Pricing, rebates, MDM, and EDI

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IMA360: Legacy

So far, IMA360 has helped organizations manage, automate, and optimize their rebates, pricing, chargebacks, commissions, royalties, and contracts.

It has served renowned customers such as McKeson in the medical device manufacturing space and BRP in the Motorsports segment.

In a nutshell, the IMA360 software helps-

• Analyze rebates and manage them effectively to enhance ROI.
• Automate processes to save time and add accuracy.
• Augment the efficiency of operations.
• Evaluate which chargebacks are benefiting the business and which ones are redundant.
• Optimize pricing and promotions to evaluate which ones are benefiting the business and which ones aren’t.
• With real-time insights and analytics in an easy-to-use dashboard, thereby facilitating decision-making.
• Make sure that the most effective pricing strategies and models are being implemented.
• Evaluate, interpret, and understand a product’s demand.
• Analyze the trends in sales, pricing, and profits.
• Record these trends for future use and leverage them for strategy formulation.
• Automate the calculation of sales commissions to make the process error-free.
• Effectively manage all kinds of contracts.
• Boost margins by at least 10 to 12 percent.
• Adopt dynamic and CPQ pricing models.
• Comply with data and other regulatory laws.
• Manage Royalty and related programs effectively.
• Track competitors’ pricing.
• Implement the right pricing strategy.
• Study, analyze, and interpret the pricing strategy adopted by the competitors.
• Gauge the demand for a product in the future across existing and emerging markets.
• Integrate with the existing ERP and IT environments.
• Provide all the functionalities of Vendavo, Model N, Pricefx, and Vistex.

IMA360: New initiatives

Our efforts toward excellence are ongoing, and I am glad to share that we are launching a couple of new products to help organizations solve their problems and transform themselves completely.

It will equip us to support them towards complete business optimization, and we will be able to transform our customers’ lives 360 degrees, in sync with our name, IMA360.

These 2 new solutions are MDM and EDI. Let’s understand the basics of these technologies and explore how they can help B2B manufacturing organizations in today’s competitive world.

1. MDM

Master Data Management is a technology that facilitates organizations to manage and govern their critical business data. Examples of such data include customer, product, and supplier information.

An MDM creates a single, accurate, and consistent view of this data across various systems. It acts as a central hub for master data, enabling organizations to consolidate, cleanse, and synchronize data from multiple sources, ensuring data quality and consistency.

Here’s a more detailed breakdown:

• Data Integration: An MDM integrates data from various sources, including CRM, ERP, and legacy systems, ensuring a unified view of master data.
• Data Quality: This includes data cleansing and validation capabilities that identify and correct errors, inconsistencies, and duplicates, thereby improving overall data quality. 
• Data Governance: The MDM helps establish and enforce data governance policies, ensuring data accuracy, consistency, and compliance with regulations. 
• Master Data Pool: It provides a centralized repository for master data, allowing organizations to manage, enrich, and synchronize data across different systems and applications. 
• 360-Degree View: MDM enables the creation of a comprehensive 360-degree view of business entities, such as customers, by linking related data from various sources.

Benefits of Master Data Management:

• Improved Data Quality: By cleansing and validating data, Informatica MDM ensures the accuracy and reliability of master data. 
• Enhanced Decision-Making: Accurate and consistent master data provides a solid foundation for informed decision-making across the organization. 
• Reduced Costs: By eliminating data redundancy and inconsistencies, MDM helps reduce operational costs associated with data management. 
• Increased Efficiency: A single, trusted view of master data streamlines business processes and improves operational efficiency. 
• Better Customer Experience: By providing a comprehensive view of customer data, MDM enables businesses to deliver exceptional customer service and personalized experiences. 
• Compliance: MDM helps organizations comply with data governance regulations and standards.

MDM is a comprehensive solution for managing and governing master data, enabling organizations to enhance the efficiency of their operations.

2. EDI

EDI stands for Electronic Data Interchange. It is the electronic exchange of business documents between organizations in a standardized format. This process replaces traditional paper-based communication, streamlining workflows and improving efficiency in various industries.

What is EDI?

EDI involves the structured transmission of data, such as purchase orders, invoices, and shipping notices, between computer systems of different organizations.

Instead of relying on manual processes like printing, mailing, or faxing, EDI automates the exchange of information, reducing errors, speeding up transactions, and improving overall efficiency.

Key benefits of EDI:

• Reduced errors: Eliminates manual data entry, minimizing human error.
• Faster transactions: Speeds up the exchange of business documents, leading to quicker processing times.
• Cost savings: Reduces costs associated with paper, printing, mailing, and manual labor.
• Improved efficiency: Streamlines workflows and enhances overall productivity.
• Enhanced accuracy: Standardized formats ensure data consistency and accuracy.
• Better communication: Facilitates seamless communication between business partners. 

How EDI Works:

• Standardized format: An EDI formats the documents according to established standards (e.g., ANSI X12, EDIFACT).
• Translation: It translates the documents into a format understandable by the receiving system.
• Transmission: The translated documents are sent electronically through a chosen network (e.g., point-to-point, VAN, or internet).
• Integration: The receiving system integrates the data into its internal systems.

Examples of EDI in Action:

• Supply chain: Manufacturers and suppliers exchanging purchase orders, shipping notices, and invoices.
• Healthcare: Providers and payers exchanging information about patient care and billing. 
• Retail: Retailers and distributors share inventory data and sales information.

In short, EDI is a powerful tool for modern businesses seeking to improve efficiency, reduce costs, and enhance communication with their trading partners.

We at IMA360 love to hear from our prospects. Feel free to click here and learn more- https://ima360.com/request-a-demo/