Autonomous Software Provides Relief for Overworked Finance Teams as CFOs Cite Concerns Over High Turnover Rates
HighRadius, the leading provider of Autonomous Finance Software, announced it has been named a Leader in the 2022 Magic Quadrant for Integrated Invoice-to-Cash (I2C) Applications.
“We congratulate HighRadius for its positioning in the Gartner Magic Quadrant as a Leader.”
According to Gartner, “Leaders are in the strongest position to influence the market’s growth and direction. They demonstrate a market-defining vision of how integrated I2C applications can help CFOs achieve their business objectives of improving cash flow while enabling efficiencies and predictive capabilities within their AR operations. Leaders have the ability to execute their vision through their product strategy by deploying AI throughout the solutions within their application. They excel in their combination of market responsiveness, innovation and product features.”
Gartner further states that integrated I2C solutions have become a key requirement for most finance organizations, projecting that the market for integrated I2C solutions will reach $3 billion by 2024.
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The desire of CFOs to address the shortcomings of traditional ERP systems, improve cash flow and enhance customer experience is expected to drive that growth, as will the need to arm finance teams with the tools needed to manage ever-increasing workloads and reduce turnover related to workplace stress.
According to a recent survey by the Institute of Finance & Management, accounts receivable teams report feeling more stressed at work than ever before, a factor that likely contributes to high turnover in this key function. By automating routine processes and using artificial intelligence to flag potentially problematic issues for further review, HighRadius’ solutions increase the productivity of finance professionals while also easing their workplace stress.
“Finance organizations are always battling the clock and unrealistic expectations, and the constant pressure to keep things moving creates a great deal of stress,” said HighRadius founder and CEO Sashi Narahari. “Our solutions, which support many key functions in the office of the CFO — I2C, Treasury and Record to Report — allow finance professionals to make better decisions more quickly than has previously been possible. All while dramatically reducing their workload and allowing them to focus on what matters, not just what needs to be done.”
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Automation Addresses Growing Concerns Around Team Burnout
“The Great Resignation” is significantly impacting finance teams, with CFOs increasingly concerned about high turnover rates. Finance teams move quickly and can’t afford to veer off-track toward business goals, especially during vital times such as end-of-year close. To avoid missed monthly objectives, CFOs can leverage Autonomous Finance Software to help ease workloads, reduce costs and save time.
“We conducted a series of interviews with finance team executives and found that many are under a significant threat of burnout,” said IOFM Director Josh Barrett. “Companies are investing more in automation solutions to help their teams work more efficiently and address the growing feeling of fatigue from absences, time constraints and increased workload.”
HighRadius Helps Teams Free Up Time to Focus on High-Value Tasks
“With HighRadius, Bayer has a long-term strategic partner, and through great collaboration, we have been able to realize significant efficiency and outcome improvements in the Bill to Cash space,” said Rob Bullen, Bayer AG’s senior vice president for its shared service center delivery network. “We congratulate HighRadius for its positioning in the Gartner Magic Quadrant as a Leader.”
HighRadius’ AI-powered suite of Autonomous Finance solutions offers tremendous advantages tailored to the specific needs of finance departments. By automating routine tasks and flagging potentially problematic transactions for follow up, the company’s solutions help reduce the need for high-value employees to spend excess time on low-value tasks. This empowers analysts and managers to focus on more strategic work that truly moves the needle for their organization, and, in so doing, creates a higher level of job satisfaction. Artificial intelligence also allows finance teams to better understand customer behavior and improve the customer experience. According to the Harvard Business Review, most companies now expect the CFO to be a player in customer experience initiatives. Nearly 60% of survey respondents said they believed the finance function will be significantly or somewhat involved in their organization’s approach to customer experience over the next two years.
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