Icertis, the leading provider of enterprise contract management in the cloud, today announced Best Buy has deployed the Icertis Contract Management (ICM) platform to accelerate its rebate and promotional contracting with key partners to drive efficiency and reduce risk across the organization.
With ICM fully implemented, Best Buy is benefiting from world class contract management capabilities that have resulted in tremendous increases in efficiency for their business team and vendor partners.
Contracts form the commercial foundation of an enterprise, managing every dollar in and out of a company, and leading brands are looking to transform them from static documents to strategic assets. Best Buy chose the Icertis platform to digitize its manual contracting processes, thereby increasing velocity, creating a single source of truth for tens of thousands of supplier agreements and improving the vendor experience.
Many retail and drug manufacturing companies struggle with the effective management of promotions, rebates and royalty payments. Managing these promotional programs, from initial contracting between partners all the way through to settlement, can create challenges including lost revenue and reduced margins, wasted time on manual promotion tracking and poor visibility across the contract value chain.
“Best Buy works hard every day to enrich the lives of consumers through technology and we’re thrilled to work with them to revolutionize their commercial foundation,” said Samir Bodas, CEO and Co-founder of Icertis. “With the accelerating pace of commerce, enterprises in every industry are looking for new sources of value to help them survive and compete. Icertis delivers that value.”
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