Return on investment, better known as ROI, is a key performance indicator (KPI) that’s often used by businesses to determine profitability of an expenditure. It’s exceptionally useful for measuring success over time and knowing if you’re getting your money’s worth.
Software implementation requires initial upfront costs. However, once the system is successfully deployed, it helps you obtain cost-saving benefits within a short period of time. To make purchases more appealing to stakeholders and decision makers, you may need to calculate the software's return on investment.
Whether you are just starting to think about moving to a rebate management system, are in the planning stages, or have actively begun working on your software implementation, below we delve into what rebate management software is capable of doing and the ways in which it can maximize ROI for your business.
Increased productivity and efficiency
In an organization, huge amounts of valuable time are spent on updating and managing rows of data. This tedious task involves a lot of effort from multiple employees, who don’t always have an overview of what their colleague is working on. Also, there is a chance that you get duplicate entries when manually managing rebates in spreadsheets.
A rebate management software eliminates manual intervention in performing repetitive and tedious tasks, thus saving employees’ valuable time and allowing them to focus on business areas that need improvements and that can maximize ROI. This saves money, eliminates error and repetition, and leads to enhancement in efficiency and overall productivity.
Real-time data access
The more data-driven your business is, the higher your ROI and performance. According to a McKinsey report businesses that put data at the core of their marketing and sales decisions achieve 15% to 20% higher ROI. The moment rebate management software is installed, you can check real-time information about your deals and how they are performing. The cloud-based platform provides secure access to reliable data, allowing you to conduct a complete analysis, thus help in making agile and informed business decisions that maximize ROI.
The data that finance teams want to analyse and report on is locked in their ERP systems or spreadsheets with no way of easily extracting it, and then presenting it in a readily understood format. However, with the help of rebate management software, you will be able to access a suite of reports and pull detailed reports in minutes so that you can detect any areas of concern and determine how you can maximize the ROI of your rebates.
One of the biggest problems of managing deals is that they don’t always deliver mutual benefits for either party. With multiple people involved, this can cause huge gaps in communication and could potentially delay a deal from being executed on time.
When you’re using a centralized rebate management platform this allows for improved collaboration between trading partners, as the data is compiled, stored, shared and accessed through a single system. This lets everyone have access to a single source of truth which will help ensure consistency and maximize ROI, as everyone is on the same page.
Get paid and claim faster
When it comes to maximizing ROI, one of the biggest issues is late payments from suppliers and missed rebate claims, so a proactive approach is needed to resolve this problem. A rebate management platform lets you upload all your deals into one system, so you can keep track of your deal performance and get automated alerts when the rebate is ready to be paid or claimed.
Are you ready to maximize ROI?
Making an early start with implementing rebate management software will maximize ROI sooner rather than later. It will be the beginning of your more organized business, eliminating unnecessary processes and manual data entry efforts, minimizing errors and duplicate entries, thus saving your organizations valuable time and money, which ultimately contributes to profitability and overall return on investment.