Why data visibility is critical for better rebate management
At Enable we speak to a wide range of distributors challenged with managing the complexity of their rebates. A common theme running through these conversations is the desire they have to improve visibility and transparency of information.
After all, data visibility doesn’t just affect one part of the business – it has the power to impact or improve every single process and department. Business inefficiencies are costly if your team wastes time searching for data that is siloed in disparate systems, that should be easily accessible and accurate.
As organizations try to gain a competitive edge in the current market, they must seek solutions that can provide greater data visibility to reduce human error, enable organizations to better respond to market-based threats and opportunities, and help them keep up with the ever-changing compliance policies.
When seeking to improve rebate accuracy, operational efficiently and boost financial performance, having data visibility over your rebates is critical. We’re here to show you why.
Drive better decisions about your rebate programs
When the sheer amount of rebate data to be processed becomes a central challenge in your team it can be difficult to make informed decisions, especially if your deals are complex. Fortunately, advancements in the cloud have made it easier to import and manage troves of rebate data by offering more robust rebate management software solutions like Enable.
Our platform is updated constantly in real time and comes with reporting features, giving you access to more timely and accurate information about your deals. The better the data visibility, the greater amount of ROI, because you can accurately assess the benefit of your deals against set criteria and model proposed deals to see their expected benefit before negotiations with your trading partner begin.
Less time is wasted
Because you’re not relying on data stuck in a spreadsheet or filed on someone’s desktop, precious time is not wasted. Data visibility gives you access to the rebate data you need, without having to rely on updates from members of your team. You will understand exactly what’s going on with your deals and can use the extra time to focus on more strategic activities around your deals.
You can identify any risks
When handling large volumes of data, it does come with its risks. Being able to have clear data visibility and access to the appropriate data as and when you need it allows you to identify any potential risks quicker. Plus, adjust any deals and negotiations with your trading partners accordingly. This helps to keep your deals and supplier relationships on track and also ensures that any accruals entered into finance systems can be reassessed so that the company’s financial position is not over/under stated to major stakeholders.
Encourages collaboration internally
Many attempts at collaboration are plagued by siloed data, disconnected systems and manual processes that were never fully documented. Teams can feel frustrated about a lack of data visibility. The first step your team can take into fixing this is by centralizing your rebate data into a single system, which can be accessed easily by team members throughout the organization. This removes both technical incompatibilities and cross-functional dependencies, allowing all internal stakeholders to operate more efficiently and collaborate.
Maximize your data visibility with the help of a rebate management system
Today, many organizations use a variety of manual methods including standalone spreadsheets and other legacy systems to track rebate data. Therefore, they are in a poor position to react to change, optimize business processes and to improve relationships with their trading partners. If they’re not proactive and looking at the bigger picture, businesses simply cannot compete in today’s rapidly changing economy by managing static data. Without complete data visibility, they don’t know what they’re doing well and what could be done better. However, with a specialized rebate management system they can react now and in the future.
A rebate management system can improve data visibility so that it is:
- Accessible – Data can be accessed easily and shared across every team member if needed via a web browser.
- Integrated – Integrates your rebate data with your ERP system so you can give a wider view to your entire business.
- Efficient – Have clear and easy access to your rebate data when and where you need it.
- Accurate – Make sure your rebate data is up to date and track any changes or edits that have been made to your deals through the system.