Veena Gundavelli Founder & CEO
In today’s digital age, we use new digital smart applications like Uber, Siri, Alexa in our everyday life and we are soon entering the age of self-driving cars. Digital is disrupting every aspect of our lives and our enterprises too. Order-to-Cash (O2C) cycle presents a huge opportunity for digital transformation. Despite the importance of the order-to-cash (O2C) process and its impact on financial services’ revenue growth potential, organizations are tangled by slow and inefficient O2C processes that contribute significantly in write-offs, not to mention the disappointed customers and stakeholders. More so, the time-consuming process of processing orders, billing and payments—from the sale to the actual collection of revenue— leads to missing cash f low and profitability targets. Most companies have outsourced their back office tasks to lower cost, but digital opens up whole new ways of handling the age-old back-office problem.
Drawing on her rich industry experience and the penchant for transformation, Veena Gundavelli was quick to seize this opportunity to help organizations create digital order-to-cash factories for high efficiency and engage with their customers in a highly personalized way to create a better payment experience. The genesis of Emagia is a ref lection of her vision to empower finance operations with skilled digital workforce powered with self-driving, autonomous, and intelligent finance operations systems.
“With a focus on improving the efficiency of the O2C cycle and going digital with the customer experience in financial services, we bring in the combination of automation, analytics and artificial intelligence (AI) in our platform to innovate the credit, receivables and payments processes,” begins Veena, Founder and CEO, Emagia. The company has developed an AI-powered digital O2C platform that automates the receivables processes and provides the analytics for deep insights around predictive customer behavior, payment risks and many other metrics useful to improve the operations, in turn, to improve cash f low and profitability.
Governed by the mission of creating exponential impact, Emagia now delivers the world’s first digital O2C workforce that can augment the current shared services and provide scalability to handle more customers. Emagia has recently introduced Gia, an AI-based Digital Finance Assistant, that has been specifically designed for order-to-cash operations in customer financial services, accounts receivable departments, and F&A shared services.
Built with the power of 3 A’s Automation, Analytics and AI, Gia is the next generation digital O2C workforce for customer financial services and F&A shared services
Gia has smart, human-like conversational capabilities, and its continuously evolving skills allow it to deliver next-gen digital transformation to scale operations in finance departments.
“Built with the power of 3As–Automation, Analytics and AI, Gia is the next generation digital O2C workforce for customer financial services and F&A shared services. Gia can be deployed in two roles–internal facing and external facing. In the external facing role, Gia can be deployed as a customer financial services agent. It is trained with skills related to billing, collections, payments processing, as well as handling queries and communications with the customers, both via chat and voice, about all information related to invoicing and payments. In the internal-facing role, Gia can serve as a digital assistant to boost the efficiency of human staff and executives involved in the O2C process,” mentions Veena. Regardless of the module opted by the clients, Emagia’s offerings are coupled with Gia, predesigned with the skills associated with the particular function chosen.
Integrated with Paypal, Chase Paymentech, and many other gateways, Gia can accept payments. That’s not all. Apart from its conversational and analytical capabilities, the digital finance assistant also leverages its vision capabilities and intelligent OCR to read, understand and comprehend documents such as payments received, invoices, statements, checks and discrepancies before processing and posting them into the financial system.
Emagia also offers advanced analytics and insights in order-to-cash. Emagia presents predictive analytics and cash f low forecasting, including customer payment pattern, the risk associated with payments or the likelihood that a particular invoice would be disputed for any reason. The company brings out analytics based on Machine Learning and AI, and it aggregates these insights to enable rolling-window cash-f low forecasting, which holds at least six weeks’ window.
In a nutshell, Emagia is a trailblazer transforming the entire back-office around O2C. Emagia digital O2C platform today processes several billions of credit, receivables and payments for global shared services such as Seimens, Meredith, American Heart Association, Unisys and others. Emagia is currently associated with digital finance transformation partners like NTT Data, Tech Mahindra, and Cognizant to spearhead innovation initiatives in this realm. In the years to come, Emagia aspires to spread its reach in Europe, Asia, and Australia, while expanding its offices as well as partnering relationships across the globe.