Business Intelligence and Data Masters Use Technology to Solve Major Wine Industry Pricing Challenge
FOR IMMEDIATE RELEASE
NAPA, CA — Business Impact developed Tradeparency as an answer to one of the biggest challenges wineries and wine importers face in today’s market — pricing.
With years of experience helping wineries and wine importers use their data to unlock business intelligence and make better, more informed decisions, Business Impact continually saw customers struggling to identify all their true pricing metrics, cover the gap in third-party depletion data, and manage the full-circle of their pricing needs.
“Pricing is a top concern for everyone in wine, and not having full visibility on spend and pricing across promotions, distributors, and markets makes it difficult to understand profitability,” says Doug Hoogervorst, President at Business Impact. “It’s not only a common problem for our clients, but it’s also a concern across the entire industry. As we helped our customers find ways to use their data more effectively, we realized that we couldn’t deliver the whole picture without full-cycle pricing management. This wasn’t happening in some engagements; it was happening in all of them. When we couldn’t find a solution in the market, we knew what we needed to create.”
The first and only full-cycle pricing management tool for the wine industry, built by Business Impact, now goes by the name Tradeparency and is available to the three-tier wine distribution industry.
“Conceptualizing and building Tradeparency was a very exciting time,” says Andrew Ridling, Product Manager at Tradeparency. “When we started to think about what we needed, we were surprised to find that no one else had built it. To become the first tool of this kind to solve a very persistent problem in the industry was invigorating. We were taking everything we knew about wine and wine distribution, combining it with our data prowess, and creating a truly transformative product. I honestly couldn’t wait to get it to market because I believe this will change the industry for some major players.”
Offering centralized and automated full-cycle trade promotion management, Tradeparency is the only solution built by wine industry experts for the wine industry that focuses exclusively on pricing management, depletion allowance, promotions planning, and analytics. While other solutions are available to the larger food and beverage markets, they don’t provide the full-cycle management three-tier wineries need to uncover tens of thousands of dollars in lost revenue from inaccurate invoicing on expired or false billbacks. Other solutions also can’t help wineries understand the impact of their by-the-glass programs and rely heavily on third-party data instead of the winery’s own, which exposes at least a 30% gap in pricing reconciliations.
“To truly get value from a pricing solution in this industry, wineries need their actual data, from their invoices and systems,” says Ridling. “Relying on third-party data, manual inputs and other inferences doesn’t deliver decision-making data. While the other solutions start to bring the information together, Tradeparency delivers the complete picture and allows business owners and decision-makers to get a firm grip on everything to do with pricing. It’s extremely powerful, and it ensures comprehensive revenue capture. This product is a major shift for three-tier winery management.”
Tradeparency has been in the market for approximately four years but has recently found new momentum in the market with the skyrocketing wine demand during the global pandemic. Business Impact plans to extend their efforts, putting Tradeparency in front of more wineries to create an immense impact on the entire sector.
To learn more about Tradeparency, check it out: https://tradeparency.com/
In the competitive wine market, we know firsthand that price is the holy grail of your brand and bottom line, and that is why Tradeparency was born. Tradeparency delivers total control and visibility of your trade spend management through a complete pricing, promotion, and depletion allowance solution that brings your finance, sales, and IT teams together and plugs your margin leaks instantly.
Our promotion, rebate, and billback software is built by technology leaders and data fanatics in the wine industry and is made specifically for the needs of three-tier wineries and wine importers. Tradeparency works to immediately eliminate the costly and error-prone reliance on manually managing and reconciling negotiated distributor pricing or relying on incomplete depletion data that ultimately cost you profits.
By removing all the manual reconciliation, approvals, and invoice processing through a full cycle price management solution, Tradeparency ensures that you never pay out unwarranted funds, and you can accurately track every dollar across all your markets and programs including by-the-glass.
It’s not just transparent trading; it’s complete Tradeparency.
About Business Impact:
Transforming Data into Business Intelligence.
At Business Impact, we are more than just data consultants; we are data artisans. We identify your data, organize it, and deliver a full-scale analytics solution that helps your team drive better business decisions.
We work with you to gather essential information from all the systems and programs that you operate as the tools of your business, and then we put them to work for you.
The result is moving from a state where you could only ask “what, where and who?” to asking (and answering) “why and how?”
We deliver solutions that give you the insight to make a Business Impact.