Challenges with Traditional Approaches to Promotion Management:
In today’s fiercely competitive environment, the effective and timely management of promotions, rebates and royalty payments is critical. Designing and optimizing these programs is essential for a number of industries—from royalty payments and rebates in drug manufacturing to holiday promotions for major retailers.
Managing these promotional programs, from initial contracting between partners all the way through to settlement, can create a number of challenges:
- Poor visibility across all promotional agreements with each partner, leading to missed opportunities for better-negotiated pricing and promotional terms
- Inability to effectively measure and analyze the promotion’s performance
- Wasted staff time on manual promotion tracking, management, and measurement.
- Inability to track and manage complicated formulae and accrual calculations
- Lost revenue and reduced margins due to poor tracking and underutilized promotional budgets.
- Longer cycle times are required to design and execute promotions using manual processes and disconnected systems.