RPA: The Future of Dispute Resolution Process
Suppliers and distributors across all industries know the many challenges that retailer and shipper deductions and chargebacks bring. These deductions can quickly eat away at a supplier’s bottom lines, and the only way for them to preserve their profit margins is to launch a dispute resolution procedure to dispute the chargebacks with the organizations who issued them.
Dispute resolution process management is a lengthy, complicated process that is usually conducted in one of three traditional ways:
- A business’ credit and collections team is forced to work overtime in order to catch up with hundreds, or even thousands, of chargebacks issued by large retailers. Many suppliers also hire additional staff and temps who work late hours to stay current on deductions.
This can be an additional expense that many companies don’t have the budget for, and can add to the financial pressure exerted by months’ worth of undisputed chargebacks.
- A supplier outsources their dispute resolution process to a third-party company that manually manages chargebacks at a significant cost.
This is starkly different from working with an expert team that uses RPA solutions to work as efficiently as possible in order to streamline and automate the process of recovering lost revenues.
- Suppliers may also use traditional legacy software solutions like heavy ERP modules or complete order-to-cash systems in order to keep up with chargebacks.
These systems demand a hefty budget, more training and configuration time, and the involvement of IT teams for implementation. If you don’t have the resources for a year-long configuration and training exercise, this may not be the right solution for you. Not to mention, these tools do not complete the final task of uploading claims into over 25 retailer portals.
Imagine being on a sinking ship with a hole in its bow. There are many different ways that hole could be repaired, but 99% of those solutions would require time and effort that you simply don’t have. RPA solutions like those offered by iNymbus allow you to address the current influx of deductions using a system that can be completely up and running in just 4 to 6 weeks.
iNymbus’ automated deduction bots also have the ability to automatically dispute each and every claim that has been issued – even those that were issued months or years ago. As long as the correct documentation is available and the issuing retailer accepts the claim, our bots will be able to submit airtight disputes for every claim you receive.
Why Niche Companies are a Better Choice for Automated Deduction Management
It’s widely known that the implementation of automation within corporate structures can minimize or eliminate redundant labor and give employees more time to address essential projects and initiatives. As a corporate tool, RPA can help to automate repetitive tasks . The only issue here is that many larger companies aim to implement a one-size-fits-all approach that fails to address specific, pervasive issues related to deduction processes.
iNymbus is different. As a smaller, niche RPA solutions provider, we focus our efforts specifically on optimizing A/R systems, chargeback processing, returns processing, and reconciliation through the use of automation. Many RPA companies do not have the key industry knowledge necessary to deliver quick solutions in these fields, but our team consists of specialists who are trained and poised to do exactly that.
How iNymbus Can Solve Dispute Resolution Process Challenges
With iNymbus, all tasks related to your dispute resolution process are completed automatically using robotic process automation. Our bots can research and obtain key documents, validate claims, create comprehensive dispute claim packets, and submit them automatically through the correct retailer portals. This process would usually take hours for each claim when done manually, but our solutions can achieve the same results in a fraction of the time.
Our bots begin by centralizing and matching documents, including order and deduction data, on your iNymbus dashboard. You can access and export this data directly from your dashboard to simplify your analysis and reporting procedures.
iNymbus’ technology then analyzes and auto-resolves claims, one by one. Any claims that are deemed invalid by our RPA bots will have dispute claims immediately issued for them in the Vendor Central portal, eliminating the need for tedious manual work. Our technology captures and disputes 100% of deductions issued to you, ensuring that you can win back all of your losses and avoid leaving precious revenues on the table.
A new iNymbus customer was 11 months behind on claims, resulting in a backlog worth $2.8 million. Becoming current on this massive volume of claims would ordinarily have entailed hiring a professional analyst to spend hundreds of hours working through the documentation. Once our bots were implemented, the client was able to recuperate $2.3 million in just under 3 weeks.
The Bottom Line
Dispute resolution can be a drawn-out, complicated, and time-consuming process for any supplier or distributor that works with major retailers like Amazon and Walmart.
Cloud robotic automation solutions are the key to addressing this challenge and rapidly scaling your company’s processing power. Incorporating automation into your operation is simple thanks to our custom-designed AI technologies that can be implemented into your existing business systems.
Your first step in solving your dispute resolution process issues for good is to contact us to request a demo and watch our technology in action. Let us tell you how we can save you up to 80% of the costs of processing each claim you receive with our first-in-class RPA solutions.