Trade Promotion Management Software has been in use for many years and like most software solutions, the Promax solution was developed in order to facilitate a Best Practice approach to this important area of a CPG company’s business processes relating to their second highest cost centre, Trade Spend. Designed in collaboration with our valued clients, the Promax software embraces and delivers a best practice approach.
A best practice (1) is a technique, method, process, activity, incentive, or reward which conventional wisdom regards as more effective at delivering a particular outcome than any other technique, method, process, etc. when applied to a particular condition or circumstance. The idea is that with proper processes, checks, and testing, a desired outcome can be delivered with fewer problems and unforeseen complications. Best practices can also be defined as the most efficient (least amount of effort) and effective (best results) way of accomplishing a task, based on repeatable procedures that have proven themselves over time for large numbers of people.
Many CPG companies are still using vast quantities of Excel spreadsheets to attempt to manage their Trade Promotion Management requirements. Fraught with challenges such formulation errors, version control and lack of visibility by all key stakeholders in the business, this type of TPM tool often hinders the process rather than improves it.
With huge product portfolios, diverse customer types & trading terms, not to mention the complexities of types of promotional activities (displays, price discounting, catalogues, multiple buys) and the cannibalisation impact on other products in the range, Trade Promotion Management is a challenge facing the Food & Beverage industry, Household goods, PharmaceuticalOTC and the Personal Care industry.
So what’s important when selecting a TPM software solution? There are various key considerations which should be taken into account:
- Out of the box functionality
- Speed of implementation
- Ease of use and user acceptance
- Level and types of integration – multiple users, access permission levels
- Geographic & Business scope – can the solution drill down to region, country, product hierarchies and account hierarchies
- Degree of customisation required and associated costs/timeframes
- Ability to interface with your ERP system
- Ability to offer a combined Trade Promotion Management and Trade Promotion Optimization solution
- On-Premise or SaaS
- Sales Force Automation integration
- Analytical & Strategic Planning capabilities
- Reporting systems
- Customer Support & Service levels
- Reference sites and success rates
Whatever software choices you make it’s vital that at each juncture all your systems align to a business strategy and interface with each other. The success of all systems is based on maintanability, resilience, security, scalability, interoperability and it’s measure of being fit-for-purpose.
To gain the best results, your TPM solution should take less time to deploy, manage, integrate and deliver benefits and a rapid return on investment. Read the Promax Case Studies to learn more about the successful results our Trade Promotion Management software & Trade Promotion Optimization software has delivered.
(1) Source: Wikipedia