Vistex solutions improve vendor contract and claims management
As an independently owned and operated wholesale electrical supplies distributor, The Reynolds Company (TRC) was seeking to extend the capabilities of its legacy ERP system to perform critical functions around vendor contract and claims management. The company was also searching for a solution that would improve the quality of data exchanges with vendor partners and eliminate program management process inefficiencies.
TRC turned to Vistex and the capabilities available in its Go-to-Market Suite (GTMS) to streamline EDI exchanges and greatly reduce the time and labor previously dedicated to cleansing data using spreadsheets. The Vendor Funding module within GTMS improves business profitability by improving program performance, streamlining processes and attaining unrealized earnings.
Vendor Funding provides TRC with more powerful claims reconciliation capabilities and reduces revenue leakage by allowing the company to incorporate retroactive chargeback claims. Vendor Funding streamlines TRC’s credit and rebill scenario by reducing manual effort dedicated to collecting, analyzing and consolidating data required for the process. The Vistex solution also improves sales reporting, enabling TRC to compare at a highly granular level the variance between chargebacks calculated in GTMS versus the legacy system.
Vendor Funding has helped TRC improve chargeback calculation accuracy as well as reconciliation with partner responses, which was typically a manual process that produced no audit trails, history or centralized collection of transaction details. With GTMS, TRC can determine the variance between the claimed amount and the vendor response amount, and the system creates an audit trail of all vendor claim responses. Vendor Funding provides complete, accurate information, which helps reduce rejection or overpayment of claims. The solution has the ability to auto-determine required customer and material information from master data, which simplifies and accelerates claims corrections and resubmissions.