Managing and processing the validation of refund claims can be expensive and time-consuming causing aggravation to all concerned – for both suppliers and their customers. However, it needs to be done, as there is growing evidence that shows a significant proportion (varying by industry) of the claims can be fraudulent and it can be complex and costly to a company’s bottom line. Valuable time and resources are often lost in manual, time-consuming workflow, lengthy resolutions.
Bank of America Intelligent Deductions product
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The new ID product is an online platform that provides a centralized location to store, track and manage deductions through their life cycle as the above diagram shows.
- automates the processing of claims and supports steady workflow between departments, expanding its function as a collaborative solution
- uses artificial intelligence to identify and match deduction line items against documentation, trade promotions and return receipts
- automates Claim & Proof of Delivery (POD) Automation sources and monitors deductions information across multiple channels; indexes and stores them
- matches any Trade Promotion deductions to the correct promotion using the client’s TPM system
- generates correspondence to customers about the status of their claim and attaches supporting documentation.
There is typically a significant improvement with the Deductions Management platform improving the rate of recovery. Babu Vaidyanathan, BofA’s Head of Receivables Asia-Pacific expects “a 50% savings in overall costs for clients in Asia-Pacific from implementing this innovative solution.”
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