67% of companies are struggling with a steady or growing flow of deductions, yet more than 63% of companies are managing this problem with less than five team members. This leads to inadequate research, higher write-offs for small and medium ticket deductions, and long resolution time, costing hundreds of thousands and even millions of dollars. Unfortunately, the high operational costs of manual deductions research make it impractical to increase the team size substantially.
Accounts receivable and deductions leaders at Adidas, Dr. Pepper Snapple Group faced similar business challenges. They adopted deductions best practices supported by automation software to reduce manual tasks by 92%, shave 40% off of DDO and saved over $1.4 million to make deductions a significant contributor to improved profitability.
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
Trusted By 1100+ Global Businesses
