Did you know SMEs in the United States spent an estimated $684 billion on IT in 2022? This figure is projected to grow as SMEs continue to adopt new technologies to remain competitive. However, in the maze of business finances, handling deductions remains a tough challenge for companies of all sizes. These deductions directly affect a business's profit and can cause significant cash flow issues. While larger companies have numerous options to manage deductions, smaller ones, known as SMEs, struggle to find the right solution.
For SMEs, figuring out deductions is especially difficult. With fewer resources and personnel, they are more vulnerable to the negative financial impacts of deductions. Amidst the various choices available, SMEs often find it challenging to identify a deduction system that fits their needs and supports steady growth, especially in a constantly changing market.
1) High Volume: The sheer volume of deductions can overwhelm even the most organized businesses. Each deduction represents a potential loss, impacting the bottom line. Manual processing exacerbates this challenge, leading to errors and inefficiencies that can snowball over time.
2) Cashflow Problems: Deductions directly impact cash flow, posing a significant challenge for businesses. Resolving disputes and recovering funds often involves lengthy processes, resulting in delays that affect financial stability.
3) Tight Deadlines: Meeting deduction resolution deadlines is paramount. Manual processes not only increase the likelihood of errors but also prolong resolution times, jeopardizing compliance and relationships with customers.
1) Automation Challenges: Implementing automation for deduction management in-house presents a substantial barrier for small and medium enterprises (SMEs). The upfront costs, both in terms of technology and manpower, are often prohibitive, making it an unrealistic option for many.
2) Trade Partners not Supported: Many deduction management software available in the market do not cater to the diverse needs of SMEs. These solutions may lack support for the trade partners SMEs commonly engage with, further complicating the deduction resolution process. They might only support the big players like Amazon and Walmart while leaving smaller retailers like Walgreens.
3) Expensive Third-party Services: Third-party deduction management services are often priced out of reach for SMEs, leaving them with limited options. The cost implications of outsourcing deduction management can strain already tight budgets, hindering growth and sustainability.
At iNymbus, we recognize the unique challenges faced by SMEs in deduction management. Our automated deduction management software is designed to level the playing field, offering tailored solutions that empower SMEs to efficiently manage deductions and optimize financial performance. Since our clients started using iNymbus, they've been able to achieve remarkable results, regardless of their size.
Here are some of the results:
Read the case studies below for better understanding!
From the largest companies supplying goods to multiple retailers to SMEs with a handful of trade partners, iNymbus has helped businesses of all sizes achieve significant results.
Below are the two case studies where one of our clients is a retail giant with 2 billion dollars in annual revenue while the other is an SME requiring to dispute only a few thousand deductions.
1) How a Client with $2 Billion in Annual Revenue Tackled Deductions with iNymbus
iNymbus transformed a retail giant's deduction management that was supplying goods to more than 20 retailers, reducing resolution time from weeks to minutes, cutting direct costs by 94%, and optimizing staff allocation. The automation streamlined processes, providing visibility across retailers and enabling root cause analysis. The iNymbus dashboard enhanced reporting and eliminated errors, turning a once tedious task into a hands-free, efficient operation. Discover how this organization achieved such remarkable results.
2) Wireless Accessories Distributor's Journey to Streamline Disputing Target and Best Buy Deductions with iNymbus
A wireless accessories distributor faced a common challenge: disputing Target shortages and navigating Best Buy deductions. However, their journey took a transformative turn with iNymbus cloud robotic automation. This innovative system streamlined document management, significantly reducing manual efforts and costs associated with resolving disputes.
With iNymbus, the distributor transformed their chargeback process, enabling them to efficiently handle not only Target shortages but also Best Buy deductions. By automating deduction management processes, they experienced improved accuracy, reduced resolution times, and gained enhanced visibility into cash flow.
By automating deduction management processes, our clients have experienced improved accuracy, reduced resolution times, and enhanced cash flow visibility. These success stories underscore the transformative impact of iNymbus on businesses across industries.
Deduction management software is not just a tool for large enterprises; it is a vital resource for businesses of all sizes seeking to navigate the complexities of deduction resolution. At iNymbus, we are committed to empowering SMEs with the tools and support they need to thrive in an ever-changing business landscape. With our automated deduction management solutions, SMEs can overcome challenges, streamline processes, and unlock their full potential for growth and success.