30% Faster Pricing Deduction Validations with Smart Algorithms
Identify pricing discrepancies between invoices and claims for quicker resolution.
Identify pricing discrepancies between invoices and claims for quicker resolution.
For a 40 hour week, an analyst spends:
Before
16 hours
spent manually aggregating documents.12 hours
spent matching documents and validating deductions.8 hours
of back-and-forth between departments for document approvals.
After
<1 hour
with automated document aggregation.<4 hours
with automated claims-to-deductions linking.Instant
approval workflows, reducing interdepartmental time to just minutes.
HighRadius was able to provide a solution that eliminated manual operation by providing efficiency throughout our A/R processes
Result
Laurent Gueritaine
Global Process Owner, Invoicing to Cash
HighRadius provided a cloud solution, eliminating the need for IT involvement, as it handles all updates for me.
Result
Mike Thelen
Director, Customer Financial Services
Pricing Deduction Management Software is a tool designed to help businesses manage and resolve pricing-related deductions. These deductions occur when customers dispute the pricing on invoices, often due to promotional discounts, incorrect pricing, or contract terms.
The Pricing Deduction Management Solution automates the process of identifying, tracking, and resolving these deductions. It integrates with existing accounting and ERP systems to provide a clear view of all pricing deductions and their statuses. By using this software, businesses can streamline the resolution process, reduce manual errors, and ensure accurate financial reporting. It also helps in maintaining healthy customer relationships by addressing pricing disputes efficiently.
Pricing Deduction Management Solutions work by automating the identification, tracking, and resolution of pricing-related deductions. When a customer disputes an invoice due to a pricing issue, the software automatically captures the deduction and matches it with the corresponding invoice.
It then analyzes the root cause of the pricing discrepancy, whether it’s a discount, promotional offer, or pricing error. The Pricing Deduction Management Software generates alerts for the finance team to review and resolve the deduction. The solution also provides tools to track deduction trends and performance, helping businesses identify recurring issues and improve pricing accuracy. This automation reduces manual efforts, speeds up resolution times, and minimizes the risk of financial discrepancies.
Pricing Deduction Management Software offers several key benefits such as:
Businesses should implement Pricing Deductions Management System to streamline their deduction management process and improve financial accuracy. This software automates the time-consuming task of researching and resolving pricing disputes, reducing the manual workload on finance teams.
It minimizes the risk of errors and ensures that deductions are resolved quickly, improving cash flow. By providing real-time insights into the causes of pricing disputes, the software helps businesses identify and address recurring issues, leading to more accurate pricing practices. Additionally, it enhances customer relationships by ensuring that disputes are handled efficiently and fairly. The automation also frees up valuable time and resources, allowing businesses to focus on more strategic financial tasks.
Implementing Pricing Deduction Management Software involves several steps. First, businesses should assess their current pricing deduction processes and identify specific needs for the software. Next, choose a suitable software provider that offers features such as automation, integration, reporting tools, etc.
Once selected, the Pricing Deduction Management Tool needs to be integrated with the company’s accounting, ERP, and CRM systems to ensure seamless data flow. Training is crucial, so staff should be educated on how to use the software effectively. After the initial setup, migrate existing deduction data into the system to maintain continuity. Finally, monitor the software’s performance, gather feedback from users, and make any necessary adjustments to optimize the system. Regular updates and maintenance should be conducted to keep the software running smoothly and securely.
Yes, the HighRadius Deductions Management Software seamlessly integrates with your ERP and supports API integration with other financial management systems. This allows easy extraction of specific fields like credit memos, open deductions, and open negative line items.
The implementation time for HighRadius Deductions Management Software varies based on the complexity of your organization’s requirements. However, our Speed to Value methodology guarantees swift implementation and ROI realization within 3 to 6 months, setting an industry benchmark.
The Deductions Management Software requires minimal IT involvement. With seamless plug-and-play integration into ERPs using real-time APIs and Hex (SFTP) connectors, along with pre-built modules and industry-specific best practices, customers can deploy it remotely with ease, reducing heavy IT dependencies.
AI-powered automation software for Deductions Management significantly enhances the efficiency and effectiveness of the deductions process. The AI Deductions Validity Predictor uses AI algorithms that look at 20+ variables & 12 months of Dispute Resolution History to identify which Deductions have a high probability of being Valid/Invalid, reducing manual effort and maximizing recovery rates.
All the line item data will be captured from the backup documents such as Claim documents, PODs, and BOLs. For discounts taken on Trade Promotions, the claim document that your customers send might have item numbers different from your item numbers. In this case, HighRadius will reconcile these customers’ item numbers to ones that your ERP can understand.
Yes, the deduction can be split into two parts. The Deduction specialist can do this in the deductions tool with a click of a button. For the new deduction line items new reason codes can be added.
