Mygate launches AI assistant to automate financial operations for housing societies
Mygate has introduced MIRA (Mygate Intelligent Response Assistant), an AI-powered assistant designed to automate financial and administrative tasks for resident welfare associations (RWAs) and housing societies.
The new capabilities are aimed at reducing manual effort involved in managing community finances, including vendor invoice processing, payment reconciliation, collections tracking and financial reporting.
According to the company, MIRA can extract information from vendor invoices, reconcile payments, analyse vendor transactions, identify overdue maintenance payments and generate financial insights using community data. The assistant is integrated into the Mygate platform, allowing committee members to retrieve financial information through natural language queries instead of manually compiling reports.
Mygate said pilot deployments of the platform resulted in a reduction of up to 70%in the time spent by treasurers and accountants on routine financial and administrative tasks. It also said payment reconciliation, which previously required around 30 minutes of manual effort each day, can now be...
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