OPENCFO TECHNOLOGIES INDIA PRIVATE LIMITED

In their own words

OpenCFO is developing a new end-to-end platform for enterprises to manage their finances. Today, enterprises handle their finances either manually using Excel spreadsheets, or use currently available software that handles one specific task. For example, most enterprises have different tools for accounts receivable, payables, bank reconciliations, and treasury. This is an inefficient approach because coordination between multiple such tools is required to get a meaningful picture of the enterprise’s key finance. The finance teams in such companies are routinely engaged in checking information between such tools instead of focusing on important activities like capital planning etc. OpenCFO enables finance teams to visualize their entire finances in one platform. More importantly, using artificial intelligence, the platform contextualizes the financial data of the company across these disparate systems into a clean and intuitive format. The most innovative aspect of the product is the combination of prediction/insights with prescription. While current tools show the information, OpenCFO takes in the context across all the flows, and through our artificial intelligence model, can prescribe the best next steps to ensure finance operations are handled smoothly. For example, most tools today remind users when an invoice is late and send out a standard reminder email. OpenCFO collects multiple signals internally e.g., the last contact with the customer, the best person in the enterprise to reach out and prepares custom emails or scripts for phone calls rather than a simple reminder. The secret sauce is our ability to prepare a shared global context that is effectively an AI representation of the information stored between teams and their conversations. No other product offers this today.

Written by the company on its public Startup India profile. Not verified by us.