Check off rebate management software from your new year's resolutions
As we begin to wind down for the festive period, it’s the perfect time to take stock of the year gone by and look ahead to what the future holds for your organization, and the digital journey you may have already started or are just beginning. When it comes to your business’s resolutions for this year, cloud-based software should be at the very top of your list.
Businesses have been fast-tracking digitization out of necessity since 2020. As we approach the third year of the pandemic, there is a need to shift away from survival mode and into rethinking strategies and priorities. Only 7% of IT decision-makers say they’re equipped for digital transformation.
If you’re considering a new solution or replacing your legacy system in 2022, there’s no better time than now to educate yourself and your team. Here's why you should consider a rebate management solution in 2022:
Enable provides a feature-rich, robust, and secure platform for all your rebate management needs. When evaluating new software it’s important to make a list of essential features that you absolutely need. Here are some examples:
- Central library of trading programs and their program lines
- Approval workflow
- Collaborator sign-off
- Data uploads for both purchase and sales transactions
- Partner fed transaction data via Collaborator
- Program earnings, daily earnings and transactions reports
- Actual, forecast and accrual earnings calculations
- Granular earnings calculations
- Forecasting module with automatic accrual band setting
- Payment allocation and payment history
- Debtor’s reporting
- Authorization of payments to customers
- Workflow approval of payments
- Watchlist app to identify risks and opportunities
The more you can digitize company processes, the better you’re able to use these solutions in tandem. The beauty of an ERP integration is that you almost never have to copy information from one space to the next. You will have up-to-date, accurate data across all your platforms.
If you asked your rebate team how many of them are bogged down with manual processes, we are sure 90% would say yes. Using rebate management software can help with efficiency by streamlining information and eliminating data entry, so you can get a clear picture of where your deals stand at any given point in time. Additionally, it’s easier to document, track and search for past agreements because they are easily located in one place.
Keep auditors happy
Rebate management software makes it much easier for auditors to find the information they need. With one single source of truth, you won’t have to worry about reconciling numbers across spreadsheets saved on various staff computers—or worse, trying to find paper files.
Rebate management software gives you a clearer picture of your deals in real time. You can also run numerous reports for up-to-date snapshots of your finances. Your data is automatically backed up, whereas those relying on spreadsheets are potentially leaving themselves open to data loss with risks of human error.
Sensitive data is secure in the cloud
In an age of increasing cyber threats, enhanced security is one of the key advantages of cloud computing. Research shows 94% of businesses that switched to the cloud have seen an improvement in security and 91% say the cloud makes compliance easier to manage. At Enable we use Microsoft Azure to host our software.
Data driven and actionable insights
The data that surrounds your rebates and B2B deals is invaluable information just waiting to be identified and acted upon. Of course, sifting through that data manually can be very difficult and time consuming, unless you have access to the right rebate management solution that gives you an accurate view of your data in real time.
At Enable we are equipped to provide you with reliable and responsive customer support, staffed by our expert Customer Success team, to handle any of your questions and requests. We also have the data to back this up. Enable was recently awarded Best Support from G2, out of all the other qualifiers in the revenue management category we had the highest satisfaction rating with 91% of users likely to recommend Enable. Our quality of support was also rated at 99% and ease of doing business with at 92%.
Is your organization struggling to collaborate effectively with each other and suppliers? One of the main drivers of this disconnect comes down to ineffective technology. With access to a collaborative portal everyone can view and share information easily and securely. With real-time editing of trading agreements, this ensures every employee has the current version.
Significant ROI in less than 3 months
Digital transformation remains a complex process for businesses and requires continuous commitment. IDC analysis found that European organizations invested $332 billion in total into digital transformation initiatives in 2020, but only 26% delivered any ROI on those investments. With Enable by your side we can guarantee a significant ROI in less than 3 months.
Making the switch to rebate management software
In 2022, spending on digital transformation (DX) is projected to reach 1.8 trillion U.S. dollars. Changes in technology affect people throughout your organization, so the entire team, or at least key members should have input on the decision. Gather feedback from the team on which features are “must haves” and which ones are “just wants.” Then work with IT to narrow down the list of prospective vendors to three to five solutions to research in-depth and test drive.
Make sure you spend your IT budget wisely and with a company that has a continual focus on customer satisfaction and updates their product every 6 weeks so that customers can explore endless deal opportunities to maximize rebate revenue.
Get in touch to see how we can help you transition.