Mark Harrison, Founder & CEO, Callisto Grand
Sam Dhingra, Director Solution Engineering, HighRadius
Buying and Implementing Technology for Treasury Professionals
Consumer Goods Companies with $1Bn in revenue are estimated to lose almost $3Mn annually because of poor deductions management. In the new economy where CFOs are looking to achieve cash excellence, this revenue leakage challenge needs a solution.
Deductions experts Jessica Butler, Kim Zablocky, and Kimberly (Kim) Erickson spoke with HighRadius about the biggest deduction challenges that exist today for suppliers working with the big-box retailers of the world. The extensive conversation has been summarized below for A/R leaders in the consumer goods industry. It identifies the scope of the deductions problem and covers the short-term and long-term solutions. Read below to find out.
Industry practitioners believe that their deductions volume is on the rise today.
With offices reopening, and the situation returns to normal, it is time for retailers to remove all the waivers that they have been allowing suppliers all through last year. Additionally, many supplier deductions teams admitted that they have still not been able to figure out a way to work remotely, as collaboration and access to all backup documents required for research persist as challenges in the Work From Home environment.
Deductions management is a known priority today, but many companies still have a long way to go. A few years back, it was possible that companies were not paying attention to their deductions, but that is not true today. In recent years, most executives have realized the real impact that poor deductions management can have on their bottom line and appointed people on the team to look after the process.
Industry practitioners say that they are struggling with one or the other challenge in managing disputes effectively, despite having some improvement strategies in place.
In the long-term, the solution to these supplier challenges has to be automation. Kimberly, Jessica, and Kim have all agreed that digital transformation is instrumental in ensuring the deductions department’s success in the new economy. Watch this conversation on your own to capture their detailed insights and recommendations.
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HighRadius Integrated Receivables Software Platform is the world’s only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway – covering the entire gamut of credit-to-cash.
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