Cost recovery processes are essential for suppliers and distributors that work with major retailers. Retailers charge suppliers for a wide variety of perceived problems and discrepancies, from mismatched invoices and POs to incorrect shipping practices.
Chargebacks can also be issued for packing and transportation issues, late shipments, damaged shipments, and goods that aren’t received. Shortages, compliance issues and pricing claims all contribute to chipping away at your payments.
Most retailers’ chargeback processes are automated and they can apply these charges at lightning speed. However, not all deductions are valid, and often, retailers’ own faulty inventory management systems are to blame. No matter the size of your company, deductions have a real impact on your people and revenue.
iNymbus’ Cost Recovery Tools
Handling chargebacks and deductions manually is a tedious process, but there are cost recovery programs that can help. iNymbus offers a wide range of cost recovery tools that use robotic process automation technology (RPA) to consistently and rapidly dispute chargebacks as they are issued. This means that it is completely possible to automate your business’ document matching and uploading processes to streamline the process of disputing chargebacks.
Using RPA to process deductions is a unique solution that allows your business to fight technology with technology, track statuses, and recover costs from a single dashboard. Our robots can work at speeds up to 30x faster than human beings to submit, dispute, and successfully resolve thousands of claims in a day.
The core of iNymbus' suite of solutions is DeductionsXchange. iNymbus founder and CEO, Sreedhar Narahari, developed this solution after exhausting all traditional options for resolving deductions, only to find that deductions were still impacting the people and company's bottom line.
DeductionsXchange offers a service that eliminates the manual retailer and shipper claims management process. Our cloud-based technology uses AI and RPA to intelligently read retailer portals, gather and prepare complete claims packages, and upload them to the correct vendor portals without human intervention.
Our solution reduces your company’s claims process costs by up to 80% and also speeds up the process by up to 40x what a human team can manage. It works with a wide variety of retailers and seamlessly scales up and down with your business’s volumes as they fluctuate.
iNymbus’ Remittance Reconciliation tool automatically updates the status of claims directly from all of your customer portals and updates within DeductionsXchange dashboard.
Our solution uses robots to match disputed claims against remittance files to provide detailed summaries of which claims are paid, pending, and denied. This allows you to capture and dispute all of your outstanding pending claims, ensuring that you don’t leave any money on the table when handling retailer chargebacks.
If the initial disputes uploaded by DeductionsXchange are denied, our bots will automatically re-dispute the deduction individually. As the customer, you are given control over how many times each denied claim is re-disputed by our system.
This system minimizes your business’ losses due to denied claim disputes and ensures that you can claim back as much of your chargeback costs as possible.
Shipping Carrier Claim Processing
If you ship to Amazon and Walmart using your own carriers, then this is for you.
Shipping and freight claims are other huge problems for modern distributors and suppliers. They can be extremely time-consuming and costly to process manually, as they require a human team to upload pickup records, package photos, serial numbers, original invoices, receipts, and proof of delivery documents to individual carrier portals.
Once this is done, your team will have to wait for a follow-up and hope that each carrier responds as soon as possible. Many companies have been forced to hire additional staff and increase their costs just to keep up with shipping claims.
iNymbus’ robotic automation services are designed to submit, dispute, and resolve claims, including shipper and carrier claims, at lightning speeds. Our robots are specifically designed for your A/R processing needs and can handle the various intricacies of different freight carriers.
Why iNymbus is Different
Our experts at iNymbus are dedicated to creating cost-effective and efficient cost recovery solutions for your business. We have valuable first-person knowledge of the credit and customer operations space, and our cloud-based solutions are engineered to scale your business without challenges.
We have in-house bot-building capabilities, which allows us to create solutions that pivot quickly and keep up to date with the ever-changing supplier and retailer regulations. Our solutions can be implemented in just a few weeks instead of months, and are priced as SaaS models to keep your operational costs as low as possible.