Excellence in Retail Trade Deal Collaboration: Three Perspectives
Excellent performance in planning and managing trade deals crosses three key dimensions: (1) Efficiency; (2) Effectiveness; and (3) Timeliness. A trade fund collaboration platform satisfies all three.
In this final installment of our three-part series, we examine how timeliness is essential in today’s era of promotion-sensitive shoppers.
Part 3: Timeliness
Ensure every deal is complete from start to finish
In part-two of our series, we discussed how grocery retailers can effectively collaborate on promotion trade funding with their entire vendor community – brokers, distributors, and direct CPG suppliers. With the help of a collaboration platform, the negotiation and implementation process can be made more efficient, effective, and timely.
In this final part of our series, we look at how you can speed time to deal with a collaboration solution. Getting a deal negotiated requires focus and active communications. Automating this process is important for streamlining tasks, keeping partners informed, eliminating errors, and tracking any changes. A true, end-to-end promotion platform provides full transparency for all trading partners involved in deal collaboration while also ensuring every step of the process is executed quickly and accurately.
Real-time availability means no missed deals
Have you ever missed a deal and then scrambled to catch up at the last minute? What if you could ensure nothing is missed and nothing is late? With a collaboration platform that provides real-time notifications of actions taken during the life of a trade deal— from submission through acceptance, rejection, or refusal, you are informed of the status at every step, and of what action needs to be taken next.
With shoppers more price-conscious than ever, promotions and deals need to be changing in real time. Keeping in close contact with your vendor partners is key. A collaboration platform can help make sure you’re notified as a new deal is submitted by a vendor, when a change is made to satisfy your request, and when a deal is finally complete and archived.
Error correction saves valuable time
Errors in the trade collaboration process aren’t just a challenge they can jeopardize the integrity of a deal. Being able to customize how you’re collaborating with your vendors is important. Making the configuration specific to your requirements means you can error-check automatically during the deal-creation process. This saves time for vendors and gives them the direction they need to make corrections. Any deals that are in process with an error condition could have a color-coded reminder sent to the submitter or recipient of the deal to expedite correction streamlining the flow toward completion. Vendors (direct sellers, brokers, and distributors) who are provided with this guidance in real-time can reduce delays in the submission process. More importantly, automation can eliminate errors that are common in the trade collaboration process. Speeding the time to deal acceptance and execution, and speeding the movement of trade funds once the agreed upon event is complete makes the process more efficient.
Streamlined communications keep all partners informed
Keeping track of all communications in a single view with vendors means everyone knows the ongoing status of deals. With a live messaging system like the one in DemandTec’s collaboration solution, you can opt-in to receive real-time alerts when deal status changes and communicate about a specific deal in progress. Being able to see all the comments that might need to be addressed throughout the negotiation process while gaining a view of deal communications, any changes to a deal that needs to be made, and the messaging history can make your promotion planning strategy even more effective.
Manage turnover to avoid disruptions
Deals often get lost when vacations or transfers occur or when employees decide to exit for a new opportunity. A collaboration solution that allows for changes to reflect alternate deal routings with complete visibility into the deal transactions from the departing employee can eliminate any downtime in the deal process. The impact of unexpected turnover or staffing changes can be dealt with as the change occurs so that nothing is missed.
Why does a collaboration platform work so well
Trade collaboration requires a high degree of automation to ensure efficiency, effectiveness, and timeliness. Working with a collaboration platform can help with managing data-sharing and communications while keeping it all accessible in a single view. Every deal is captured and recorded as it’s created, errors are addressed in real-time, and all partners in the deal can quickly communicate to speed acceptance of the deal, promotion execution, and finalize payments or accounting transactions reflecting the terms of the offer.
Previously in this series:
Part 1: How retailer-vendor collaboration brings Efficiency to trade promotions.
Part 2: Harnessing consumer demand science: Driving Effectiveness in retail trade deal collaboration
Collaboration by DemandTec
Trade promotion Collaboration by DemandTec is built to provide real-time trade funding negotiation for a faster, more efficient process. Move seamlessly from making the right deal to promotion planning and promotion execution.
- Ensure every deal is captured and tracked correctly – no missed items, no missed deals
- Reduce third-party audit fees (up to 100%) annually
- Cut merchant and buyer administrative costs by 85%
Getting started is easy. Contact our experts today.
