When running a business, we’re always striving to improve our operations in one way or another. Over time, outdated systems can harm your bottom line without you even realising it. If your business is very process driven, you need a solution that can simplify workflows, automate repetitive tasks to allow you to continually innovate and attain business growth.
One of the most powerful digital transformation tools for any business who manages complex deals is an effective rebate management system. Which can help you to boost financial performance, increase operational efficiency and mitigate business risk.
According to a recent PwC US CFO Pulse Survey, 32% of US finance leaders say their tech-related spend was driven by growth. So, if growing your business is at the top of your agenda this year, read on to see how a rebate management system can help you reach your business growth goals and succeed in years to come.
Reduce the number of software systems
As a software provider we know how necessary software systems are for not only keeping your business up and running, but for business growth too. Software tools can help you automate business processes and help you save both time and money. But if you are using too many different software systems, they may become more of a hindrance than a help.
By conducting an analysis, you may find you are using separate systems whereas you could be operating just as efficiently and accelerating business growth by using one platform that performs many tasks. Having separate systems causes costly inefficiencies, they also encourage your workforce to work in data silos, and not collaborate and share information.
Once you consolidate disparate systems, you actually help your staff utilize their time more efficiently. Your employees won’t have to look for a piece of information across multiple platforms. With one centralized platform, all pieces of information are easier to retrieve and less employees will need to be trained. They will only need to learn how to use one system and that will save you money in the long term.
Investing in a rebate management system will let you take back complete control and integrate all of your departments into one single system that operates from one centralized cloud-based platform. You will be able to streamline business processes and allow for easy sharing of data and collaboration between all of your departments.
A rebate management system will reduce the cost, and complexity of managing your deals and, ultimately, you will be a leaner and more efficient organization, poised to handle any challenges with your trading partners, take on more complex deals and be on the path to business growth.
Data automation brings faster results and decision making
To grow, you need to make strategic decisions and strategic plans. Real business growth can’t happen without a strategy that is driven by clear, comprehensive and timely information. The deal economy as we call it is moving faster than ever before. To stay competitive and grow in this fast-paced business climate you need to be using a rebate management system that can help you access and analyze all your rebate data and figures. Building a strategic plan for growth based on real facts and figures will give you a solid foundation, and make you confident that the direction you are taking your company is the right one.
Because data is neatly organized within a rebate management system and is fully integrated it can help you manage and automate all of your deals, making you not only more efficient but claim more available rebate. You will find simple processes that usually take hours or even days to complete, simply do not always require human interaction and can be automated to free up time for more important matters that will aid business growth. Reliable information is always neatly available to the business owners and managers. The organization can use this data to spot challenges, identify opportunities, and make effective and informed decisions at all times. Without rebate management software, management must either wait until the numbers come in at the end of the month or quarter to make decisions or make decisions based on data that is weeks or months old.
Real-time visibility into your deals
For any business, information and data is one of your most valuable assets and essential for business growth. By utilizing rebate management software, your deals are updated in real-time so that the entire rebate team has access to a single, accurate version of the truth using intuitive reporting and analytics. The ability to monitor deals in real time provides the ability to react quickly to any issues and negotiate more profitable deals if needed.
A rebate management system can support a higher calibre of complex deals compared to a spreadsheet or ERP system that can only handle more simple rebate programs. For example, if you are a buying group this is an attractive reason for members to join as there is more creativity, flexibility and even more ways for them to gain more rebate revenue. Meaning you can achieve business growth and maybe even offer more products/services.
The accuracy and automation of a rebate management system can decrease operational and administrative costs. One of the reasons is because it allows users to make quicker, more informed decisions. Decreased costs equate to higher profits, and once business owners understand where they’re saving money, they can discover other cost-saving opportunities in the business, too which they can use to support business growth.
Stronger internal collaboration
A lot of businesses adopt the silo approach, where each department operates very independently. However, the issue with this type of attitude can cause duplications of the same data, stored in various locations, which would highly likely cause chaos and disconnect amongst various functions as well as the wider business.
By having a robust rebate management system, users across various departments are not only able to immediately access and rely on the same up to date information but they can collaborate internally, creating a clearer decision-making process. Moreover, it reduces the misunderstandings and communication gaps that can be very costly for organizations and put a strain on business growth.
Are you in the best position to grow your business?
There is no doubt that over time, your inadequate software systems will begin to hinder the business growth you are trying to achieve. The real-time data that a rebate management system gives you lets you build a solid foundation for your business to flourish. You need to leverage technology now if you want to maintain control over your rebate management processes and stay ahead of the competition as your company grows.