Claims for credit from customers is an all too common fact of life in supply chain. Shortages, damages and price discrepancies are just a few reasons why an invoice won’t be paid in full or on time. You want to get paid on time and for the amount you invoiced for, but you still have to focus resources on managing the daily stream of claims from your customers. The volume of these claims, their diversity and the amount of time required by teams spent investigating and processing them is time, effort and money that you would rather see deployed elsewhere, preferably on preventing them in the first place! Add in the pressure of having to comply with your customers’ claim processes, and you can see that the problems quickly mount up. Problems such as negative impact on Days Sales Outstanding (DSO) performance, write-offs, poor customer experience, and little to no root cause analysis. It can be hard to make things better when you are often just focused on trying to stand still.
On the front foot with automation
Step 1 – Digitise the inbound claims. Typically they come in the form of a Debit Note from your customer. Regardless of format of the Debit Note (PDF, images, email, spreadsheets, EDI, web portals etc.) you can automatically capture all the information in them with zero disruption to your customers.
Step 2 – Now you have the data make sense of it, validate and index it and if you like, add more information (context) to it – all automatically of course.
Step 3 – Get all of the validated and organised data and put it straight into any system, normally your ERP, without any need for manual intervention.
Step 4 – Get a view in real-time of all of the claim information, including open and in-progress claims (so you can see what your teams are working on), and access packaged real-time operational metrics and insights, identifying trends.
Once you are managing claims automatically and have a much better view of the process, the time it takes to manage them is significantly reduced. You can begin to challenge more claims effectively, perform root cause analysis, drive continuous improvement, and ultimately, get paid faster.
Let automation do the heavy lifting of claims processing and find out more about OmPrompt’s Claims Automation Solution.