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Trade Spend
Rebate Management
Spend Management

Transforming Trade Spend Management: A Data-Driven Approach

A dashboard from Varnifarm shows a logo on the top left. Below, a sidebar with tabs like Insights and Network Monitor. In the main area, lists of distributors with earnings, a line graph, and a pie chart detailing distributor data ($1.28M total value).

In a competitive food industry where efficiency, transparency, and informed decision-making are key to success, iTradeNetwork is setting a new standard with the latest enhancements to our Trade Spend Management product. This update is a game changer, providing powerful insights designed to revolutionize trade spend management for foodservice manufacturers working with distributors, operators, and retailers.

With this release, oversight into bill back invalid claims and double dips becomes streamlined with new advanced data analytics and UI features. We have made it easier for manufacturers to leverage iTradeNetwork’s 25 years of industry knowledge across all trade spend activity. Automated workflows also mitigate risks associated with human error, providing enhanced control and that helps in effective risk management.

Enhancing Transparency and Customization

Efficient handling of large volumes of data is crucial. This update enhances the transparency of claims between distributors and operators, making data more accessible and customizable to unique business needs. The majority of organizations are not utilizing data and analytics to their full potential, only 45% are making data-driven spend decisions with technology.Source This update focuses on helping manufacturers take control of contracts and minimize double-dips.

Customizable home screen: With a centralized dashboard, users have improved visibility and accuracy into trade spending programs and are empowered to use the data to make more informed decisions.

User Experience Enhancements

Key updates to the user interface include:

  • Distributor Bill Back Claims Module: The Distributor Bill Back Claims Module allows users to configure widgets that display the health of distributor claim data based on their selections, providing quick access to snapshots of distributor claims to improve oversight of trade spend activities. This module helps minimize discrepancies thereby improving precision in tracking distributor bill backs, while also leveraging valuable information for strategic decision-making regarding trade spend investments and ROI.
  • Double Dip Claims Module: Offers insights to identify instances of double-dipping, streamlining the process to mitigate and prevent revenue leakage. Provides tools to identify and manage double-dip occurrences. Users can configure the widget by making the selections needed based on their hierarchy rules. This module now offers an overview of double dip claims by distributor, thereby improving accuracy and reducing discrepancies in trade spend activities.
  • Operator Rebate Claim Module: Designed to enhance visibility and accuracy in managing operator rebate claims, providing a streamlined and efficient experience for manufacturers. Users can access an overview of total operator rebate claims per distributor, simplify the reconciliation process with a real-time reporting widget, and maintain high accuracy in tracking operator rebates, reducing errors and ensuring reliable data. Stay informed with immediate updates on operator rebate claims and leverage valuable insights for making informed decisions regarding trade spend investments and ROI.

Streamlining Operations with Advanced Automation

This update introduces significant automation enhancements that streamline complex processes and reduce manual effort across various facets of trade management. Rebate double-dipping can cause significant financial losses for manufacturers, eroding profit margins and disrupting cash flow. Configurable workflows in procurement software can significantly enhance the efficiency and effectiveness of operations for food service distributors. iTradeNetwork seeks to enable food service manufacturers to mitigate risks against financial leakage and overpayment.

  • Standardization of Contract Creation Workflows: Simplify contract management with standardized workflows for different types of contracts, enhancing consistency and reducing errors.
  • Streamlined Client Onboarding Process: Newly updated features accelerate the integration of new clients, ensuring efficient and error-free onboarding.
  • Advanced Reporting Tools: Includes AI-powered Report IQ and comprehensive data export options, such as Bucketed Data Export and PDF Export, that support effective data analysis and decision-making.

AI-Powered Report IQ: Revolutionizing Data Interaction

The introduction of AI-Powered Report IQ marks a significant advancement in data interaction, addressing our customers' critical need for scalable automated systems. By offering seamless and intuitive data exploration through natural language conversations, Report IQ enables users to quickly access insights and make informed decisions without extensive manual data analysis. This enhancement allows businesses to manage increased workloads more effectively and complements human expertise, enabling teams to work more efficiently and focus on higher-value activities.

Designed to transform the user experience, Report IQ provides a seamless and intuitive approach to exploring complex data sets. Users can easily ask questions about their data through natural language conversations, just as if they were talking to a human analyst. By enhancing data exploration and visualization, Report IQ helps users quickly navigate complex reports, ultimately driving informed decision-making.

How Report IQ Enhances Data Usability:

  • Run the Enhanced Report: Start by running an enhanced report that presents the data in an intuitive format.
  • Interactive Query System: Engage with the system using pre-suggested questions or input custom queries to explore specific data points.
  • Instantaneous Review and Response: The AI quickly parses through the data, providing accurate answers and insights in real time.
  • Generate Visualization: Beyond textual data, Report IQ can generate visual representations of data. This allows users to see trends and patterns that are critical for making informed decisions.

Learn more about the AI-powered Report IQ in this article.

Tailored Solutions for Industry-Specific Needs

Understanding the unique challenges of the food industry, iTradeNetwork offers specialized tools and features that foster better communication and collaboration:

  • Enhancing Our Platform with Network Effects: By utilizing the interconnected relationships on our platform, users can improve their communication and collaboration. This leads to better-informed and more strategic trading decisions
  • Customization Options: Users can tailor widgets and reports to meet specific organizational needs, enhancing the relevance and effectiveness of the trade spend management system.

Empowering Users with Innovative Tools and Insights

This release marks a significant milestone in trade spend management. With its emphasis on data integrity, user-friendly enhancements, and industry-specific solutions, iTradeNetwork is empowering businesses to navigate the complexities of the food industry more efficiently and profitably. This comprehensive update is not just about technology but about transforming the way businesses manage, analyze, and optimize their trade spending for better outcomes and sustained growth.

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