Veena Gundavelli, Founder and CEO
The recent pandemic has brought the world into uncharted waters, leaving many in a state of financial insecurity and concerned for their financial futures. During this economic downturn, businesses, regardless of the size and industry, must focus on keeping sufficient liquidity to build resilience, survive and thrive in these uncertain times. While organizations across the globe have switched “work from home” setting to maintain business continuity, global receivables process owners, CFOs, treasury, and order-to-cash teams need to eliminate manual activities with the aid of digital tools and, more importantly, have all information at their fingertips to maximize cash flow. In order to adapt to the current volatile economic times and increased global competitiveness, the order-to-cash operations require a shot in the arm through digitalization and a data-driven outlook.
Accelerating cash flow with 3As - Automation, Analytics and AI
Set against this ever-changing backdrop, a company leading the industry with innovative enterprise order-to-cash management solutions is Emagia. When it comes to empowering companies with the latest technology, this California-based firm is in a league of its own. “Traditionally, the order to cash or accounts receivables process has been fairly manual and time consuming, involving the use of spreadsheets and process spread across different regions for global companies. At Emagia, we are helping companies reimagine the order to cash or accounts receivables process in the new digital age by primarily putting the effect of three As—AI, automation and analytics—to work. This enables the companies to make their processes faster, better and more efficient, thereby accelerating their cash flows and allowing them to receive more cash to increase the potential for growth,” begins Veena Gundavelli, founder and CEO, Emagia.
With an aim to accelerate the order to cash cycle to improve cash flows, Emagia offers a cloud-based, end-to-end, highly integrated order-to-cash platform that transforms, automates, and optimizes receivables, credit, and collection processes. This receivables management suite tightly and seamlessly integrates diverse sub-processes across the order-to-cash cycle—from invoicing, credit management, collections management to deductions management, cash application, payments processing, and more. “For high volume businesses, the global credit operations are complex, involving multiple languages, regions, financial systems, and shared service centers spread across the globe. Evidently, sub-processes here are often disconnected, operating on different systems with different teams working on them,” stresses Veena.
AI-powered Finance Digital Assistants for Customer Payments’ Assistance
The unique capability, Veena reveals, is the AI component in the form of a digital finance assistant. Emagia’s digital assistant Gia is meticulously developed to assist finance professionals to improve their productivity with its smart services.
At Emagia, we are helping companies reimagine the accounts receivables and global customer payments process in the new digital age by primarily putting the effect of three As—AI, automation and analytics—to work
As a secure and smart AI-powered conversational assistant skilled to order-to-cash, Gia specializes in delivering enhanced customer experiences by interacting and engaging customers in finance conversations and processing global payments. “We have trained Gia with order-to-cash skills, which allows it to understand conversations related to the processes, and act as an assistant to the accounts receivable team to interface with the customer, and provide them with financial services round the clock. Gia can assist customers by accepting and processing credit card and electronic check payments,” adds Veena.
Emagia’s integrated platform is a game-changer in this realm as it integrates all the sub-processes (finance transactions and documents) into a single unified order-to-cash cycle and streamlines them to boost efficiency. In doing so, Emagia’s platform presents seven modules—for credit, receivables, collections, disputes and deductions, cash application, cash flow forecasting, and customer invoice presentment and payment portal. In essence, these seven modules enable three main capabilities, whereby the first and foremost step is process automation, making 80-85 percent of the cycle automated to drive efficiency. Secondly, Emagia’s order-to-cash analytics provides the business intelligence, dashboards, visualizations, analysis, and predictive capabilities required to support a data-driven decision-making approach to managing the order-to-cash cycle.
Rapid Cloud-based Deployments For Faster ROIs
When it comes to global companies, the initial first-site deployment takes anywhere between 6-12 weeks, depending on the complexity and volumes of the rollouts. Veena informs that the company has just completed a big world-wide rollout for a multi-billion-dollar company across over 45 countries world-wide in about 12 months. “We have a very specialized professional services team that works to shift a client’s manual processes to a digital platform. We also have various regional partners trained to implement our solution for world-class performance,” she adds.
Emagia platform has processed over $850 billion across 50 different countries in over 25 languages. Their recent introduction of Gia has been a massive hit in the market, which gained them numerous accolades.
As most of Emagia’s global operations were conducted remotely even before the pandemic, its transition was seamless. The COVID-19 lockdowns did not impact its functions, and delivery and service remained undisrupted even amid the global crisis. Veena claims it has been a phenomenal experience, as they managed to take several companies to go live on their solutions remotely across the world. “We have proven that we are well-equipped to weather all kinds of situations while servicing our customer,” she says.
Moving ahead, Emagia is doubling its investments in innovations around real-time payment capabilities. The company is currently in the process of expanding the said capabilities to seamlessly accept payments across a variety of networks. Emagia also looks forward to cementing its position by introducing more innovations in this realm.