The AI Advantage In Deductions Processing
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 CFO’s reaction to this process is usually, “I don’t want to hire 6 people to issue credit memos”. 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.