DealTrack Blog — Elizabeth Allcock

Reasons to digitalize your deal management

Posted by Elizabeth Allcock on June 29, 2020 10:39:06

To survive and succeed in today’s changing business landscape, companies need to evaluate their current processes and realise that digitalization is transforming how organizations in every industry carry out their operations.

Forbes has reported that 90% of global businesses have kicked off a formal digital transformation initiative of some form. The concern for many companies is that they’ve already fallen behind, or they are too late to get started. But that is certainly not the case.

One of these forms of digitalization that you may not have considered is deal management, which might ordinarily have been completed by different teams including finance and procurement. This benefits your business by freeing up more time and ultimately eliminating the risk of human error.

This blog will help you identify the reasons you need to digitalize your deal management processes and how companies that adapt will stay competitive and relevant.

What is digitalization?

According to Gartner, “Digitalization is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities”. By leveraging digital technology, a business can improve or enhance existing business processes. For example, digitalization can convert all your deal management into a digital format. Once converted, a business can upgrade its manual processes to automated processes, eliminating the need for basic spreadsheets. Companies that don’t keep up with these digital processes will get left behind.

How important is digitalization?

Research shows that digitalization of the contracting process is lagging in most companies. According to International Association for Contract & Commercial Management (IACCM), 85% are using manual deal management processes. As a result, estimates suggest that an average organization with one thousand employees spends an unnecessary $2.5 million to $3.5 million every year searching for documents or re-creating lost documents. This only further shines a spotlight on the need for digitalization.

Plus, those involved in the deal management process, including finance, believe better technology would make finance processes more effective according to PWC Finance Effectiveness Benchmark Study. Furthermore, 70% of CFOs expect digital developments will change the way their finance organization operates.

Research also suggests that by digitising the most information-intensive processes, businesses can cut costs by up to 90% and significantly speed up turnaround times.

Reasons to adopt digitalization of deal management sooner rather than later

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Topics: Contract Management, Finance, deal management

Supplier vs vendor: what's the difference?

Posted by Elizabeth Allcock on June 16, 2020 09:30:05

In the supply chain and the rebate world, you will often hear the terms supplier and vendor used interchangeably when supply chain roles and duties are discussed. Even here at Enable we sometimes call supplier rebates, vendor rebates. They both supply goods and services, but there are certain attributes that make each one a distinct term in the supply chain world, which we will discuss in more detail below.

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Topics: Supplier collaboration, vendor rebates, Supply chain

The purchasing power of a buying group

Posted by Elizabeth Allcock on June 11, 2020 09:55:59

When you become an independent business owner, you’re always thinking of ways to reduce your expenses, manage your finances better and stay ahead of the competition. One of the best ways to solve all three is to join a buying group also known as a group purchasing organization (GPO).

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Topics: Rebate Management, Industry Sector: Buying Groups

How automating manual rebate processes can benefit your finance team

Posted by Elizabeth Allcock on April 13, 2020 11:42:07

In today’s business world, the finance department including the CFOs are expected to deliver accurate information more quickly than ever. But with large volumes of information, data is spread across an array of sources such as spreadsheets, emails, and paperwork; which only increases the likelihood of errors and inconsistencies in the process. 

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Topics: Rebate Accounting, Rebate Management System, Collaboration, Finance

Why collaboration is key to supply chain success

Posted by Elizabeth Allcock on March 31, 2020 09:59:13

Companies around the world are shifting to global supply chains, which although allows companies to source materials and manufacture products more cost-effectively it comes with many challenges. It can make it more difficult to connect with the right people in the supply chain, resolve concerns, and respond quickly to changes and unexpected events otherwise known as supply chain disruption.

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Topics: Supplier collaboration, Supply chain, Collaboration

How to streamline your deal approval workflow

Posted by Elizabeth Allcock on March 26, 2020 08:58:20

Businesses that plan together, succeed together. But whenever a business makes a deal with another business, it needs to be approved on both sides. And getting that approval can be a slow, inefficient process.

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Topics: Rebate Management System, Supplier collaboration

Tips for negotiating the best deals with your trading partners

Posted by Elizabeth Allcock on March 18, 2020 10:08:04

Negotiating B2B contracts is a regular activity, both sides want to get the best deal possible. By negotiating you can achieve a contract that is fair, reasonable and beneficial to both parties - even helping to boost company profitability and improve goodwill and collaboration between trading partners.

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Topics: Rebate Management, Contract Management, Supplier collaboration

Electronics distributors are leaving rebate on the table every year: here’s why

Posted by Elizabeth Allcock on March 11, 2020 16:48:13

As wholesale electronics gets more competitive, distributors must find ways to grow revenues and protect margin. Maximizing the value of supplier agreements should be a priority.

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Topics: Industry Sector: Wholesale Distribution, Rebates, Electronics

Transforming the manufacturer vs distributor relationship with rebates

Posted by Elizabeth Allcock on March 4, 2020 09:52:44

In a typical trading relationship, we have three main parties: the manufacturer, distributor and the end user who is the customer. The relationship we are focusing on today is the manufacturer and the distributor.

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Topics: Rebate Management System, Customer Rebate Management, Rebates, Distributors, Manufacturers

How can electrical distributors drive profitable growth?

Posted by Elizabeth Allcock on February 24, 2020 14:34:55

In a challenging environment, smart electrical distributors are finding new ways to drive profitable growth—not least, taking closer control of key trading agreements.

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Topics: Industry Sector: Wholesale Distribution, Rebate Management & Growth, Supplier collaboration