In consumer packaged goods (CPG) there are many data points associated with promotions: customers, products, prices, tactics, timing, deals, sales & spending estimates, and more. Then, approvals are needed, and you begin to collect artifacts like contracts, ad copies, and display images. Finally, there are the actual sales, deductions, and payments.
To manage this, the status quo is a collection of spreadsheets, shared drives, and emails. This information, limited by Excel’s two-dimensional columns and rows, is held together with only naming conventions and links, and is reliant on everyone executing the process as intended. The problem is that often, the process is not executed as designed. Difficulties are compounded by the addition of more customers and the sales reps and brokers that manage them. Stakeholders – including sales, brokers, sales management, demand planning, finance, and accounting – all need information at different stages of the process. The resulting disorganization and disconnection of content routinely results in long searches, requests for clarification, and update cycles. Precious time is spent on information gathering instead of business management.
“Digital transformation” is the replacement of manual processes and tools with computer solutions that increase control and productivity. Trade Promotion Management (TPM) systems are a form of digital transformation for consumer goods manufacturers. TPM centralizes all promotion information and documents. It enables the process to be executed in a standard, structured way so stakeholders can find what they need when they need it. Tasks are streamlined and information is connected and organized. This enables meaningful, value-added collaboration and higher productivity for growing brands.