppliers’ requests about things like quantity mismatches, and generates tasks for AP teams and suppliers to facilitate swift resolution of exceptions.
The other product, AP Invoice Automation, captures invoice data from emails, paper-scanned invoices, electronic data interchange (EDI) and other channels; codes the data to general ledger (GL) accounts; validates information; highlights any exceptions; and generates tasks for stakeholders, per the release.
“With HighRadius’ GenAI-powered Accounts Payable Automation’s Supplier Connect product, suppliers will get immediate responses to their queries, including clear details on the status of their payments and guidelines for any actions required,” the press release said. “The product will transform AP teams with improved supplier retention and reduce costs by eliminating manual, repetitive tasks.”
In another recent development, HighRadius said in February that it acquired order-to-cash automation company Cforia Software to expand its capabilities and add more than 100 customers globally.
In February 2023, HighRadius unveiled a no-code platform that lets finance business users build their own applications “as extensions to standard functionality received from enterprise systems” without needing to rely on IT department or admin users to do so. The platform, LiveCube, uses an “Excel-like” spreadsheet interface, the company said at the time.
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