The end of the year is in sight and it’s time to think about ending well and starting a fresh new chapter. To end on a high as a company, it is necessary to be thinking about what rebate management software could add to your organization. Is your current way of managing rebates working? Or could there be areas of improvement? Perhaps, you’re even thinking of changing systems? Whatever your current situation here are five R’s that make rebate management software so enticing.
Failing to claim rebate revenue can have a large negative impact on the bottom line for businesses in industries where rebates and B2B deals are commonplace. Or even the smallest miscalculation of rebates could have dire consequences financially. On average, 4% of vendor rebate claims are missed. With Enable, all your deals are recorded in one place so you can keep an eye on what needs to be paid and what is owed, so you can guarantee you’re always claiming 100% of rebate revenue.
“I’d say the events that really pushed us to start looking for a solution was when we realized we were owed a rebate of $500,000 that we did not receive. It really solidified my thoughts that we needed a better solution. I’d say, perhaps it was just fate, but it was at that point we were introduced to Enable, the timing was just perfect.”
Matt Freedman, Director Of Finance, General Plumbing Supply
Companies that are successful with rebate management devote the appropriate time and attention to data quality. Currently a lot of companies have their data in disparate places, inaccessible to certain people in the team and not as accurate as they would like. This can cause many challenges when it comes time to report on their deals and measure performance. With a centralized rebate management system in the cloud, users can trust that their data is up to date and trustworthy meaning timely decisions can be made with the in-depth reporting suite.
When it comes to rebate management, many companies still rely on manual tasks for routine processes — for example, calculating an amount due in a spreadsheet. But the reality is, one accidental number or a single cell deletion can create costly errors. That leads to lost time and productivity, and sometimes lost revenue. You can cut down on repetitive processes and errors with automated rebate management software. With a centralized platform that all your colleagues have full visibility into who is doing what, operational efficiency is increased.
Rebate management comes with many risks. Whether it be from the processes in place to manage them, date entry errors or breach, missing contracts or disputes with the trading partners you work with. Risk is something you should always be wary of and try to mitigate. One example is when data is handled manually, the probability of errors and omissions is significantly high which can lead to many misleading financial statements and wrongheaded financial decisions. Not what auditors want to see. However, when everything is automated, there is a full audit trail of each action and signature so you can ensure you are fully compliant, and risk is reduced.
It’s no secret that successful businesses are built on mutually beneficial relationships. Investing in your supplier relationships can improve business outcomes for everyone involved. For example, although manufacturers and distributors have different roles to play, the end goal is always to provide value to customers and keep them satisfied. Rebates give them a strong incentive to continue working with one another. The key to keeping this relationship robust is having a collaborative system in place that makes it easy to communicate with all your suppliers and both parties can get a detailed picture of their deals and keep their goals aligned.
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