How Deduction Management Software Can Benefit Your eCommerce Business
Deduction management is an arduous process for every eCommerce business especially those that sell their products through large retailers like Amazon.
Without automated deduction management software at the helm of the management process, A/R, eCommerce managers, and their teams may end up spending hundreds of manpower hours and plenty of company resources processing one claim at a time, locating all of the appropriate data for each claim packet, and uploading it manually to the correct retailer portals.
This manual deduction management process is fraught with inefficiencies that can slow your eCommerce business down over time.
Even when best efforts are made to avoid chargebacks and deductions from being issued in the first place, they are all but inevitable for retail suppliers. Deductions are a form of profit for many retailers, and because of this, they do not make the deduction appeal process an easy one.
Many vendors simply treat them as a cost of conducting business and leave hundreds of thousands of dollars worth of revenue on the table each quarter.
How Can an eCommerce Leader Address These Challenges?
There are a number of different solutions that have traditionally been used to solve the challenges associated with deduction management.
An eCommerce leader may:
- Augment their workforce by hiring more people to process deductions. This solution is not scalable and produces unsatisfactory work more often than not.
- Outsource their credit and customer operations to a third-party manager. This effectively transfers the issue of deduction management to someone else but does nothing to stop it from being a problem.
- Use the latest deduction management software, which improves the management of the problem but does not reduce or solve deductions at their core.
There is another solution, too. iNymbus' robotic process automation tools have been engineered to handle eCommerce business deductions with the assistance of artificial intelligence and robotic process automation (RPA) powered virtual bots. Our DeductionsXchange platform has been designed to benefit your eCommerce business in a number of ways, from regulating cash flow to eliminating the tedious manual labor associated with processing deductions the traditional way.
The Advantages of a Streamlined Deduction Management Process
Rapid, Cost-Effective Deductions Processing
Using RPA deduction management software like DeductionsXchange to handle your deduction management could free your business and its resources up to grow rapidly and unhindered. Our solution processes deductions at speeds 30x faster than manual methods, and this speed increases exponentially over time.
The cost reductions found in RPA technology are also significant. The average claim takes around $5 to $6 to process manually, which can add up quickly when deduction volumes are high. Our system can reduce this cost per claim by more than 80%, ensuring that your business can retain as many of its profits as possible.
The key takeaway here is your team's time and focus can be shifted to higher priority initiatives while the busy work is handled by iNymbus bots. Minimizing deductions work to exceptions reduces the overall impact of Amazon and retailer deductions on your team.
No Need to Outsource Labor
DeductionsXchange also stays current with deductions at all times and scales up and down seamlessly with your business volumes as they fluctuate. This means that you will be spared the responsibility of adding more workers to your team during peak seasons, while still enjoying the benefits of being able to capture and dispute 100% of the deductions that are issued to your business.
Ultimately, using our deduction management software can eliminate the need for additional collections team staffing, process outsourcing, and expensive software purchases altogether. Once iNymbus’ bots have been programmed, they will be able to automatically handle the deduction management process from start to finish, without human intervention needed.
Increased Workplace Productivity
Our solutions allow your collections team to work on exceptions and important business growth objectives, rather than spending all of their time pulling PODs, BOLs, deductions, downloading and uploading disputes in portals.. The reduction in manual labor will almost certainly lead to increased job satisfaction and productivity among your team members, which is excellent for business in numerous ways!
Workers unburdened by frustrating deduction management requirements are generally better able to use their creative thinking skills and apply innovative and pioneering concepts to your organization.
What DeductionsXchange Does
DeductionsXchange starts its eCommerce business deductions process by gathering the required documents and data from websites, accounts receivable, virtual file storage, and vendor portals. It gathers claims, PODs, invoices, orders, and any other data necessary to create airtight claim packages.
Next, our system sorts these documents by vendor, reason code, and document type to create comprehensive claim packages for each claim, vendor, and reason code. These packages are automatically uploaded to the right retailer portals, or emailed or faxed per retailers’ requirements. Our auto-resolve algorithms then filter and query the data and change the status of each claim as it is processed, approved, or denied by its issuing retailer.
Each and every one of these processes is handled in full by our robotic process automation technology, which means that your collections team won’t have to perform any manual labor in order to aid the deduction management process when iNymbus is implemented. Our solution can be implemented into your existing system within a matter of weeks with minimal input from your IT team and requires no costly training to be used.
The Bottom Line
Having streamlined deduction management processes in place can improve your business processes, reduce issues, and maximize your productivity if they have been designed to benefit your company as much as possible.
Our deduction management software simplifies and automates deduction management at every step of the way, from finding the appropriate documents to submitting individual claims to retailer portals. Furthermore, our solution enables you to address 100% of deductions every time, ensuring that the days of losing money over retailer chargebacks are over.
Contact us to learn more about our paid pilot programs and our DeductionsXchange solution today.
