Learn how Accenture and HighRadius both commit to the vision of introducing touchless AI-based autonomous solutions for several functions within the finance department.
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Gurpreet Bajwa: [0:05]
Hi, everyone. So I took some notes to talk about autonomous receivables. What’s the point of talking about autonomous when you look at the notes, right, so we’ll keep it short and simple. So, first of all, let me introduce myself. My name is Gurpreet Bajwa, I’m with Accenture and I run the relationship with HighRadius. One more introduction a small one. So for me, the US group has been hour to hour Radiance to Radiance. The last time I came here was for the Radiance 2020. Then the COVID came in. One thing special has happened between the two that Accenture and HighRadius has formed the partnership and we are working together on the autonomous receivables right from the way the customer journey starts to how it impacts the GBS of the future. So Kevin introduction, yeah.
Kevin Schafer: [0:58]
Everyone hear me Good, good. hear your voice back. But Hi, everyone. I’m Kevin Schafer, I am part of channels team within HighRadius and manage the global relationship with Accenture. So hopefully, as we go through today, you can assign a little bit more how we’re working together as a partnership and how we’re driving autonomous finance together.
Gurpreet Bajwa: [1:19]
Thank you, Kevin. So let’s try and define autonomous first, you know, we all know the word and let’s take an analogy of autonomous car, right? So it’s not only about being self driven, it’s all about the experience, the drivers getting the safety, the security, the linguistics around it, the whole system that makes it happen, right? So if we have to teleport this, this logic to autonomous receivables, how does it look like? What do we mean by the word? So? Before we do that, you know, let’s try and see why autonomous receivables or A/R is the right domain to solve for with autonomous technology, right. So what makes a accounts receivable unique is one, it impacts the entire sales side of an organization, whether that is Salesforce, whether that is contracting, pricing, even supply chain. So in a way it sits in the middle of the network and impacts the entire network and finance and accounting. Second, it sits on a mountain of data. So there’s a data around invoicing, line level, header level, pricing information, product information. So the way these two gets leveraged in the organization is really making the impact and and giving this A/R or the accounts receivable you will the you know the point of being the right domain to do the autonomous implementation. Now, this is really impacting the four and five or four or five large areas in any organization. The one is how it is impacting the entire GBS play today. Right? What we know is that GBS was all about performance, all about language regularization standardization. Because of these two unique things that I just mentioned, you know, it is moving towards making a more differentiated experience, curated experience, Persona based experience customer journeys we are talking about. So there’s a lot of difference that is coming because of the way the whole network impact of A/R plus the data that sits on is coming together. The focus has always been on process and standardization, right? But the new technology, the way the data is now structured, the data is used the way the processes are redesigned, the way the technology is making an impact. The focus is shifting to data, which is leading to insights more predictive, more prescriptive, and even more, you know, self remediating, in a way. Now predictive is given. These are technologies which make predictive happen end to end, HighRadius is now you know, moving from a journey of being predictive to autonomous. Now, what is making predictive very different from pre emptive and self remediating, which we define as an autonomous A/R solution. So let’s say an error has happened, which is going to lead to an escalation. That’s a prediction error has happened, it will lead to the escalation is the prediction. But can we go upstream? Can we really, really look at the upstream data, look at contract, look at even coding if possible, and see if we can preempt an autocorrect even before the error has happened. That is where the technology is going to make the impact. And to to make that happen, the data has to play a very, very important role. So if we look at the way data sits, the data sets data sits right in the middle, and then we create a process around it, and we bring technology to implement the process using the data, which is in turn used by the users like ourselves in the organization. Now with the leverage of data, which is limited earlier, to extended universal data moving beyond the patent data that is there, collecting external data, even customer focused data, and see how we can move from cost and DSO based outcomes, really impacting the revenue risk and margin. So, for us, the impact is in the zone, can we preempt? Can we use the data as a power source? Can we really impact the revenue margin and the risk in our client organizations, and that is where HighRadius and us as a partner together, to take our customers to their journey. This is a very interesting slide. So if you look at the moment from left to right, so we’re defining the generations Gen one, Gen Two Gen three Gen four, from exception driven to platform to data driven to journey based, this is where the autonomous will come in, when you start defining the journeys right, from point A to point B, the analogy I took of the car. So from point A to point B, how do you reach safely? How do you reach with hands free experience if possible. So there is no hard and fast rule that one has to be either a Gen two or Gen three, each client journey is different.
There are different client archetypes which may sit at Gen three wanting to move to Gen four, so and so forth. The idea is to make sure that we focus on future ready performance. So how can we use technology? How can we use data? How can we do process reengineering to ensure that the future of financial services intelligent operations is implemented? It can it can live its life can become full force and couple of years, but the process has to start today, we have to define what the process looks like. So we have the termway we call fast tracking to future ready performance. So how can we bring in the right use of data, technology, process and process analytics to create journeys rich, enable the fast tracking to the future of the performance for our clients? So I’d like to draw your attention to synops. Now, you know, being self remediating to being called autonomous, the leverage of data, this all has to come together to create the right implemented process in the accounts receivable space. It can take a shape of being predictive, it can take the shape of being pre emptive, it can also be called autonomous depending on how you want to define it. But the idea is to have a play across data, human plus machine intervention, bringing the right intelligent assets, and more importantly, making sure that the work orchestration that is happening, right how everything is coming together, to have a very, very cohesive force in terms of delivering the client value has to be there. Now, we as Accenture, we define this as synops, which is essentially the ecosystem, which is working across the data, people technology and process and makes it happen for our clients. This is where a partnership with HighRadius becomes very, very important. So HighRadius becomes a partner, to enable the technology part of it to bring the right components to make it more autonomous.
As I said, each industry is different, each client is different. But there’s always an intersection, right? So if you look at one industry, one client of ours, they have a different playbook for all of them. There is no one one size that fits all. So how do we bring in the multitude of data that is sitting, the variety of the industries that we operate in, and also the different client expectations that are there. So with experience with the right partners, we’ve created that playbook. And we solve by this playbook and you’re at level one, we’re looking at operating model, how the orchestration is going to happen, are the control execution is there an end of the day they experience and monitoring right, we have to move away from the very, very standard KPIs to experience based KPIs for our clients, impact on the customers making the right use of data, that is where the synops ecosystem comes together, I use the word human plus machine talent right. So, while HighRadius is brings the right amount of technology, it is future ready in our in our experience and it continues to invest in in New Age models. Autonomous receivables is one of them. In fact, autonomous finance is something that is going to be talked about. It is very important that the right mix of human plus machine is taken into account. How do you define that balance? Right? For example, let’s take collections process for a moment right, if we have to improve the ratio of accounts managed by each each collector, how do we do that right. So while data is there, you can always redesign the process. Bringing the right technology is going would be very important in that aspect, right. So that is where HighRadius comes into picture. Another example or another point I want to bring out is that the solutions are becoming modular now, in a while end to end, predictive end to end perspective, integrated models are there. But composable solutions, which is you can pick a problem, you can compose a solution for that, which is going to be solved by how you operate with data, or you bring in the right people. How do you create the right process? And how do you bring the right technology together? In one example is, let’s say the AR is functioning end to end perfectly. But there is a problem with collections. Can you solve for the collections individually? Or do you solve for the entire invoice to cash cycle? So with the composable nature of solutions that are coming in, we can actually attack the problem to the core for that section of the problem or subsection of the domain, and then move away from it while solving for the Integrated Model end to end is always the right approach. What is the composable formulation that is available, which really enable that and another example is credit, right? Which is, in my opinion, very important. Everybody understands that, but not everybody solves for it to the level it has to be. So do you spend enough energy and dollars into the into the credit problem? Or do you rather go downstream and solve the collection problem? How does that come together? That’s where data composable nature, solution ideas all come together for us? Kevin
Kevin Schafer: [11:29]
Hi everyone, I probably realize I’m probably standing between you and a happy hour. So we’ve got a few minutes left, but just bear with me. Gurpreet, I think that was a really good sort of introduction into what we’re doing as part of HighRadius and autonomous finance. I like the way you talk about synops and the value that brings by combining technology, as with people and process and bringing that whole journey together to deliver outcomes. I think that’s quite unique to Accenture, I think it’s something that really drives that value. You touched on about Generation One, generation two, so software generation three. And for me that sort of really were HighRadius sort of approach this market back in 2019, we recognize that a lot of the technology was very dumb. Slide up here sort of shows a filing case, on a laptop and hands sort of tied to a laptop, we realized that the technology was very constrained, wasn’t allowing people to morph and adapt as quickly as technology was, was moving. So with that in mind in 2019, released autonomous receivables. And that’s what I want to talk about today about what we as HighRadius see as autonomous receivables, how do we see that as the future, and what’s really the analogy between some of the stuff that Gurpreet talked about and and I read, it’s the same.
This slide is sort of where I want to focus on the middle two elements really big data, and, and the intelligence and automation. For me, the big data is what autonomous is about if we think about our personal lives, and how we how we operate in our personal lives, the me personally buy a lot of stuff through Amazon, even in the UK buying lots of stuff and in an Amazon and it knows what I’ve been looking at is knows the history of my browser, it knows the kind of buyers I buy from. So it’s recording that information. And it’s helping to make decisions and recommendations. Same as Netflix, we all watch TV programs. In those what we’re doing. Now that whole concept around information is what HighRadius is, is bring into the business world, that concept is where the value is. So when we look at HighRadius, and we look at the amount of information that we’re processing, somewhere in the region, $4.7 trillion of transactions, we process every year, as an enormous amount of data. There’s over 700 global organizations connected within within HighRadius. So if you think about that data, and the value that that brings, when we start to layer on top of that technology, that’s where we can start to make a difference. So we think about individual organizations. Now, how do we take that learning from from that $4.7 trillion of transactions? How do we bring that in? Well, when it comes to individual customers, we’re gonna suck in your historical data. And that learning the patterns, the trends, we can apply that to your history. And that’s when we can start to add real value. And by combining robotics, AI, and natural language processing, we can start to make a big difference. But for me, really, how do we bring all that together? But it’s great about having the big data and the information is great about having the technology but it’s the experience is about how do we package that together? How do we sandwich that? How do we deliver? How do we deliver value out to you? And that’s where really the bottom the platform really comes into play. So we’ve got the API’s that connected workspaces with pre built configurations, so we can deliver that value quickly. And at the top, it’s about user experience. How can we ensure that the users of the platform a familiar with it? How can we reduce the amount of training? How can we make it as smooth as possible? So again, it’s about how we utilize a system. We’ve got the enterprise we’ve got, we’ve got the websites, we’ve got the mobile. But if we think, again into our personal lives, you know, how often do you come home from work and you want to add something to your shopping list, to ask Alexa to add something to your list, or we’ve got the we’ve got Fredo and I’ll show you a little bit more about Fredo. And how we do that. So we’re thinking about all the elements of the journey from bit of software and how they can add value. Okay, what I want to do is just focus on a couple of case studies. Firstly, around RPA, and then I’ll move on to some of the other technologies. So for us, RPA, and a lot of organizations use RPA. And it’s pretty standard in a lot of processing. And HighRadius is no different. When we look at what we’re doing, what do we want to do we want to replace, we want to remove those low value repetitive tasks. And how do we do that? Well, HighRadius has a library of over 500 connected sites. So we’re able to automate those tasks. Now, some analysis that we’ve done is that a third of an analysts time is spent on these mundane tasks. So if we can actually replace those mundane tasks with robotics, and as simple as looking up against invoices, credit notes, proof of deliveries, contracts, we can replace those. So enormous amount of time that say from day one, probably one or two hours of an operator’s time. So that’s quite significant. Couple of use cases on artificial intelligence and machine learning.
one on ones to focus on, I guess, which is pretty obvious is our artificial intelligence, data capture. Now, HighRadius moved away from templated capture probably about seven years ago. And the reason is that we recognize it technology’s moved on, and the value that it brings. So when we’re working with buyers, suppliers and customers, they no longer need to send their information in the same format, they could send it in email, or in PDF, or Word or Excel in one month. And if they change their format, it doesn’t change the back end process, because we’ve got the the artificial based captcha. So there’s significant value there. The other one I want to touch on is dispute validity predictor. And it’s quite a quite a mouthful, but what does it actually do? So it’s artificial intelligence. It’s machine learning algorithms. It looks at your historical data. So I touched on this on big data. And what it does, it does the exact same thing, it looks at your historical data, and it makes the decisions for you. So whereas probably 80% of the disputes that come through, are a real or accurate. What the predictor does is allows the intelligence in the technology to define which disputes we should focus on. So your analysts are then focusing on where they can save money for your organization to just a couple of examples there. Freeda, now Freedas, our Alexa or Siri of HighRadius, I’m not gonna walk through this, I’m actually gonna play your video in a second. But what I want you to focus on is what freeda is actually doing freeda is listening to your voice, it is making recommendations, it is taking notes, it’s taking actions, but it’s also creating the correspondence. So it’s actually your personal assistant to want to get plays video now and just have a look at that. But the thing of value if I had one of those in my personal life, I probably get twice as much done but I play video now and you can have a look at that.
Video Speaker: [18:37]
Freeda, what do we have for today?
Freeda: [18:39]
Here’s your prioritized work list containing the critical accounts based on my prediction of their 30 days aging from now.
Video Speaker: [18:47]
Alright, show me the details for permalink
Freeda: [18:52]
here’s the Account Overview for permalink.
Gurpreet Bajwa: [18:56]
So, one of our clients use this in their collection space. So, you know, just to give you some background because it was not quite audible in the beginning. So this is the screen that the collections agencies when he comes or she comes to the work every day. So let’s say they login and this is what they will see this is the panel that they want to work on. So basically the autonomous part of the engine will guide them through whom they should call, the propensity to collect the most that similar day. So be very good elements of autonomous collection works is going to be visible but if you can start from the beginning please and and see it as a collectors coming in working on a specific day.
Video Speaker: [19:51]
Freeda, what do we have for today?
Freeda: [19:54]
Here’s your prioritized work list containing the critical accounts based on my prediction of their 30 days aging from now.
Video Speaker: [20:01]
All right, show me the details for permalink.
Freeda: [20:06]
Here’s the Account Overview for permalink. Jeremy Jones as the AP manager, would you like me to call him now? Sure. All right, I will be on standby to take notes.
Video Speaker: [20:23]
Hi, this is Jeremy from permalink.
Video Speaker: [20:26]
Hi, Jeremy. This is Samantha from Penn accord. I see one broken payment commitment of $68,000. From your end just wanted to inform you that non payment could impact future orders.
Video Speaker: [20:38]
Sorry about that. My manager is out sick, but I have an authorization limit of $30,000. Is there something you can do?
Video Speaker: [20:48]
Sure. I see two invoices totaling $20,000. Can you authorize these payments?
Video Speaker: [20:55]
Yes, please send me the invoices, and I’ll pay them by this Thursday.
Video Speaker: [21:01]
Sure, sending them right away.
Video Speaker: [21:01]
Sure, sending them right away. Thanks a lot, Samantha. Thanks. Have a nice day ahead.
Freeda: [21:11]
Based on the call, I’ve composed a summary email with the invoices attached. I’ve also captured the payment commitment and set a follow up reminder for you. Do you want me to act on these?
Video Speaker: [21:23]
Thanks, Freda, please send the email and save the action items for me
Freeda: [21:28]
Done, bringing up the next customer on your screen.
Gurpreet Bajwa: [21:42]
So basically 70 to 80% of the work that the collector had to do earlier is been done by the machine. So and you would have seen some text which was coming in, in in amber color, right? So the way AI works is that there’s an intent and then an extraction. So the intent has to be clear for something to be extracted. So now, we all know Google, we all know Siri, why it works even better in A/R is because it’s a very specific domain, right? The chances of somebody discussing weather over the collections call, maybe it’s one in 10,000, right, or maybe 1000, it’s a very specific call, you just make it happen. So the the efficiency of freeda improves because of that. And we have customers live on this. And this impacted some of their core KPIs and the business metrics really well. And I remember that in 2020, I was mentioning about radiance to radiance. For me, at least, I actually saw one of the customers signing up for this, and they are joint customers for both HighRadius and us. Just to summarize, you know how the partnership is coming together. It’s about it’s about solving the client, intention to move to the future of finance, which is intelligent operations, predictive, prescriptive, composable solutions, fast tracking the performance to future ready is the term we use. We bring in our synops ecosystem, which is which which looks at data, process, technology, human plus machine intervention, formulates the right fit solution and actually executes it on the ground. And HighRadius becomes a very important component for us to be able to deliver that solution. This is a very interesting term that we use being a strategic adviser to the businesses. And and the word strategic here means it should be relevant today. And it should be relevant in the future. And that’s where the autonomous receivables I think is is where the future is. And Kevin and I with Accenture and HighRadius are here to solve it.
Moderator: [23:58]
Can y’all join me in giving these two gentlemen a hand? Right
