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Best Practices In Deduction Recovery : Improving Collaboration for Increased Success

Highradius

About The Webinar

Based on the 2018 Customer Deduction Survey conducted by Attain Consulting Group,’Cross Departmental Collaboration’ was reported as the #1 internal challenge companies face when trying to control deductions. Beginning with the retrieval of customer claim related information, the deduction resolution process is a company-wide issue, requiring contributions from multiple teams, including cash application, collections, sales, compliance, distribution and customer service. Therefore, when the multiple stakeholders are not fully aligned and working in an uncoordinated fashion, the ability to effectively identify opportunities to increase recoveries and decrease future deductions is negatively affected. This can have a direct impact on overall profitability.

 

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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.