Enable Blog — Deal Management

Optimizing your purchasing processes to boost your deals

Posted by Elizabeth Allcock on February 1, 2021 08:30:00

Purchasing functions are at the center of a successful supply chain and for many years now, purchasing teams have been working towards cutting costs and increasing revenue. However, in doing so have faced many barriers including manual purchasing processes and a lack of clarity, especially when it comes to negotiating contract terms for rebates.

According to a report prepared by Harvard Business Review, 24% of respondents said they do not effectively evaluate supplier business practices at their companies, citing manual and incomplete data entry processes as a significant barrier. It doesn’t help that rebate contract terms are rarely the same from one agreement to another and they can be very detailed and rather complex. The purchasing function needs to have a clearer understanding of the suppliers’ contract requirements and the overall status of all their deals.

Since the purchasing process touches every organizational function and impacts revenue directly, it is essential to keep the process running smoothly by regularly reviewing what’s working well and what may need to be optimized for greater efficiency. Here are the ways purchasing functions can optimize their purchasing processes to boost their rebate deals.

Continue reading

Topics: Procurement, Deal Management

Empowering finance teams within the deal economy

Posted by Andy James on December 30, 2020 08:30:00

The economic and business ramifications of the global pandemic are changing the finance function in many ways. Many organizations, after realizing how badly they were positioned for the future, rather than delaying their digital projects are accelerating them in aid of economic recovery. Companies that innovate and rethink business as usual will emerge from the crisis better positioned than others that simply delay. One way for finance to do this, is to seize every opportunity the deal economy represents. We explore this in more detail with our webinar below.

What is the deal economy?

Continue reading

Topics: Wholesale Distribution, Manufacturing, Finance, Deal Management

8 things to consider before implementing a rebate management system

Posted by Elizabeth Allcock on October 26, 2020 09:00:00

If your business is planning an overhaul of its rebate management, then you know finding the right solution is only half the battle. The second half is actually implementing the system. No matter the size of your organization, implementing a new rebate management system into your existing processes can be a daunting task, since you and your employees need to adapt to the new system and learn how to use it effectively. After making an initial investment in a new solution, the last thing you want is a failed implementation.

It’s important to have a solid plan on how to move forward by first assessing the current situation. While the software implementation process may take some time, preparation and planning is the best way to ensure the implementation goes as smoothly as possible. To position you and your team for success, here are some things to consider prior to starting your software implementation.

Continue reading

Topics: Rebate Management, Rebate Management System, Deal Management

The 7 stages of deal management

Posted by Elizabeth Allcock on October 5, 2020 10:00:00

The deal management process can be very complex with various trading agreements and many departments involved. The deal management process is a series of actions that will guide you through each stage as you develop an effective way to handle each deal and see them through to their conclusion. It's important that you understand each stage of the deal management process so you can know what to expect and ensure optimal deal management. Businesses often make use of a deal management system to streamline their processes and claimed on missed rebates.

Continue reading

Topics: Deal Management

Infographic & report: The impact of COVID-19 on B2B rebate deals

Posted by Elizabeth Allcock on September 7, 2020 08:35:59

The COVID-19 pandemic caught companies and whole industries off guard, as they experienced dramatic and sudden changes in demand and revenue.

Continue reading

Topics: Rebate Management, Wholesale Distribution, Rebates, Deal Management

10 common myths of rebate management

Posted by Elizabeth Allcock on August 12, 2020 10:08:49

Many businesses around the world have integrated various rebate management processes to get a better grasp of their B2B deals. These businesses quickly found the benefits of having a rebate management platform, inspiring other businesses to look for software of their own. While businesses stand to benefit from rebate management processes, some companies might have reservations of what these processes and platforms can do for them, and whether their businesses should make the investment. They often go into the software selection process with misguided presumptions and tend to stumble upon outdated information. Such “myths” can be misleading and discouraging to potential software users and fail to communicate the significant benefits businesses make, causing them to resign the chance to maximize the value of their rebate agreements.

Continue reading

Topics: Rebate Management, Rebate Management System, Deal Management

Why your business needs a centralized deal repository

Posted by Elizabeth Allcock on July 8, 2020 12:17:42

With 80% of B2B transactions governed by contractual agreements, contracts are the foundation of nearly every trading relationship and should seek to define and mitigate risk. Contracts also provide the basis by which companies ensure compliance with regulatory and financial accountability requirements. More importantly, agreements should be documented.

However, the number and complexity of those contracts are growing. According to IACCM, the average Global 1000 corporation maintains over 40,000 active contracts; these high numbers of contracts are difficult for companies to track and maintain. This difficulty is magnified when contracts are managed manually with pen-and-paper, filed away into overflowing cabinets or saved as Microsoft Office documents, at best, in shared folders or at worst, on individual employee’s hard drives. Plus, with remote working on the rise in many workplaces, deal management can become even more complicated.

Like almost every other business process, making the move to a deal management solution, with a built-in centralized deal repository, is necessary for improving efficiency, speed, and cost.

Continue reading

Topics: Rebate Management, Contract Management, Deal 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

Continue reading

Topics: Contract Management, Finance, Deal Management

How strong rebate management can boost your commercial team’s success

Posted by Elizabeth Allcock on December 30, 2019 13:40:00

Rebate deals are a big part of every trading relationship—if you haven’t got a good handle on them, you could be missing out on massive opportunities.

Continue reading

Topics: Rebate Management, Rebate Management System, Deal Management, Commercial Team

The cost of forecasting errors when managing B2B deals

Posted by Neil Jenkins on July 26, 2019 10:28:12

One of the single most important processes at any B2B company is forecasting, but for it to work you need accuracy, control and efficiency. An AccountingWEB survey in 2005 revealed that planning and forecasting are the processes that cause the most frustration (21%) but we know it doesn’t have to be that way. Most businesses need to evaluate their manual processes and put a better financial forecasting process in place for the future so they can avoid any forecasting errors. We’re here to show you how.

Continue reading

Topics: Rebate Management, Rebate Management System, Deal Management, Forecasting