Customer deductions are a major concern for thousands of companies in dozens of industries.
Houston, TX (PRWEB) November 01, 2012
HighRadius, a leading provider of Receivables and Collections Management solutions, along with Attain Consulting Group, a leading deduction and chargeback management advisory firm helping companies better manage customer deductions, today announced the launch of a new industry-standard maturity model and evaluation tool for corporations looking to assess and improve the way customer deductions are handled.
Customer deductions occur when suppliers receive short-payments from their customers as a result of either planned promotional activities or unplanned supply chain violations. Consumer product manufacturers, for example, receive thousands of line item deductions from grocers that must be reconciled against trade promotions or otherwise validated as accurate. Companies may also receive deductions for shipments that have been labeled incorrectly. The process of reconciling and validating each deduction is highly inefficient, in many cases, and causes the loss of revenue from invalid deductions. That loss is estimated by the Credit Research Foundation to be $15 billion a year in the U.S. alone. This is why Attain and HighRadius have partnered to provide finance executives with a way to assess the effectiveness of their current deduction operations and uncover opportunities for improvement.
According to Jessica Butler of Attain, “Customer deductions are a major concern for thousands of companies in dozens of industries. The goal of the maturity model we have developed is to provide a guide to help these companies evolve and be more proactive about recovering revenue that would normally be lost to invalid deductions.”
Users of the online evaluation tool will be able to measure their operations against the Attain Consulting Group’s Deduction Management Maturity Model and will receive recommendations for ways to progress along the deduction continuum. “We are glad to have the opportunity to partner with Attain and provide the industry with a tool that gauges their operations against the maturity model,” stated Sashi Narahari, President & CEO at HighRadius. “This ability to self-assess is sorely needed in the industry, and we see this as a way for financial executives to better understand what is happening at the operational level in regards to deductions and identify opportunities for improvement.”
The evaluation tool is available at http://www.highradius.com/evaluate.
Jessica Butler, from Attain Consulting Group, will present details on how to utilize this new tool in a webinar scheduled for November 8, 2012. She will be joined by Kay Rogers of AEP Industries, who will discuss her department’s use of automation technology to improve deduction management operations. Registration is open for this event.
HighRadius improves corporate receivables results by modernizing and streamlining accounts receivables operations. The company’s cloud-based solutions for managing credit, cash application, customer deductions, and collections and certified solutions and services for SAP Receivables Management are trusted by some of world’s most recognizable brand names. Founded in 2006, HighRadius is based in Houston, Texas and is consistently named one of the city’s fastest growing technology companies. For more information please visit http://www.highradius.com.
About Attain Consulting Group
Attain Consulting Group is a deduction and chargeback management advisory firm dedicated to helping companies improve profitability by reducing and controlling chargebacks and deductions. Founded by Jessica Butler, Attain Consulting Group provides practical, experience-based solutions to companies looking to minimize dilution due to compliance violations and, at the same time, work toward improving trading partner relationships. Focusing on “Deduction Reduction,” Attain Consulting Group offers a wide variety of services covering all areas of the deduction management process. For more information please visit http://www.attainconsulting.com.