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Is Your Trade Spending Contract Approval Workflow Effective?

Trade Spend Contract Approval WorkflowIf you are in a business that requires contract management, then you know how important it is to get the right approvals on your contracts. However, a lot of companies that do contract management don’t even have a defined approval workflow process. It’s more reactionary when it comes time to get a contract approved, or there’s no approval at all. Not having a well-defined approval workflow may be affecting your bottom line.

The fact is that the majority of organizations use contracts in some way, shape, or form, and the foodservice industry is no different. Contract management improves risk mitigation by creating visibility into the performance of contracts and ensures the right approvals are in place to prevent over exposure. Without visibility there’s no way to truly measure how your contracts are performing, and that just simply cannot be measured outside of a trade promotion management solution. Also, approvals outside of a trade promotion contact software solution can be time consuming and get lost in emails or however the approval process is set up.

There are multiple reasons to invest in a TPM contract solution, but today we are going to focus on the importance of the approval process. The approval workflow you have set up for your trade spending contracts to flow through is extremely important and the right tool can improve your process and bottom line.  Here’s why:

Customizable Approval Workflow – The right trade promotion management solution will allow you to set up multiple approval process workflows. If you want your contract to be reviewed and approved by just one or multiple levels of individuals, then your solution should allow for this. Maybe you have certain contracts that need to go through more approvals than others; your system should allow you to set up both simple and complex approval workflows.

Reminders and Dashboards – A good contract management will have different features to ensure you don’t miss things. If contracts are pending approvals, the system should notify users that the contract is still not approved and provide ways to easily pull up a contract to check the status. There should be reminders and the ability to view this information within the user’s dashboard so that the user is able to stay on top of his or her contracts. Getting approvals on trade spending agreements can sometimes be time-sensitive so don’t lose track of where your contracts are in the approval process.

Time-Savers – According to Aberdeen, “Contract approval time drops an average of 82% with the use of a contract management solution.” Contract approvals can be time consuming; the right TPM tool can cut down the time it takes to approve contracts so that you can focus on other areas.

More Accuracy – Routing your contracts to the right people for approvals will increase accuracy on your trade promotion deals. Your contracts are important to your business and your profits, so it’s vital to make sure they’re routed to the right people for approval. Don’t risk it: your system needs to ensure your trade spending contracts go through the correct approval process.

If your trade promotion management solution doesn’t allow for the right approval workflow process, then you need to reconsider if it’s worth keeping. Contracts are an important part of your relationships with your customers, so don’t take a chance at not getting the right approvals in place. Learn more about Contract Management Success and improve your bottom line. If you’re looking for a great contract management solution, then contact us today for a demo!

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