Invoi by Tactiq: The Key to Strategic Growth, Centralized Billing & Price Book Enforcement
Even prominent beverage manufacturers like Keurig Dr. Pepper (KDP) encounter obstacles accessing major retail chains nationwide.
The solution was a strategic shift adopting a centralized billing platform that uses automation to rigorously validate manufacturer invoices before they’re delivered to retailers.
This strategy not only facilitated entry into several national retailers but also streamlined KDP accounts payable resources, eliminated error fees from price book discrepancies, and provided greater visibility into their distributor network.
Challenge
Navigating Retailer Requirements Hindered Store Access
When KDP sought entry into dollar-store retailers, it was met with resistance due to KDP’s extensive network of distributors, each necessitating unique vendor numbers. KDP would only be welcomed if they could implement a centralized billing solution that provided a single vendor number.
Price Book Discrepancies
Managing its network of independent distributors is no small feat. Program-specific details – including authorized products and retailer-specific negotiated rates – create a complex distribution ecosystem that can lead to the distribution of unauthorized products, invoicing errors and retailer-imposed fines for errors. Even minor discrepancies in pricing and product placement can accumulate, potentially resulting in annual losses amounting to millions.
The Result
After partnering with Invoi, KDP not only gained access to previously inaccessible retailers like Dollar General and Family Dollar but also broadened its footprint to include Big Lots and Dollar Tree, placing KDP products in over 40,000 stores across these four major retailers.
Additionally, because of Invoi’s centralized billing and price book enforcement, which provides rigorous invoice validation against the distributor’s delivery and price book, KDP was able to reduce invoice errors by 62.5%.
The Solution
Invoi is a system that provides easy visibility and monitoring, essential to preventing unauthorized invoicing and pricing errors, as well as to avoid payment delays for incorrect invoice submissions.
Partnering with Invoi has transformed how we approach retail distribution, turning potential obstacles into opportunities for growth and efficiency.” — Vice President, National Beverage Manufacturer
Centralized Billing with a Single Vendor Number
Invoi allowed KDP to consolidate its wide array of products and distributors under a single vendor number for each retailer, with standardized EDI capability and insurance coverage, thus enabling KDP to meet the invoicing requirements of many large retailers, including Big Lots, Dollar General, Family Dollar, and Dollar Tree.
The real-time insights and control offered by Invoi have been game-changers, allowing us to manage our distribution network with an unprecedented level of clarity.” — Vice President, National Beverage Manufacturer
Price Book Enforcement Down to the Penny
While many centralized billing systems offer EDI capabilities, they often lack a comprehensive service that ensures billing simplicity alongside pricing accuracy. Invoi stood out by offering KDP rigorous invoice validation against the distributor’s delivery and price book, identifying discrepancies in real time.
Invoi leverages automation to manage intricate program details, catching and remedying errors down to the fourth decimal point, ensuring unmatched precision in every transaction. This approach prevents errors from accumulating and being discovered months later, allowing KDP to address pricing and product issues promptly.
Added Benefits:
- Time Savings for National Account Teams: Reduced workload because Invoi automated invoice validation and tracked invoices through retailer payment.
- Preventative Maintenance with Retailers: Proactive issue resolution and detailed reporting strengthen retailer relationships.
- Elimination of Retailer Fines: Direct cost savings and improved vendor-retailer dynamics by avoiding penalties.
- Enhanced Control and Visibility: Real-time data enables effective product distribution management, accurate financial monitoring, and informed decision-making.
