November 18, 2021 | 01 min read
In a home, it’s not about the money you make. But rather about how you manage money to take care of others living with you.
And building a business is no less than building a home with lasting relationships with your stakeholders, where each member supports and promotes each other’s well-being, and everyone grows the trade together.
So when money comes into question, it becomes important to manage the money we owe our partners and the money they owe us, very righteously.
But businesses, unlike homes, operate beyond geographies and with a lot of members.
So, companies must build a complete, transparent system to be able to show accountability in all money matters and demonstrate that they are committed to delivering the expected results.
In the context of FMCG businesses, which have spent years cultivating relationships with their channel partners who bring them their primary sales revenue, it becomes more imperative, as a lack of transparency in matters of money can create distrust and insecurities amongst their distributors and disrupt the supply chain harmony.
For example, distributors will start feeling reluctant to invest more money in the company’s products if previous dues aren’t met on time.
Even FMCG salesmen who travel to the farthest corners of the country to sell the brand’s products, need to make innumerable efforts and investments to reach their locations and goals.
From travel expenses to client meetings, everything is a cost, which the company is liable to pay the salesmen, who are shedding out of their own pockets to grow the brand’s revenue.
But, would these salespeople have the zest in making money for an organization that is not transparent about money even with them? Hardly.
Hence, FMCG brands need to manifest a centralized claims management system that simplifies settlement communications and automates the claims workflows more transparently. Like Bizom Claims Management, which enables FMCG brands to file, manage and sanction independent and partner claims for sales teams and distributors, respectively.
Available even on mobile devices for FMCG salespeople, this solution helps distributors and sales folks punch in their expense bills from any location at any time, helping them reduce the paperwork and the time taken to submit claims to the company.
On the other hand, FMCG brands are able to find all bills of associated claims in one place, at any point in time and can assess claims and detect duplicates easily.
The process of reimbursing is also seen to reduce from weeks and months to a couple of days, and managers also find it immensely helpful to get a holistic view of all costs incurred by the company in real time.
Leading FMCG brands at Bizom, like Emami Agrotech and Jyothy Labs, reduced their claims payment period and achieved a superior Net Promoter Score by incorporating the Claims Management solution within the supply chain.
To explore this solution and build a more transparent and robust supply chain for your FMCG brand, mail us at firstname.lastname@example.org to schedule a free product demo or to know more.