What are the best practices for efficient deduction and claim processing? For foodservice and consumer goods manufactures, starting with a contract management tool that centralizes trade programs and settlement information in one place is the first step. Then, you can focus on standardizing your process.
Some of the most critical pieces of trade promotion management (TPM) include budget planning, deduction management and claims processing. When properly managed, these processes boost a company’s profits and reduce losses. Given the complex trade spend process, managing billbacks, deductions and claims is an ongoing challenge for consumer goods manufacturers.
If you’re looking for a proven method to standardize and manage your trade deductions and claims process, watch Blacksmith’s Senior Project Manager, Meghan Hoover’s webinar for a detailed review of the ten steps you can take to facilitate a more efficient deduction and claims processing method.
Some of the tips Meghan will cover include:
- Invest in an organized Contract Management Tool
- Develop a standard ‘Claim Submission Guidelines’ for your customers
- Standardize and streamline the process for creating deductions and processing claims
- Track invalid deductions and repayment rate
- Ensure your T&Cs are clearly defined on the program and enforced
- Enlist the help of a cross functional team within your organization
There are real benefits for manufacturers that automate their deduction and claims processing with a trade promotion management (TPM) application:
- Gain visibility into contracts and settlements that the customer has taken to allow for easier research of applicable deals
- Provide organization – all contracts/settlements are in one place
- Improve accuracy and decrease discrepancies by auditing
- Utilize system functionality to streamline deduction and claims processing process
- Track settlements including short pays