If you are in the pharmaceuticals industry, chances are you have multiple rebates with your buyers or suppliers.
These rebate deals might be complex, with multiple conditions (certain products, sales goals, etc). Having these multiple rebate deals then brings its own set of challenges; from calculating the numbers behind the rebates to using the data you gather in making good business decisions as you move forward. Each of the components of your rebate is important for its own individual reason, contributing to the overall growth of your business.
So, here’s our take on how rebates are used in the pharma industry, with a look at how we can help you improve using rebate management software.
1. One System for Multiple Types of Deals
No two deals are the exact same; product launches, growth incentives, end of life promotions, product mix incentives, conditional discounts – there are many rebate types you may be using at once to get the most out of your deals.
Offering varied options that cater to the needs of specific businesses as well as those that deliver for you can sometimes, however, be a limitation, or complication, as different deals will be validated in differing ways.
Luckily, e-bate’s rebate management system allows you to easily add numerous conditionals and does the complicated work for you.
You can also remove specific products, add extra conditions, and more to your rebate deals.
This allows you to be more flexible in the rebates you offer to customers, with minimal hassle.
2. Managing Distribution
As a supplier, you want to maximise the output being sold. Here, rebates are a fantastic way to incentivise bulk purchases and increase sales.
And the advantage of rebate management systems is that you can track distribution levels in real-time!
Real-time reporting allows you to monitor how distribution is going, and how much needs to be paid out to each customer.
The ability to push sales as well as manage your rebates under an automated and 100% auditable system provides extensive control making managing your rebates a breeze, saving guesswork and the task of compiling sales figures from multiple sources manually!
3. Digitalise Rebate Paperwork
So, you’ve just sealed another rebate deal and your new customer is happy.
This is great, but now you have to deal with all the paperwork, including writing documents and contracts, ensuring you have all the signatures you need, storing the paperwork somewhere safe, and of course adding the new deals to your ever-growing excel sheet, for instance!
If all this manual work after getting a deal sounds like a chore, that’s because it is.
However, with e-bate, you can digitise the entire process of offering and managing a rebate, as well as automating the intricate details and processes, right through to reconciling, making payments and claims.
Without the stress and potential errors that come with manually handling the rebate process, or using an inefficient solution, you and your team are immediately free to concentrate on more important areas of the business, bringing efficiency and a happier workforce too!.
What’s more: the contracts are customisable within e-bate, allowing you to make them look more professional, whilst still being legally compliant.
In addition, our B2B rebate management software also allows you to get deals electronically signed , so having to scan documents, or the stress of losing a signed contract in a filing cabinet somewhere becomes a thing of the past.
4. No More Excel Spreadsheet Management
Probably the elimination of your biggest headache; you can stop the full-time job of managing rebates on an excel spreadsheet, with the introduction of rebate management software.
The beauty of having a rebate management solution is: the software will monitor all rebate deals and calculate what is owed and what the stats are. Where staff have previously spent all their time managing and reporting on rebates manually, they can now spend their time in more value adding areas of the business, e.g providing input on other potential deals and aligning your organisational goals with the finances where rebates are integral.
e-bate’s calculation engine is designed to handle all of these tasks, making it simple and easy to deal with rebates.
Not only this, the calculation engine can be implemented with systems such as SAP, or any internal IT or finance system, allowing for quick and easy rebate validation!
If you are a in the pharmaceutical sector, some of the reasons above might make you rethink your current rebate management solution.
Ensuring rebates are properly managed can be a long process but automation vastly simplifies the workflow.
This greatly reduces the number of hours taken to manage such systems, saving time.
For more information, get in touch today.