SupplyPike announces their new product – SupplyPike for CVS. This product will help propel business growth by providing CVS suppliers with visibility, streamlined disputing and actionable insights, all in one platform.
CVS suppliers are battling unexpected deductions that eat away at their revenue, with an average loss of 20% to chargebacks. Revenue loss or RevLoss due to deductions, particularly shortages, is significantly higher for CVS suppliers when compared to other retailers.
"CVS deducts one of the highest percentages of revenue across major retailers that we've seen. That's why we created SupplyPike for CVS to offer a comprehensive solution that enables suppliers to tackle these issues directly. Our platform empowers suppliers with a holistic approach to deduction management, allowing them to minimize deductions and maximize their revenue effectively," Product Manager Parker Johnson states. "We are continuing our commitment to growth by taking on the drugstore channel and look to continue to expand in this space."
Key Takeaways:
- The complex dispute process forces suppliers to navigate a maze of disconnected portals to gather the necessary documents for a single dispute, which can take up to 30 minutes per deduction. The fragmented data scattered across these portals costs valuable time and hinders suppliers from identifying the root cause. Without this crucial context, they cannot improve their business practices and prevent future fines.
- SupplyPike for CVS empowers suppliers to minimize RevLoss and recover every penny owed. The SupplyPike platform provides suppliers with expert solutions tailored to CVS's expectations and visibility into their AP deductions. This transparency allows them to understand the full scope of their RevLoss. With just 1-click, suppliers can submit disputes, saving valuable time and clearing deductions from their books faster.
- SupplyPike for CVS seamlessly integrates with the CVS supplier portal, SAP Vendor Portal, and ImageSilo, consolidating deduction details in one place. This unified view empowers suppliers to identify root causes and better understand the cost to serve CVS.
