Many businesses are victims of poor deduction management practices. These practices not only burden the company with wasted time but also include hidden costs like missed opportunities and lower productivity. Further, errors and delays only add to the expenses and hurt financial health.
There is high value in implementing deduction management best practices to streamline processes and maximize revenue recovery. In this article, we will explore the challenges associated with deduction management and discuss the essential best practices that vendors should adopt to address these challenges effectively.
Before we talk about the best practices, let's check out the main problems that businesses usually deal with.
The volume and complexity of deductions have grown in recent years. Increased volume usually means training more personnel to identify, evaluate, and manually upload claims to retailer portals. Since each portal varies in terms of navigation, data, and documents required, a steep learning curve is always involved. Furthermore, the challenge intensifies when deductions originate from email disputers like Walgreens and Nordstrom, as this necessitates curating emails for each disputed deduction, adding an additional layer of complexity to the process.
The manual process of claiming deductions proves to be cumbersome and time-consuming for several reasons. Firstly, locating invoices with deductions proves challenging as each retailer operates through its unique portal, necessitating different navigation methods for each. Moreover, the terminology employed by retailers varies, with some providing direct explanations for deductions while others employ deduction codes.
These hurdles are compounded when it comes to filing claims for these deductions. Detailed descriptions must be provided for each deduction to justify its invalidity. Subsequently, communication with various departments within the company is necessary to arrange the required documentation for proof.
Vendors often need help to identify and resolve deductions when deductions are not tracked in real time. Moreover, there is a lack of a unified view of deductions from all retailers. This can lead to a lack of understanding of the root causes of deductions, making it difficult to address and prevent them in the future. This can result in inefficiencies, errors, and delays in dispute resolution.
Yes, it is indeed entirely possible. Allow me to introduce iNymbus, an automated deduction management software designed to streamline the process of dispute resolution from start to finish. Leveraging RPA (Robotic Process Automation) technology, our software simplifies the entire journey.
Following onboarding and the establishment of SOPs tailored to your business, iNymbus takes charge, automating tasks from identifying and validating claims to uploading documents to the retailer's portal and filing claims on your behalf. With iNymbus, the process becomes seamless and efficient, providing numerous advantages along the way. Let's have a look at a few of them:
We pride ourselves on providing comprehensive support to our clients, going beyond just disputing deductions. With our sophisticated data analysis tools and expertise, we offer assistance in not only challenging deductions but also in strategically reducing valid claims.
In short, managing deductions can be tough due to poor deduction management practices. They can lead to wasted time and hidden costs like missed opportunities and lower productivity. Using best practices may help improve workflow and maximize revenue recovery. But an automated system like iNymbus is even better. It handles tasks automatically, provides helpful insights, and makes managing deductions much easier.