DealTrack Blog — Contract Management

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

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

Rebate management jargon buster: An A-Z of helpful definitions and terminology

Posted by Oisin Cooke on October 16, 2019 08:57:39

If you’ve ever been confused about terminology relating to rebate management, you’re not alone! The world of rebates is a complicated place at the best of times, especially when there can be multiple different names for the same thing.

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Topics: Rebate Management, Contract Management, Rebate Accounting, Rebate Management System, Special Price Agreements SPAs, Customer Rebate Management

Is a contract management system the best choice for managing rebate agreements?

Posted by Andrew Butt on June 18, 2018 10:27:34

Contracts are core to any business activities, regardless of size, industry, and region. They set out the prices, service levels, terms and supplier relationship and ensure that your company is regularly supplied with their direct and indirect supplies.

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Topics: Rebate Management, Contract Management

Contract management software for buying groups

Posted by Andrew Butt on December 7, 2017 10:11:00

The task set for procurement leaders in buying groups is to save costs. Whilst that is done at the contract stage, the process of making those cost savings often depends on having the right systems in place.

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Topics: Rebate Management, Contract Management

Buyers considerations for contract management software

Posted by Andrew Butt on January 10, 2017 08:00:00

If you’re responsible for procurement in a buying group, wholesale distributor, multi-site or large business (such as building materials, HVAC, plumbing and electrical supplies businesses or buying groups of all types) then it’s likely you have a need for a contract management system that can accurately deal with supplier rebates.

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Topics: Rebate Management, Contract Management

Lifting the lid on supplier rebates

Posted by David Hunt on April 20, 2016 11:48:23

We’re seeing more and more evidence of companies who rely on their suppliers or vendors to tell them what rebates they should claim.

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Topics: Rebate Management, Contract Management

Contract management software for buying groups: realising cost savings

Posted by Andrew Butt on March 11, 2016 13:55:00

The task set for procurement leaders in buying groups is to save costs.  Whilst that is done at the contract stage, the process of making those cost savings often depends on having the right systems in place.

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Topics: Rebate Management, Contract Management

How can builders merchants improve cash flow?

Posted by Andrew Butt on March 10, 2016 15:29:00

In the supply chain, builders' merchants sell building materials and goods in bulk to the construction industry and in smaller quantities to craftsman and contractors. But as distribution channels blur, builders’ merchants face increasing pressure from the bigger players such as home improvement stores who have greater brand awareness and marketing budget.

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Topics: Rebate Management, Contract Management, Industry Sector: Building Materials, Rebate Management System