How to achieve a single version of the truth with rebate management software
The classic Excel spreadsheet is one of the most common ways of managing rebate data. Everyone knows they come with risks due to being revised, updated and interpreted differently by each colleague who receives a copy along the way, but in the end, they do not give you a single version of the truth to make important decisions off. In fact, it is said that almost 9 out of 10 spreadsheets (88%) contain errors which can lead to disputes with trading partners and missed rebate claims, leading to a loss of revenue.
Rather than accessing and storing data across multiple tools or systems, your point of truth becomes a place where different departments can access accurate information. A centralized rebate management platform gives your rebate team the ability to jointly view and process trading agreements, rebate figures and data. This way they can be sure that all team members are always up to date and errors are minimized therefore a single version of the truth is achieved.
Here are more ways a rebate management system can help you achieve this and more.
Getting on the same page is hard when there’s too many spreadsheets. They quickly lose their connection to the rest of the business and the deals can no longer progress in real time. Plus, when they are spread across multiple computers, how do you keep track of which one is the most current. Employees get confused and errors occur, which can result in lost rebate revenue. Your goal is to create clarity around your deals, resulting in a single version on the truth.
Hoarding information required by various teams can cause interdepartmental confusion at best and tension at worst. Plus, a lot of time gets wasted bringing people up to speed and finding documents. According to McKinsey, workers spend approximately 20% of their time searching for information or for someone who can help them with specific tasks.
When rebate data and contracts are easily accessible, readily available and transparent, all employees are better informed, ready to make key decisions and - most importantly - able to save costs. With a rebate management system, all stakeholders view a single version of the truth, allowing them to sign off deals and collaborate.
Data is organized and streamlined
If different data sources are siloed away, chances are that data is duplicated. If the data is being stored in different platforms, managed by different teams, the business does not have a unified source of data which will hamper any goals the business may have. In a rebate management system all of your deal data is uploaded and calculated in real time so you can guarantee you’ll always have a single version of the truth.
A full audit trail enables you to tell what actions were performed in relation to a particular data record, by whom and when. This level of deal transparency is incredibly important as it gives management and trading partners visibility over where any given data value came from or how it may have changed. Therefore, enhancing the single version of the truth. It also enables you to satisfy any queries from auditors and regulators.
Achieve a single version of the truth today
Instead of your rebate data living in a spreadsheet on a person’s desktop, a powerful, cloud-based rebate management solution is the best way to leverage technology to capture all your deals and create a single version of the truth for your organization. With the right tools, you have deal visibility and insight, and both trading partners can easily access the information they need and collaborate in real time. With so much relying on your deals, your business can’t afford to have competing versions of the truth.