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Emagia Unveils Innovative Chargebacks Management Industry Solution for Consumer Products Manufacturers
Cash Flow Management Software to Drive Vendor Compliance and Reduce Revenue Leakages for Retail Suppliers
Santa Clara, Calif. February 22, 2005 - Emagia, the leading provider of Enterprise Cash Flow Management solutions, announced today the availability of Emagia Chargebacks Management industry solution. Chargebacks are short-payments on invoices by retailers and can cause significant drain on the bottom lines of consumer products companies. Emagia's industry solution solves cash flow and revenue management issues for these retail suppliers and leverages pre-built mapping and workflow functionality built around standard chargeback processes used by major retailers in the food and beverage, home improvement, personal care, consumer electronics and apparel industries.
"Consumer products companies are looking to gain competitive advantages by driving down chargebacks," stated Veena Gundavelli, chief executive officer at Emagia. "By using automation and collaborative approaches, these retail suppliers can improve cash flow and use the funds to increase investment in strategic activities such as branding and product development."
Emagia Chargebacks Management focuses on helping suppliers to major retailers improve quote-to-cash transactions to rapidly identify and resolve deductions and chargebacks with workflow-based dispute resolution functions.
"We have gained tremendous value from Emagia's workflow capabilities," added Ivette Santiago, vice president finance and treasurer at Leiner Health Products, a leading vitamin manufacturer and supplier to major retailers"
According to studies by the Credit Research Foundation, chargebacks and deductions for consumer products companies can reach up to 10% of open items on accounts receivable. This significant level of revenue leakages results from invoices being short-paid by customers for reasons related to pricing, trade promotions, quality issues and lack of adherence to vendor compliance standards set by retailers. Retailers, which have often had the upper hand in the business relationship, have historically taken costly deductions for unauthorized reasons, resulting in increased operational expenses and lost revenues for suppliers who are often unable to contest chargebacks effectively.
Emagia Chargebacks Management industry solution has been designed to address these issues and reduce revenue leakages for retail suppliers. In the past, consumer products companies were forced to treat chargebacks as a cost of doing business and often wrote off disputed items. With Emagia's innovative collaboration-based approach, suppliers can quickly identify retailer-specific chargebacks and route them to appropriate departments within the organization for rapid resolution. In this manner, revenues that previously would have been written off can now be recovered by using specialized process automation along with timely and accurate information on submitted chargebacks.
Important features of the solution include:
- Out-of-the-box mapping to specific retailer's chargeback reason codes and processes
- Pre-built workflows for rapid dispute resolution
- Integration with imaging of chargeback notifications
- Pre-defined rules for debit/credit matching for specific retailers
About Emagia
Emagia Corporation is the leading provider of cash flow management solutions that streamline and automate cash flow processes for Fortune 2000 enterprises. Emagia solutions allow companies to realize significant benefits including maximizing cash conversion efficiency, facilitating strong internal controls for financial reporting and improved returns from cash flow management. World- class enterprises use Emagia solutions to strengthen and accelerate corporate initiatives around cash flow management, Six Sigma, shared services, and Sarbanes-Oxley compliance. Headquartered in Santa Clara, CA, Emagia products seamlessly integrate with SAP, Oracle, PeopleSoft, JD Edwards, Geac, BPCS, QAD/MfgPro and other back-office financial systems. Emagia software solutions can be deployed using standard enterprise license models as well as its unique hosted offering.
For general information, call 866-EMAGIA-1 or visit
www.emagia.com
Contact Information
Lou Mohanty, (408) 492-8886 or
pr@emagia.com.
Emagia is a registered trademark of Emagia Corporation.
