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50 Innovative Companies to Watch 2019

Emagia Unleashes AI powered Digital Finance workforce for Enterprises

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Order to cash (OTC) is a specific set of business processes that involve receiving and fulfilling consumers’ requests for services or goods. The O2C cycle is very significant for any business to optimize and run business activities smoothly. A company’s working capital and cash inflow is based on the O2C functions, ERP vendor like Emagia Corporation can easily supplement the O2C cycle with their disruptive solutions to optimize business operations.

In conversation with Veena Gundavelli, the CEO of Emagia Corporation

Why was the company set up? And how did you expand your company and its offerings over the years?

Emagia’s vision is to create the most cognitive and efficient autonomous finance operations for the 21st century. Emagia delivers digital and cognitive finance solutions aimed to modernize finance operations in the digital age. Most recently Emagia introduced Gia, an enterprise digital finance assistant, a comprehensive and a secure AI platform, aimed to assist finance executives, finance operations staff in areas of credit, order entry, receivables, payables, treasury, and the other regions.

What challenges did you face in your initial years? What can your peers learn from it?

New technologies’ adaptation in big corporations need digitally aligned leaders with a vision to see the benefits of the solution. Therefore it is essential to find the right customer/ partner to make this journey successful. Early adopters are usually few; hence, it took us a while to get the customers on board. However, now, the benefits of these technologies are becoming apparent, so the customer base is proportionally increasing. An important aspect of digital transformation is value generation, Cost, control, Compliance, Cash flow, and Customer Experience. Customers are now able to see the benefits in these areas.

“Earning trust and respect of consumers all around the world is through consistent focus on delivering high quality in all of our actions,” how do you interpret this statement?

Emagia’s mission is to maximize the financial performance of our customers by driving efficiency and intelligence in finance operations with next-generation technologies. Emagia Receivables Management enables enterprises to drive working capital efficiency on Order-to-Cash processes to decrease DSO, increase customer satisfaction, and maintain fiscal discipline. Also, AI is changing the face of customer experience; we heard the needs of our customers, and now we are focusing on AI solutions resulting in an exponential increase in Order-to-Cash efficiency.

Fostering a culture of feedback is crucial to the success of every organization. How is this true with your company?

When you are working with new technologies and disrupting the status quo, feedback from the customer on the solution is vital for your product development. We at emagia work with our ears close to the group to hear our customers’ problems and continuously strive on resolving.

About adaptability, how do you stay relevant to the consumer interests and needs in this highly volatile market?

Our Silicon Valley culture of limitless innovation, coupled with our finance domain knowledge is in our core. We are continuously pushing the envelope on technology innovations for enterprise finance and treasury to drive unprecedented efficiency levels and strategic intelligence for businesses. We thrive on helping our customers redefine and reimagine the possibilities of next-generation enterprise finance operations such as Autonomous Finance. We bring in the new concepts of digital disruptions happening around us - such as self-driving autonomous cars, connected world, cognitive machines, digital payments, big data, artificial intelligence, robotic process automation, etc. to the world of enterprise finance and customer financial services to help our customers gain strategic advantage over their competitors.

What are the factors that make your brand most ‘innovative’ and why?

We have a track record of delivering highly innovative products in digital finance for shared services and global order-to-cash operations. Several companies across the world achieved significant and sustainable improvements to their DSOs, credit risk, cash flow, and profitability with Emagia Solutions.

Customer service varies, but companies can still be successful. How do you maintain your customers’ trust and loyalty?

Our customers are mostly finance teams who are often challenged with manual and redundant processes, and they often have multiple systems and teams spread across the globe. Hence these companies spend a lot of time and money to outsource the work to keep the cost low. We are continuously listening to these issues and have developed multiple solutions that help them access the data and documents immediately and provide automation to increase process efficiency, reduce Day Sales Outstanding (DSO) and improve cash flow.

How do you and your company contribute to the competitive global IT platform at large?

Over a decade, Emagia has been delivering highly innovative order-to-cash (O2C) automation platform for global finance and F&A shared services. Emagia Enterprise Receivables Management Suite automates credit, receivables, collections, deductions, cash flow forecasting, cash application and billing & payments for large global companies. Many companies across the world have achieved significant and sustainable improvements to their customer experience, costs, compliance, control, and cash flow with Emagia solutions.

About the CEO

Veena Gundavelli, Founder & CEO of Emagia, has 25 years of experience in enterprise applications and deep expertise in emerging technologies including Big Data, Artificial Intelligence, BlockChain, and Advanced Analytics. She is also the Co-Founder of Solix Technologies, a Big Data Platform company.

She is an avid speaker, and she has spoken in various conferences like Finance conferences NACM, FCIB, Global BlockChain Summit, and AIR Summit - All India Artificial Intelligence conference, Global Big Data Conference, Solix Empower, and FinTech Summit. She was also invited to speak and Judge business plan events at San Jose State University, Lucas School of Business and at several other schools in the US and India. She was also a recipient in various awards - She was awarded “Innovator of the Year” by Women in IT Awards 2018, she was also awarded twice as the “Trail Blazer of the Year” by Forum of Women Entrepreneurs (FWE). “Women of Distinction in Technology” by Silicon Valley Business Journal.

"Our mission is to help automate every OTC process in every company out there, and we are looking forward to making this an integral part of every finance department."