Rebate management covers all the processes from issuing the rebates to tracking and even recording them. Many companies employ a team to handle this and could use both conventional as well as manual methods to manage this process. But as the business grows and the focus shifts towards data, it is challenging if possible to handle rebates manually. Automation is vital in streamlining the rebate management process resulting in maximum efficiencies. There are some critical business pain points that rebate management software can solve, some of which are as follows.
If you are looking for business excellence to grow your organization, it is vital to have cost and operational efficiencies. While the traditional cost-saving methods or sales & marketing strategies will help achieve those goals to some extent, getting creative with managing rebates will ensure the best results.
Lack of Visibility of Business Performance & Profitability
It is imperative to have access to the right data and metrics to monitor business performance and profitability. Unavailability of the same can lead to poor decision-making, inappropriate financial reporting and governance, loss of reputation, indecisiveness, and loss of opportunities.
Solution: A rebate management software can address this by providing data accuracy, real-time tracking of data, platform access for better visibility, and an inbuilt auditing system authenticating the data.
Inconsistent, Varied, & Contrasting Feedback
Manually handling the rebate management could lead to inconsistency in managing relationships with channel partners leading to inconsistent feedback. There is always a possibility of manual error resulting in someone else being unhappy with the brand.
Solution: Deploying the right software will enable a healthy and consistent information flow. The vendor management team will be better positioned to channel their efforts on building a better relationship with various channel partners.
Manual Data Tracking
Manual data tracking is an inefficient way of using an employee’s time. It is a transactional job and leads to errors and fatigue. It may result in the unreliability of rebates.
Solution: A software system automates the collection of information and makes rebate schemes visible with better accuracy and less manual intervention, thereby utilizing employees’ time and effort for better jobs.
Ambiguity in Communication Internally & Externally
Clarity and conviction of the various rebate deals available and the benefits of the same are important for both internal and external stakeholders. If your team lacks clarity, they will not be able to effectively manage the channel partners and effectively engage with them. Suppose your retailer or distributor is not convinced or experiences any kind of ambiguity and confusion in communication and understanding of the deals and their benefits. In that case, they may not be able to drive ROI.
Solution: A rebate management software serves as a single platform providing all the relevant information which can provide clarity, calculations, and notifications on important timelines.
Complex Agreements & Alignment
Compliance is paramount for making any business sustainable and reliable. If there are no appropriate systems in place to monitor, it could lead to legal issues.
Solution: Managing legal agreements and seeking alignments through a platform can help avoid risks pertaining to legal frameworks.
Apart from the above pain points, it is not only important to deploy the software and reap its benefits but also to train your staff to understand and utilize the platform effectively. The other important aspect remains to select the right kind of software suitable for your business and industry. In the digital world there are many players who provide rebate management-related software and services, but making the right choice is prudent and critical. Evaluating the choices available is also a challenge and internal expertise is needed to suggest the relevant one.
The other long-term challenge is timely updates. In the digital era, every technology and platform undergoes updates and upgrades in line with trends and changing needs, hence these also need to be taken into consideration from a future perspective. Purchasing or deploying software for managing rebates is only half the job done, user-friendliness, timely servicing, and upgrading are cyclical for which an operating and seamless process needs to also be put in place.
Rebate Management System is no longer just a part of the sales & marketing process, it has a larger purpose and benefit that adds value not only to the financial profitability of the organization but also an advantage to all channel partners. Hence, it is important to select the right software that serves your needs and helps in growing your business. We at O4S, are happy to help!