Retail & consumer goods companies face rapidly changing customer expectations, behaviors, and loyalty that drive new business models and increased digital engagement. To meet these challenges, key stakeholders from across the organization – including brand managers, category buyers, field sales, merchandising, sourcing teams, IT, legal and others – must think differently about their contracts and the benefits of digital transforming the processes.
Let's look at rebates as an example. With manual tracking, supply chain issues, and labor shortages, monitoring all the vendor rebate programs is challenging. ICI automates the reporting of rebates for suppliers. Automating rebate management allows retail & consumer goods companies to realize their total revenue commitments. Simply said, a company would need to sell an incremental $38M in toplines sales if they didn't collect on just $5M in already negotiated rebates!*
*Source: 3.62% avg profit margin from Brex.com