In the present era of volatility, complexity, and ambiguity, the need for continuous change in order to optimize processes and stay efficient is vital for the survival of any organization. One of the most neglected yet critical functions of the business operation that needs attention is REBATE TRACKING. Companies look at rebates as an incentive to capture market share and increase sales. Rebates act as a mode of cooperation and even inspiration between two entities, in this case, suppliers and distributors and/or retailers and customers, to achieve their individual and collective goals. Despite rebates being extensively important for business, companies still use traditional methods of tracking rebates which are prone to errors. To ascertain that the rebate structure functions smoothly without glitches, one should focus on automation. To claim rebates or to pay rebates one should invest and leverage the power of the rebate management system. However, with these benefits, an important aspect is tracking rebates and a system-driven approach to managing rebates effectively.
What does REBATE MANAGEMENT entail?
Rebate management involves all the processes of rebate execution starting from forming agreements to tracking purchases and finally to rebate claims and dispersals. In other words, rebate management is a 360-degree approach to the rebate process. As companies grow, there needs to be a system that can handle complex and large deals with accuracy and the advantage of rebates can be earned. There are better alternatives than using spreadsheets or excel. Handling simple data still may be a practice that is manageable, however, when you are dealing with complex spreadsheet formulations, and numbers that might even impact your bottom line, never mind your supplier relationships, spreadsheets are probably not the way to go for tracking and handling rebates. If you would like to have a holistic picture of the company’s earnings an automated rebate tracking tool or management tool is the solution.
Benefits of REBATE MANAGEMENT SYSTEM
There are several benefits of using a rebate management system. The benefits are listed here as follows:
- Rebate Management System Ensures Data Accuracy
- Better Efficiency with Rebate Management System
- Rebate Management System Improves Revenue
- Enhances Customer Experience
- Transparent Operation with Rebate Management System
While these are the benefits of an integrated system of managing rebates, tracking rebates is key to accounting for the outcome of the activity.
The rebate tracking or management tool also has additional benefits such as leveraging your own data for additional rebate-driven growth, revisiting deals to learn from them, and formulating your strategy. You can easily do a gap analysis based on the data.
Is a REBATE MANAGEMENT SOFTWARE Essential?
Rebate management can be done without using rebate management software; but, in today’s day and age, it would not only be ill-advised to shun the rebate management software in lieu of a manual rebate management system. What are the risks of resorting to a manual rebate management system? Well, for one, there is the risk of missing data. Then there are issues of human errors, misinformation, and the biggest of them all – time consumption. Any ambitious business would like to automate and systemize its operations before the business booms.
The data found across the rebate sheets can be exhaustive; so, can the various systems used to manage the rebates. Spreadsheets, although helpful, can prove to be detrimental to the task of rebate management when the data set surges and timely deliverance becomes a problem. Furthermore, there is the likely scenario of the staff quitting and the new joinee would have a hard time deciphering details from the excel sheet. Even without any sudden transitions, the sales team already has to manage multiple partners resulting in inconsistent tracking of performance. Sales are recorded manually using invoices, a process that is prone to errors and time-consuming. Any delay in the payout of the rebate can cause customer dissatisfaction and loss of brand image.
Now, let us focus on the systems part of the manual rebate management system. These systems often have smaller systems that are managed by different people. In case the entire functioning is not optimized, there is a clear possibility of chaos and system collapse can be expected.
These are the reasons why a manual rebate management system needs to be substituted with rebate management software. This substitution is vital and will ensure a smooth rebate operation.
Guidelines for creating a successful rebate plan
- Start by making your processes more efficient. Or, at the very least, be aware of your current procedures and willing to make improvements.
- Take into account the expense of current rebate management initiatives and the advantages of increasing efficiency.
- Find a solution that benefits both you and your consumers by asking your customers what would make their lives easier.
- Look into automating operations to reduce errors or duplication.
- Confirm that you have access to professionals who can assist you with data integration and cleansing if your disparate systems can be integrated.
- Take into account how the rebate management process’s current components may be affecting any department or function’s business needs.
- Include the people who will benefit from or use a rebate management solution.
How software for rebate management can help you?
Effective rebate management not only improves your data confidence and trade skills, which can lead to better chances and stronger connections, but it also completely changes the rebate experience. A competitive advantage can be gained by using effective rebate management software, which can also assist in enhancing communication, controlling supply chain risks, promoting stability, exchanging best practices, saving costs, or raising rebate income.