Learn how Artificial Intelligence (AI) can reduce manual work in deductions processing by over 80%. Deductions processing is a necessity but is also a low value activity. Over 95% of deductions are valid, resulting in issuing a credit to clear them from the accounts receivable ledger. The invalid deductions are difficult to collect from customers. A CFOâ€™s reaction to this process is usually, â€śI donâ€™t want to hire 6 people to issue credit memosâ€ť. However, if invalid deductions are not challenged, they will increase in frequency and value, significantly reducing gross profit margins.
The solution is to research and resolve deductions of significant value in a fast and efficient manner. AI is the key to achieving this solution.
- Obtaining required information about a deduction (amount, reason) from multiple sources (vendor portals, remit advice, debit memos, emails, etc)
- Routing the deductions to the designated resolver via a full featured workflow
- Auto matching of deductions and their credits
- Tracking and monitoring
- Root cause analytics
We will also review the productivity and gross profit benefits available and a customer success story. Attendees will increase their knowledge on how to deliver these benefits to their organizations.