AI-driven Autonomous Finance Solutions for the Office of the CFO.
HighRadius Autonomous FinanceReviews from AWS customer
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Making life easier & reducing headcount with customizable automation
What do you like best about the product?
We are a holding company with several companies with high volume receivables. High Radius Cash Recon module has allowed us to reduce headcount by applying our cash to AR automatically and just managing exceptions. We added the EIPP and Collections module in the last couple years and that has only made us more efficient and helped with cash collection.
What do you dislike about the product?
The least helpful part is just when we have several exceptions to work through, but the High Radius team has supported us through that.
What problems is the product solving and how is that benefiting you?
Manually receipting cash in our ERP and reaching out to all customers for past due balances. With this running in the background, it's allowed us to spend time on other things and reduced headcount. Very valuable.
HRC: CAA, CLS & EIPP create immediate opportunities to streamline processes & improve efficiencies
What do you like best about the product?
Our experience with HighRadius has been nothing short of transformative for our cash application process across multiple businesses. The tool's AI-driven capabilities have streamlined our payment posting, reducing manual intervention and identifing errors. This has allowed us to accelerate cash flow and allocate resources to more strategic tasks.
HighRadius provides us data that we can use to identify additional areas for improvement, offering insights that benefit both our business and our customers.
In summary, HighRadius has significantly enhanced our cash posting and collections processes, delivering benefits such as increased productivity, reduced operational costs, and improved customer satisfaction. The customer portal is a feature that many of our customers were asking for and they have adapted to it quickly.
HighRadius provides us data that we can use to identify additional areas for improvement, offering insights that benefit both our business and our customers.
In summary, HighRadius has significantly enhanced our cash posting and collections processes, delivering benefits such as increased productivity, reduced operational costs, and improved customer satisfaction. The customer portal is a feature that many of our customers were asking for and they have adapted to it quickly.
What do you dislike about the product?
I have a high regard for this tool and am confident that the companies utilizing it will continue to experience improvements. We deployed three modules—CAA, CLS, and EIPP—simultaneously across three businesses, which potentially led to configuration gaps impacting downstream processes. It would be great if the OCR capabilities could be enhanced to "learn" basedon the corrections the team makes (in picking up invoice number on payments), as to avoide the same OCR issues with the next payment.
What problems is the product solving and how is that benefiting you?
Cash posting went up immediately, with ~45% posting as a success. This has enabled the teams to focus on the exceptions and address those early on. For CLS, it is centralizing the process across the businesses and providing valuable insights to the leadership team. EIPP has had higher customer execeptance than initially intented, and we haven't done a full campaign as of yet.
Overnight improvement of auto cash by 50% and $5M in new customer portal payments in just 3 months.
What do you like best about the product?
After implemenntnig the Cash Application module, our team saw a huge improvement in no touch auto cash receipts, with a day 1 achivement of >50% hit rates (compared to 0% historically).
In addition, the visibility and reporting we have around the whole process now (missing customer info, missing MICR mappings, poor ORC image), gives us the power to drive those hit rates much higher quickly.
Likewise, our Collectors are now actively leveraging the Collections module to auto-correspond to several tiers of customers . We are able to reach ~5K accounts in a given run with no manual steps needed. This is driving significant payment turnaround in the EIPP Portal and in just 3 months since go-live we've already received $5M via this method.
Our Program Director was (and still is) a fantastic business partner along the way, helping us stay on track and resolve issues quickly.
In addition, the visibility and reporting we have around the whole process now (missing customer info, missing MICR mappings, poor ORC image), gives us the power to drive those hit rates much higher quickly.
Likewise, our Collectors are now actively leveraging the Collections module to auto-correspond to several tiers of customers . We are able to reach ~5K accounts in a given run with no manual steps needed. This is driving significant payment turnaround in the EIPP Portal and in just 3 months since go-live we've already received $5M via this method.
Our Program Director was (and still is) a fantastic business partner along the way, helping us stay on track and resolve issues quickly.
What do you dislike about the product?
As a result of everything being interconnected, getting configuration right and understanding up and downstream implications can be tricky to manage. Security roles can also be challenging. It is critical to spend the time testing and training here to avoid issues.
Turnaround time of resolving case post go-live needs close management.
Turnaround time of resolving case post go-live needs close management.
What problems is the product solving and how is that benefiting you?
We have 2 very manual legacy ERP's that cause a lot of manual work to both post cash, reconcile customer accounts, and manage collections. HighRadius is already reducing manual cash application by 50% from Day 1 of go-live. We're levarging the Collections tools to reach thousands more customers than we ever had capacity to. The EIPP portal hasn't even been fully launched yet and we've already seen great customer adoption, with over 700 customers making over $5M in payments using this method, in 3 months since go-live.
A real difference made to our cash collections
What do you like best about the product?
Notable reduction in overdue balances. All debts chased automatically, meaning collectors can focus on larger/complex items.
User friendly platform with many additional features above competitors (AI, collection strategies defined by us, customer groups).
Excellent implementation team with great support.
User friendly platform with many additional features above competitors (AI, collection strategies defined by us, customer groups).
Excellent implementation team with great support.
What do you dislike about the product?
At times the support desk do not seem to understand our use of HRC and we need to revert back to the implementation team.
What problems is the product solving and how is that benefiting you?
Targeting all debt and creating worklists, meaning collectors are able focussed on value add collections. Reduced debt, particularly 90+ days.
Implemented High Radius EIPP solution
What do you like best about the product?
The system was put in to give us an efficient way to relay invoices to customers and allow customers to efficiently pay the invoices. It was tightly integrated with Netsuite and our bank (JP Morgan) and processor (WorldPay). It had all the features we required and many other features that were nice to have. It was implemented in rather short order and High Radius implementation team was competent and worked very dilligently to keep us on schedule and implement a quality solution. As with any significant system/project there were issues along the way that had to be rectified and addressed but High Radius did the right thing and acted as a partner in getting these issues resolved and corrected in the right way so we had a reliable and efficient system. The system has been relatively stable and the company does a very good job from a customer success perspective to ensure usage of the product is actually of benefit and getting feedback on what they can do better.
Specific features we leveraged:
- Automated new customer registration and communication for login access
- Syncing all invoices generated in Netsuite and ensuring they were exposed and notified to customers and accessible via the portal.
- Accepting customer payments via ACH or CC.
- Ability to assess a standard fee for CC payments to offset the processing cost
- Ability for customers to setup autopay to ensure automated and timely payments
- Customer contact updates syncing back to our Netsuite system
- Notifications about key operational conditions (new invoices, past due invoices, failed payments, etc.)
Specific features we leveraged:
- Automated new customer registration and communication for login access
- Syncing all invoices generated in Netsuite and ensuring they were exposed and notified to customers and accessible via the portal.
- Accepting customer payments via ACH or CC.
- Ability to assess a standard fee for CC payments to offset the processing cost
- Ability for customers to setup autopay to ensure automated and timely payments
- Customer contact updates syncing back to our Netsuite system
- Notifications about key operational conditions (new invoices, past due invoices, failed payments, etc.)
What do you dislike about the product?
Changing configurations or settings that affect how the system operates requires help from High Radius consulting team and something that may incur extra costs. For this reason it's important to understand what you want in the implementation up front and do a good job of agreeing on the scope and features to implemented so that you can stay on schedule with the project implementation and control the costs of the implementation of it. Releases of new features in the underlying product don't just appear in many cases and seems to require some kind of opt-in and small implementation. I think this is likely done to encourage stability which I would argue is more important then having new features appear that may or may not help.
What problems is the product solving and how is that benefiting you?
Making the process of customer payment of recurring invoices and one-off invoices more efficient
Streamlining Mass Cash Receipts
What do you like best about the product?
What I like best about HighRadius is the automation in capturing the remittances and tagging the customer accordingly. Then integration with the ERP system we use to book the end result.
What do you dislike about the product?
What I like lease about HighRadius us that it currently does not capture journal entries from the ERP system as sometimes we receive payment for invoices we have marked as paid due to write offs. So then HighRadius records the payment as unapplied in the ERP system and then we have to manually book it later.
What problems is the product solving and how is that benefiting you?
I believe that HighRadius is solving time management. This is beneficial for us in accounting during close as we are more likely to book AR quicker and less opportunities for missed transactions or human error during time crunch.
HR has an important role in completing cash receipting on time for the organization
What do you like best about the product?
The complete transmission of all payments and deposits from the banks (in seven countries) to PeopleSoft.
Ease of use and the availability of online analytical tools.
Technical support is very knowledgeable, helpful and quick to respond to questions.
Ease of use and the availability of online analytical tools.
Technical support is very knowledgeable, helpful and quick to respond to questions.
What do you dislike about the product?
Matching rules have to be developed and applied on a customer by customer basis. There is no machine learning. Automatic matching of payments and receivables is less than 50% in North America, at the line level.
What problems is the product solving and how is that benefiting you?
Automated matching of payments with open balances in accounts receivable and facilitating the manual online matching before loading all payments and deposits to our ERP
Great product
What do you like best about the product?
Less manual intervention. User friendly.
What do you dislike about the product?
MICR and Payer mapping lacks built in automation.
What problems is the product solving and how is that benefiting you?
Automation of Cash Application requiring less resources for the company to accomplish
Software is good . To much turn around in emplyees. need contract price
What do you like best about the product?
Deductions and applications. Credit apps
What do you dislike about the product?
Lack of reps to help with contract. This is what I like
What problems is the product solving and how is that benefiting you?
Deductions
Very efficient, has saved me hours of manual work.
What do you like best about the product?
I like that High Radius is very customer specific and we can set up different rules to help apply the payments.
What do you dislike about the product?
What I dislike is that when a customer changes something like how an invoice comes through on the payment remittance and High Radius wont catch it unless we update the rules
What problems is the product solving and how is that benefiting you?
It is autoapplying many payments saving me hours of manually applying them in our ERP.
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