For many companies in the foodservice industry, contract approval remains a long drawn-out process that is bogging down the foodservice trade spend. The traditional contract approval workflow is slowed down by extensive paperwork, unanticipated delays, a strong element of risk, and the resulting possibility of losing lucrative orders. As a result, the contract approval workflow is increasingly becoming a liability that players in the foodservice industry can no longer afford.
Contract Approval Workflow Processes Need to Be Fast and Accurate
Already this situation is placing foodservice companies at a disadvantage against their competitors who are benefitting from today’s technology to update and vastly improve their contract approval process.
But now the need to change from this outdated system is taking on an added urgency. Here’s why: Businesses who trade with other businesses are becoming dissatisfied with the slow, inefficient and lengthy contract approval processes that characterize the foodservice trade spend. They are demanding a faster contract approval process that is closer in line with the norms that operate among those businesses who deal directly with consumers rather than with other businesses.
The efficient, streamlined processes that operate in most parts of the business-to-consumer world (B2C) must, therefore, be introduced in business-to-business operations (B2B) if companies in the foodservice trade spend are to thrive in today’s highly competitive marketplace.
Those in the foodservice industry who do not adapt to the efficiencies offered by new technology and stick to outdated processes are in danger of falling further and further behind. The penalty for failing to do so could be a loss of contracts and a resulting dent in profits and lack of growth in their business.
The solution to this situation is at hand. It comes in the form of a streamlined automated process that will result in an efficient contract workflow. A Trade Promotion Management (TPM) program provides just that. It will automate the contract approval process, thereby turning a slow, outdated and risky contract approval process into one that is fast and efficient and meets the needs of today’s demanding clients.
Such a solution will result in a meaningful return on investment within less than a year.
Here are some of the benefits that a TPM solution will bring to your company.
It can be customized to meet your needs
A TPM solution will enable you to manage a variety of contract approval workflows at the same time, according to the requirements of each. Some of the workflows might be simple, others might be more complex. Some of the contracts might be subject to more approvals than others. The system will be able to handle all kinds of contracts with equal facility. The simple contract will not be subject to waiting in line until progress is made on contracts higher up the line in the approval process.
Your employees will be able to work more efficiently and will not be constrained by having to prioritize how each contract should be handled. They will not be slowed down by having to decide on the process that needs to be adopted for approval in each individual case. The software will take over those tasks while at the same time ensuring that the process is handled according to company policy.
Managing several contract approval workflows at once can be a headache. It can be particularly tough to stay on top of a variety of contract approvals that are in various stages of completion. As a result, some face the danger of falling through the cracks, others might be left hanging for too long, and only a relative few will be handled in a timely process every step of the way.
TPM software will overcome the problems that drag down the process. The program will notify you when approvals that are pending remain unapproved. It will alert you so that you can pull up the contract immediately, check the status, and take steps to complete it.
The software also includes a dashboard so that the status of multiple contracts can be viewed at once.
It saves you time
Among the greatest drawbacks of many current contract approval processes is the time they take to complete. In today’s fast-paced world when clients are demanding quick processing and reaction similar to that which they receive in the retail world, time is money.
Several time-consuming tasks will be automated by using today’s software, which will streamline the entire procedure and thereby enable time-saving efficiencies along all aspects of the chain.
- New business rules and the legal complexities that accompany them will be more effectively managed by the software, thereby reducing time and so cutting costs.
- Communications with customers will be reduced and will become more efficient, saving time as it does.
- Client frustration with the slow process and the desire to look elsewhere for faster processes will be sharply reduced.
- Document creation and distribution will be sped up using templates specifically designed for your company.
Don’t wrestle with a program that was not designed specifically for your contract approval needs.
Not only will a TPM solution speed up the whole process, but your sales team will also be able to spend more time in the field and less time tracking down documents.
An important aspect of the contract approval process is that the contracts be routed to the relevant people and that they follow the most appropriate approval process. A TPM solution will ensure that this takes place within the bounds set by your company’s procedures. That ensures that trade promotion deals will be more accurate.
A TPM solution also makes it less likely that errors will creep into the documents as they are transferred back and forth from one individual or one department to another. It also ensures that contract creation is accurate. And it will result in lower settlement errors and the liability that comes with increased exposure to claims that turn out to be invalid.