Life Sciences companies know that managing GTN properly starts with getting the transactions
under control. Working manually hinders your ability to do this. Additionally, lack of control in the way
that conditions on-invoice and off-invoice for direct and indirect channels are granted to customers
is most likely leading you to discrepancies between accruals and actual financials.
How often do you review your GTN processes to determine if your needs are met? Too many times this doesn’t happen until unfortunately, something goes wrong. You won’t get a different result by implementing the same process.
Watch how Welch Allyn determined the right time to change their process and get a different result
By far the number one tool used by companies to manage GTN
is spreadsheets. Lots and lots of spreadsheets. In fact, about
80% of companies still use spreadsheets.
Another trend in GTN is the growing desire to shave your revenue close from 4 days to 1 day. Can it be done? The answer is yes, but you must be willing to change. In other words, you must be willing to not only move from manual spreadsheets and legacy tools to a digital single point of truth but change the process to work with the point of truth.