DealTrack Blog — Finance

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

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

From a game of telephone to the Tower of Babel: translating deal management for sales, commercial and finance teams

Posted by Andy James on June 27, 2019 14:00:00

When it is done well, customer rebate management improves partner relationships, provides financial compliance and reduces audit risk, eases cash flow for customers, improves rebate accuracy and predictability and helps grow business through true partnerships between manufacturers and their customers.

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Topics: Rebate Management System, Customer Rebate Management, Finance

Aligning finance and procurement teams to drive better vendor rebate deals

Posted by Andrew Butt on May 19, 2016 18:56:50

In business, procurement and finance are two separate departments, working alongside one another within the organisation. The procurement function is about spending the money well and driving more for less from suppliers, and the finance team is all about keeping the balance sheet in check and driving profitability.

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Topics: Rebate Management, Procurement Excellence, Rebate Accounting, Rebate Management System, Supplier collaboration, vendor rebates, Finance