Budgetary Fun January 17, 2008
Posted by Jay Melton in Actionable Intelligence, Analytics and Business Intelligence, Supply Chain Visibility.Tags: Actionable Intelligence, Chargeback Avoidance, Data errors, supply chain, Supply Chain Visibility, VCF, Vendor Compliance Federation
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As I sit here in my marketing world, thinking of where we can trim on our budget, I realize I am not alone. All over the world, as the New Year starts, people are looking for ways to get more with less. Being more efficient and reducing needless expenses is key to corporate financial success.
After reading about the retail industry and data related errors in the supply chain, all I could think of was, seriously, some folks have compliance errors up to 2% of their overall sales? For a supplier that generates $300 million in revenue, that is $6 million! Per year! That is a lot of money leaving the company for avoidable mistakes. A chargeback avoidance solution can greatly help you avoid some of these errors by identifying potential deductions as they happen by monitoring partner transactions against retailer compliance guides and business rules.
Staying on top of those compliance guides is not easy. Sure, you can review them all yourself on a site like the Vendor Compliance Federation (VCF), you can cull the websites of the retailers you do business with or you can use other industry related websites. Going one of these routes is not ideal due to the effort a company would have to exert to keep up. Chargeback Avoidance solutions monitor those guides and do the legwork for you, leaving you time to focus on other more important areas of your business.
Just imagine going into next year’s budget meetings and showing a way to save the company 2% of sales? Think they are going to be as likely to cut your department’s budget?
