More than 75% of operational delays in clearing deductions occur because analysts manually gather, sort and index documents related to deductions. Each step takes time and the manual effort leads to mistakes and errors, further delaying the actual deductions research – the key to identifying and resolving short pays, including shortages and trade promotions. As deductions volumes have grown and invalid deductions have doubled in recent years (per Credit Research Foundation and Attain Consulting survey), eliminating such clerical delays is critical not only to speeding up the process and reducing costs but also to reversing the shrinking recovery rates that companies are seeing.
Join Jay Tchakarov, VP Product Management, HighRadius, as he discusses how to eliminate waste from the deductions process.
HighRadius Deductions Software acts as a powerhouse for proactive deduction management to prevent bottom-line erosion. It provides automation, process standardization, and a platform for cross-departmental and customer collaboration. It supports deduction management by providing some key features like back-up document capture which captures deduction data from customers and supplies the information required for resolution; auto-capture proofs of delivery (PODs), bills of lading (BOLs) from carrier portals & emails; structured deduction resolution, collaboration & approval workflows to streamline the communication and approval process; along with automatic deduction correspondence, and automatic data push to customer portals. The result is a proactive deduction management operation that recovers revenue normally lost to invalid deductions.
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We have seen financial services costs decline by $2.5M while the volume, quality, and productivity increase.
Colleen Zdrojewski
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