Did you know…
And, 38% say strategic decision making is slow due to ineffective data management processes.
If you can relate to these statistics, then you’ve probably already decided that you need to instigate change to tackle inefficiencies around rebate management in your business.
But, how do you choose the best way forward? The best solution for you?
Well, we’re living in a digital world and our rebate management system should not be any different.
Consequently, making the wrong decision at this stage can prove a very costly mistake further down the line.
However, here are five advantages of digitising your rebate management system to overcome challenges you may be facing.
1. Bring Your Teams Together And Achieve More
“Our rebates are created and managed in silos across our teams, with little visibility, and it’s difficult to analyse data in real-time.”
By providing a single source of truth for all parties, encourages a collaborative approach with results in real time.
Sounds simple right?
Simply, by using a digital solution that everyone can see, everyone can work more efficiently which broadens the scope across all the teams overall.
Not only this, but decision making will be backed up with relevant, live data which is in the right hands at the right time – win/win!
2. Get The Perfect Balance Between Machine & Human
“Our rebate processing sits within a small number of skilled excel users and we realise that this is open to human error, which can cause missed revenue opportunities and low confidence data; there is also often a duplication of work.”
As we mentioned, we’re living in a digital world.
So, it’s probably wise for machines and humans to work together and maximise results.
Hence, digitising your end-to end rebate process takes the weight off workers but still provides them with full control.
Other advantages include:
- Reduced time in processing even the most complex rebates.
- Integrate with your existing system to prevent duplication of work.
- Maximised output efficiencies to enable profit, growth and productivity.
On that account, it’s no surprise a digital rebate management solution is the perfect blend of systemisation.
For instance, by creating a rebate agreement and automating labour-intensive tasks, such as, approval workflows, based on the business rules you have set – your teams are focused on value-led activities.
And, those automation rules will be aligned to your corporate governance.
3. Relevant Data, Easily Accessible and Compliant
“We have no single source of truth so audits are complex. When Auditors are on site, it’s difficult to provide relevant, timely and accurate information. We can’t be sure we are meeting professional standards at all times.”
A digital rebate management system definitely wins here!
Because, you can rely on it sourcing relevant data, that’s easily accessible to all and complies with regulations – regardless of needing a top level report or a deep data dive!
Other advantages include:
- You can easily navigate back to the source.
- Management teams can rely on a controlled system and are free from risk.
- Bolster corporate compliance, ensuring your business systems centralise, consolidate, automate and streamline your processes.
- Meet government and professional standards and regulations in your industry.
4. Be Confident Your Data Is Accurate
“I am under pressure to make quick, informed decisions but I have a lack of access to real-time, accurate data. Our complex rebates take too long to process so I sometimes have to make assumptions I am not confident with.”
Digitising the rebate process can present accurate data every time.
Because, data from disparate sources will be brought together in a unified format, thus presenting meaningful results.
Other advantages include:
- Stakeholders can extract meaningful insights from live dashboards with real time data.
- Informed and strategic decision making can be made much faster.
- Provide a foundation for your business to build its analytical capabilities and manage operations more effectively.
5. Maximise Margins Through Effective Planning Of Budgets And Forecasting
“We spend too much time and resource managing rebates, so we don’t use them or our people in the most effective way. I don’t feel we are as strategic as we could be because time is taken up with ‘the doing’.”
Effective planning for budgets and forecasting is key to maximising margins.
So, using a digital rebate management system means:
- Buyers can track purchases from suppliers, be alerted when they are going to move into another tier for example, or how much they should be claiming – meaning commercial opportunities are never missed.
- Suppliers can use information from the system to plan their sales strategy instead of spending hours trying to work things out looking at multiple spreadsheets – driving customer loyalty.
- Overall improved efficiency in your rebate process, with better forecast and what if scenario planning.
- Gives your team valuable time they can use to strategise and make better business decisions.
It’s reassuring to know a lot of us are faced with the same challenges in our existing rebate management systems.
So, transforming the rebate management system into a digital process may just be the solution for you!
Remember, you should ensure your business software aligns with your business strategy, processes and people.
For more information, get in touch today.