n this episode of #TheSavvySupplier, Al Frank and Boyd Evert discuss a cautionary tale about a Major #RetailSupplier that was losing a Million Dollars every month due to a misunderstanding regarding #CashDiscounts and #EDIerrors. They explore how HRG uncovered the issue, the challenges faced in disputing the #DeductionsClaims with the #retailer and the importance of building trust in supplier relationships. The conversation highlights the need for suppliers to be aware of potential funding errors and the value of having expert guidance to recover lost revenue. #HRG
Takeaways
* A simple mistake can cost suppliers millions.
* Understanding EDI is crucial for suppliers.
* Most suppliers lack visibility into their EDI data.
* Cash discounts can lead to significant losses.
* Retailers often take the lowest price offered.
* Trust is essential in supplier-retailer relationships.
* Identifying root causes can recover lost revenue.
* Disputing claims requires careful negotiation.
* Suppliers should regularly audit their deductions.
* Expert guidance can uncover hidden funding errors.
Welcome to “The Savvy Supplier,” your go-to podcast for navigating the ever-changing landscape of retail supply! Join us as we dive into expert insights and actionable tips to help retail suppliers save time and money. From tackling inflation to optimizing operations, we’ve got you covered. Tune in every week for strategies that empower you to thrive in a competitive market. Don't miss out—subscribe now and become a savvy supplier! 💡
www.HRG-audit.com
www.SavvySupplierPodcast.com
Need help with managing Deductions and implementing Supplier Best Practices? Help is here!
Email: Boyd.Evert@HRG-audit.com
#RetailSupplierDeductions
#RetailSupplier
#Post-AuditClaims
#HRG
"Wiser Decisions, Fewer Deductions"
