This e-book presents information on deduction automation that†every A/R leader should know before starting their automation journey.
The key factors to keep in mind while planning a deductions automation project are the business needs, automation needs and opportunities, expected ROI and robustness of the technology. Best-in-class solutions employ Robotic Process Automation (RPA) and Artificial Intelligence (AI) to achieve higher automation percentages and reduce the manual, low-value tasks to a bare minimum. Additionally, business value for deductions automation should be measured by three different indicators to include operational efficiency, DDO reduction and improvements in deductions recovery. The ROI model should take these improvements into consideration and measure the dollar benefits to determine the success or failure of the project.
HighRadius Deductions Software acts as a powerhouse for proactive deduction management to prevent bottom-line erosion. It provides automation, process standardization, and a platform for cross-departmental and customer collaboration. It supports deduction management by providing some key features like back-up document capture which captures deduction data from customers and supplies the information required for resolution; auto-capture proofs of delivery (PODs), bills of lading (BOLs) from carrier portals & emails; structured deduction resolution, collaboration & approval workflows to streamline the communication and approval process; along with automatic deduction correspondence, and automatic data push to customer portals. The result is a proactive deduction management operation that recovers revenue normally lost to invalid deductions.