‘Our tech, AI investment key to unlocking power of `humans + machines’ in office of the CFO’
NEW DELHI: The total addressable market for HighRadius, which offers ‘cloud-based autonomous software for the office of the CFO’, extends to tens of billions of dollars with companies, big and small, needing technology transformation for their processes, says Chief Technology Officer Tanuj Vohra.
“In India, specifically, HighRadius has emerged as the default choice for leading shared services and global business services centres for running their order-to-cash business processes,” Vohra told PTI.
With 800-plus clients, including Unilever and Kellogg, spread across 90 countries, the company has logged a 50 per cent CAGR (compounded annual growth rate) over the last four years.
“We believe that our investments in technology and artificial intelligence (AI) are key to unleashing the real power of `humans + machines’ in the office of the CFO,” Vohra said.
HighRadius utilises Amazon Web Services (AWS) offerings across all products. According to Vohra, running AWS has offered business stability with auto-scalable compute and managed services to help scale and handle peak loads.
Excerpts from the interview: Q: Can you talk about the journey of HighRadius and the key milestones so far? A: HighRadius is a category-defining SaaS (software as a service) market leader driving the AI revolution for enterprise finance and accounting teams.
With the HighRadius Autonomous Finance Platform for the Office of the CFO, we’ve helped 800-plus clients like Unilever and Kellogg transform their operations, unlock business value, and improve efficiency of their overall order to cash (O2C) business processes.
Founded in 2006, HighRadius was one of the earliest SaaS providers to pivot to the cloud. In 2010, HighRadius built its own Robotic Process Automation (RPA) agents – even before the term was coined. By 2014, HighRadius pioneered the use of AI for automating the cash application business process.
Since then HighRadius has developed 13-plus use-cases for AI and machine learning for O2C, treasury, and record to report functions for the office of the CFO.
Q: What is the size and scale of your operations, and at what pace have you grown in past years? A: With 800-plus clients across 90 countries, HighRadius has had a 50 per cent CAGR (compounded annual growth rate) over the last four years. HighRadius has been the number one vendor on the Gartner Magic Quadrant for O2C two years in a row since its inception.
Q: What are your expansion plans as a fintech enterprise SaaS company? A: Most single-category players in the ‘office of the CFO enterprise’ SaaS space have failed at becoming multi-category players via acquisitions.
Unlike others, HighRadius has expanded beyond O2C solutions with its own AI-powered autonomous treasury (2020) and autonomous accounting (2022) for Record to Report (R2R). Our solution allows for accurate reconciliation and continuous financial close, while providing proactive anomaly management. We aim to continue on this journey to expand in other areas in finance.
Q: What is the size of the market you are addressing? A: The total addressable market for HighRadius extends to tens of billions of dollars. Starting from companies as small as USD 50 million in revenue to the world’s largest organisations – they all need technology transformation for their O2C, record to report and treasury processes.
In India, specifically, HighRadius has emerged as the default choice for leading shared services and global business services centres for running their O2C business processes.
Companies use HighRadius autonomous receivables to speed up the conversion of accounts receivable to cash. This helps typical HighRadius clients unlock up to USD 3 million in working capital annually.
HighRadius autonomous treasury pivots the treasury function from reactive reporting to proactive portfolio and investment management.
The highly accurate AI-driven cash forecasts can help treasurers generate USD 2 million additional yield from their cash investments.
HighRadius autonomous accounting converts the month-end close and reconciliation to a state of continuous close. This means accounting teams are no longer doing the month-end mad rush and CFOs achieve faster close and reliable reconciliation.
Q: What is the digital infrastructure and technology backing HighRadius’ operations? A: The HighRadius platform features a multi-tenant SaaS architecture, which ensures ease of implementation and compatibility with both public and private clouds.
