To achieve this, many retailers are turning to Robotic Process Automation (RPA). By automating repetitive tasks, RPA helps streamline operations, cut costs, and improve accuracy in key areas like returns, supply chain management, and invoice processing.
Robotic Process Automation (RPA) refers to the use of software robots or “bots” to automate repetitive, rule-based tasks across various applications. RPA in retail can be a game-changer, allowing businesses to improve efficiency and free up valuable human resources for more strategic initiatives. As consumer demands continue to rise, the adoption of RPA for retail has become essential for retailers looking to maintain their competitive edge.
Invoice processing is a prime candidate for RPA, as automating it minimizes data entry errors and accelerates payment cycles. RPA bots handle data extraction, categorization, and integration with accounting software, reducing human error and time spent. This reduces invoice processing times from days to mere hours, allowing the finance team to negotiate early payment discounts and avoid late fees.
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With vast amounts of transaction records, product histories, and compliance documents stored across various systems, RPA can facilitate instant document retrieval. For example, in customer support or audit scenarios, bots can fetch relevant files—like invoices, warranties, and purchase orders—in seconds. RPA bots integrated with document management systems help ensure organized, indexed, and retrievable records for immediate use.
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Retailers experiencing fluctuating demand and high stock volumes can use RPA in retail manegement to keep inventory updated in real time. Bots track inventory levels, sales patterns, and demand forecasts, triggering automatic reorder processes to maintain optimal stock. This helps reduce stockouts and overstock issues, saving costs associated with lost sales or excessive warehousing.
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For retailers processing high volumes of returns, especially after peak shopping seasons, RPA in returns management can streamline the entire returns process. Bots log return requests, validate eligibility, update inventory records, and initiate refunds or restocking orders.
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RPA in accounting can handle repetitive financial tasks, like account reconciliations and report generation. Bots can automate month-end closing by consolidating data, verifying transactions, and flagging anomalies.
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Logistics and Supply Chain Management:
In complex supply chains, RPA can manage real-time shipment tracking, coordinate inventory across multiple locations, and provide automatic notifications for delays. For example, bots can pull tracking data from logistics providers and update internal systems, alerting teams to potential disruptions in real-time.
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ERP systems handle critical business functions, and RPA can automate repetitive tasks within these systems, such as billing, price adjustments, and stock updates. Bots integrated with ERP systems pull data from daily transactions, adjust inventory records, and automate billing processes. This reduces manual ERP entry costs, enhances data accuracy, and frees staff to focus on high-value activities like supplier negotiations and market forecasting.
With the increase in retail automation, retailers now monitor their supply chains more closely to ensure compliance with operational standards. This shift often leads to more frequent deductions, which are automatically triggered when discrepancies—such as shipment shortages, pricing issues, or non-compliance with shipping requirements—are detected.
For suppliers, frequent deductions can be a major challenge. These deductions often lack clear explanations or effective dispute guidance, making it difficult for suppliers to address them quickly. Without an efficient system for handling deductions, suppliers may find themselves constantly reacting to deductions, which drains resources, disrupts cash flow, and reduces operational efficiency.
As retail operations become more automated, suppliers need a proactive approach to manage deductions effectively. While understanding deduction types and dispute processes is essential, suppliers increasingly benefit from automation to handle deductions at scale and stay ahead of the cycle.
This is where iNymbus steps in, offering a robust automated solution that enables suppliers to manage deductions seamlessly, from identifying types to filing disputes. With iNymbus, suppliers can focus on core business operations while automation efficiently manages the entire deduction process.
A large organization in beauty, health & wellness, and home & outdoor, with $2B in annual revenue, aimed to streamline deductions management by improving processing speed, reducing costs, and increasing visibility across retail partners like Amazon and Walmart.
Challenge:
The organization managed deductions through a 40-person team using manual processes. Key issues included:
Solution:
Partnering with iNymbus, the organization implemented the iNymbus RPA Solution, focusing on:
Results:
A large distributor faced significant challenges managing 5,000 returns per month, which tripled during the holiday season. They struggled with:
RPA Implementation:
To address these issues, the distributor partnered with iNymbus to implement Robotic Process Automation (RPA). Key actions included:
For more info read: Reverse Logistics: A Guide to Managing Returns Variance with iNymbus
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