The buzz around big data and predictive analytics can be overwhelming. Especially when you have so little time to gather the information you need about how these things impact your bottom line. What would implementing a trade promotion optimization software solution mean to your key objectives like business growth, profitability, reducing costs and improving employee productivity?
These are some of the questions which need to be answered when deciding how to start the process of implementing a software solution. We’ve compiled 7 things that every CFO should know:
- Go into a software solution with a plan.
- Many TPO software solutions can be adapted for the needs of your company. Make sure that you approach promotion optimization with some kind of plan of how its implementation could best support your CPG company. Look at your current TPM capabilities and create a plan for future integration.
- Do you have the capability to easily develop KPIs for your customers?
- Can your current solution develop a business plan that meets your brand and customer strategies? This is a must have.
- Understanding the accuracy of your data.
- Implementing a solution around incorrect data (often hiding in your spreadsheets), won’t give you the right outputs. TPO software can only be effective with the correct information to analyze trends of the past.
- Reduce your staff’s administrative workload to save time for more important matters.
- The usual spreadsheet system is error-prone, time-consuming, and frustrating. By implementing a software solution, you can free up your staff’s administrative time so they can provide key insights to your team.
- You can benchmark your performance against competitors:
- Not only can you see your competitor’s activities when it comes to promotions, but you can calculate revenue, profit, incremental volume, costs, and ROI for each promotion executed. With these insights, you can create reports and rank brands based upon post-promotion event KPIs.
- Can you predict promotion results before they run?
- With scenario planning capabilities, you can predict and plan according to focus on volume, revenue and profit without wasting money on unproven promotions.
- Do you have the proper solutions in place to quantify ROI for your promotions?
- Many solutions on the market claim to provide real-time data, but the truth is that many don’t actually combine the data silos of trade promotion data and point of sale data.
In conclusion, while implementing a trade promotion optimization software solution takes due diligence, it’s not impossible to do. And, the impact on your company will lead to savings within the first year. Don’t get left behind: start planning now, and you could be up and running in a few months.
T-Pro Analytics can drive bottom line improvements to your business with our trade promotion management software.
Contact us for more information or a demo.