How to simplify your complex processes with better rebate management
Managing rebates is critical to your bottom line, with high-value deals on the line one single misstep could result in serious financial loss. Historically, the rebate management process has been very ad-hoc, with various areas of the organization following different and rather complex processes. Most being handled in spreadsheets and agreements stored in dusty file cabinets.
These manual and outdated methods of rebate management allow important details to be overlooked. Fortunately, advances in rebate management software have changed how business is done, meaning complex processes can be simplified we’re here to discuss how.
Signs that your complex processes need to be simplified
- Your team are spending hours each day using spreadsheets to calculate rebates
Spreadsheets have their place in most businesses, but when it comes to managing and processing large amounts of rebate data, larger, more robust systems may be required. As they grow, it can become a complex process and you can become reliant on key people in your team for support which also slows the process down. This is not to say that you can’t use spreadsheets at all but aim to use them for less important tasks.
- High levels of errors & corrections
The number one sign a complex process isn’t working is the level of errors and corrections. If you have constant human errors then the knock-on effect isn’t just wasted time, but money as well. On the other side, if you have complex processes where tasks are frequently sent back to the executors for correction or revision, then this will lead to poor operational efficiency.
- Too many people involved in the rebate management process
If your current day-to-day tasks require a lot of different individuals and you’re regularly going back and forth for approvals or input, then your processes are too complex. The more information and materials that are handled, the greater the likelihood of a breakdown in the process.
- Uninformed decisions because of delayed or lack of reliable data
With rising expectations and demands on organizations, old-fashioned and time-consuming complex processes often get in the way of delivering the right information at the most appropriate time. To make calculated business decisions and boost financial performance the C-suite needs up-to-date and reliable information available at their fingertips.
- Siloed systems
Systems that function independently from other business-critical systems may only ever give your rebate team half the picture. Data sourced from multiple software systems may cause compatibility challenges and add an additional layer to your already complex processes. The result of siloed systems is likely to be more cumbersome and a time-consuming manual process. It is also difficult to produce effective workflows or automation with unconnected systems. What should be a simple process can often become overly complicated and unwieldy resulting in more time being taken to fulfill the process, resulting in a slower outcome.
Automation and software integration with your ERP for example benefits the entire business by collating and repurposing data through a single interface to bring the business more visibility to make better deals.
- Revenue leakage due to your complex processes
Rebate management is a process that is prone to revenue leakage if not managed carefully. As businesses grow many of them struggle to ensure their complex processes can keep pace, we have found even the best-run companies are leaving money on the table especially when it comes to their rebates. One simple error could equate to thousands, millions, and even billions in lost revenue.
Start to simplify your complex processes today
Whether you’re a business owner, c-suite exec, or manager, it’s important to communicate with your team and ask their opinion on what makes their jobs more difficult. Then you can fine-tune or remove the complex process entirely. It’s going to take a lot of patience to simplify your complex processes at first and you’ll have to regularly review what’s working and what isn’t. Encourage your team to question any complex process without purpose and reward those employees who identify ways to simplify processes.
Having the right processes and systems in place is critical for creating an efficient and productive work environment. When there are too many steps, too many approvals to ask for, and complicated systems that don’t add value, everything suffers. By making complex processes simpler, you can increase operational efficiency, which will lead to high levels of productivity and satisfaction for your team. If you’re managing lots of deals, one way to approach these complex processes is through automation.
Rebate management software is here to automate your complex processes
For time-starved rebate accounting staff, ensuring that complex processes function efficiently and profitably is a crucial, yet draining, exercise in the absence of automation software. Regulatory financial compliance adds yet another layer of complexity to rebate management. However, with automated software like Enable, fewer issues slip through the cracks thanks to a centralized deal repository that ensure compliance and accuracy when it comes to your deals.
For us, accuracy and transparency are two cornerstones of efficient and reliable rebate management software. We have designed a consistent, secure, and auditable approval workflow so you can get your agreements signed off more quickly and efficiently with reduced human intervention and effort.
As with any new technology, adopting rebate management software requires an investment of time and resources, as well as a commitment to change. Learn more about how Enable can help your business simplify your complex processes through automation.