6 ways rebate management software can increase your bottom line
For most organizations your ultimate goal is to increase your bottom line. The more profits a company generates, the better your overall growth. Rebates for example can have a significant impact on your bottom-line however we have learnt that 4% of potential rebate revenue typically goes unclaimed due to manual processes and outdated software. Want to avoid that happening at your organization? We’re here to show you how implementing rebate management software can increase your bottom line.
- Improve operational efficiency
If your organization heavily relies on tedious, manual processes that are putting a drain on time and productivity this can have a direct impact on your bottom line. If there are too many touchpoints behind a given process, the potential for human error increases exponentially. Duplicate and repetitive work is potentially being done in a few different departments and may not even be identified until it’s too late. A rebate management system can streamline your deal workflow, freeing up your team’s time which they can instead spend increasing your bottom line. This improves the processes overall, making your team more effective and ultimately, providing more value.
- Better cash flow
Relying on spreadsheets for managing your rebates means data and calculations can be incorrect due to human error and you can end up with a limited view into your cash flow as the spreadsheets are not updated in real time. Whereas a rebate management system can provide you with accurate, real time visibility so you can keep a close eye on your cash flow which will effectively increase your bottom line. More importantly, with built in reports you can see how your cash flow fluctuates on a daily, weekly, or quarterly basis.
- Claim all your rebates
We’re seeing more and more evidence of companies who rely on their suppliers or vendors to tell them what rebates they should claim. This is surprising given that rebates can be the largest contributor to profit and that missed rebate claims can directly impact the bottom line. Even rebates that are not missed take significant man hours and elapsed time to calculate and claim. By implementing a rebate management system, you can make sure your organization is claiming all additional rebate by keeping track of your deals and embracing collaboration with your trading partners. This directly will increase your bottom line.
- Better decision making
Rebate management relies on real-time data collected on a weekly, quarterly, monthly or yearly basis. Your company can then make important decisions accordingly. However, when lots of data is stuck inside many spreadsheets it can be difficult to piece everything together. A rebate management system is used to view real-time information surrounding your deals, delays can be eliminated, increasing the potential for more accurate and faster decision-making which then can lead to an increase in your bottom line.
- Reduce exposure to compliance risk
Financial compliance requires your business to adhere to their financial regulations that are in place. Regardless of how highly trained and reliable, your staff are, the fact remains that manually administering rebates increases the likelihood of human error. Contract oversights, incorrect filing, and missed milestones can all result in disputes with trading partners, and harsh regulatory fines. Such consequences can negatively impact future business and, in extreme cases, your bottom line. These compliance risks can be avoided with the successful implementation of rebate management software.
- Enhanced collaboration
With a lot of organizations now working remotely it’s even more important to consider how poor collaboration is affecting your business. This could be in the form of costly errors, miscommunication, long sign off processes and lack of productivity. For rebate teams to successfully collaborate on their deals, trading agreements needs to be easily accessible and shared within a centralized deal repository. Building collaborative partnerships internally and externally is critical to your bottom line because those working together toward a common goal will always outperform a set of individuals working on their own.
Take the first step to increasing your bottom line today
As you can see, streamlining your processes and technology is key to your business’ success and potentially the determining factor of whether or not your bottom line improves. To determine which rebate management system the best fit for your organization, assess your requirements and how it will truly benefit your organization. A system that is properly matched to the needs of your company and improves your processes will directly contribute to increasing your bottom line.