We helped this customer reduce pending dollars by $162,000+. Here’s the story: Our customer had hired a new broker employee who formerly worked in the credit department for a major foodservice distributor.
While her prior experience gave her insight into issues related to foodservice distributors and operators, she was new to the foodservice manufacturer side of the industry.
The Challenge: Filling Trade Spend Management Knowledge Gaps
The new broker’s biggest obstacle was understanding the difference between distributor contracts versus manufacturer contracts.
Distributors and manufacturers have different ways of setting up trade spend agreements and resolving outstanding items; understanding these nuances can be difficult when transitioning from the distributor to manufacturer perspective.
Claims that didn’t reconcile to contracts (pendings) began to build up, resulting in a high pending amount of unsettled claims. This left the door open for deductions to increase.
While the broker was aware there were issues, she was not sure how to resolve the pending items…
She needed training — immediately — to help her succeed in her role and to keep the client happy.
With pending claims adding up and deduction potential climbing, it was time for an intervention.
The Solution: A Personalized Learning Experience
Our team at Blacksmith Applications are experts in managing foodservice manufacturer trade spend contracts and claims. We understand that client success depends on the success of each individual application user. That’s why our TPM application is designed to make it easy for brokers and sales reps to manage trade spend.
Upon recognizing that the customer’s new broker needed a little help, our TPM solution Account Manager developed a plan to train her. Not just within the TPM application, but on how contracts and activities vary between distributors and manufacturers.
The personalized learning process [developed by Blacksmith Applications] consisted of:
- Education on contract basics for manufacturers
- Weekly personalized sessions with the broker to review:
- Outstanding claim submission items
- High-dollar amount pendings
- Resolution and prevention of pendings
The Results: A Successful Broker and A Happy Manufacturer Client
The personalized learning experience helped the broker lower her outstanding pending claims and pending dollar amount.
The easy-to-use Blacksmith Applications TPM solution provided the broker with:
A dashboard to let her get a bird’s-eye view into the manufacturer’s claim activity
User-friendly reporting capabilities to quickly identify high-dollar amount pendings
The ability to set functionality to quickly and easily update and correct contracts
As a result, the broker (and our customer) gained control over the trade spend process so she could effectively manage the manufacturer’s trade spend contracts and claims.