Why Switch to an Online Rebate Solution?
There’s no question about it. The future of rebate management is online. The time has come for basic ERP software and spreadsheets to be pushed aside to make way for an online rebate solution that can fulfil your growing rebate requirements.
For many companies, the search for an online rebate solution is sparked by either rapid business growth, missed opportunities or a way to drive more efficiency across the business. Either way, there are endless examples of why you should switch to an online rebate solution.
What is an Online Rebate Solution?
As the name suggests, taking your rebate management online begins with a solution that automates the entire process and bridges any gaps. By running your entire rebate management process on a single cloud-based platform, you can capture everything in a centralized repository. You and your trading partners work with a single source of truth where you can author, agree upon, execute and track the progress of your deals.
Listen, we don’t mean to brag, but we think we’ve got a pretty great rebate management solution, and we’re just going to come out and say it.
Don’t believe us? Enable’s features include:
- DEALS. Configure complex rebate agreements and then calculate and allocate earnings.
- COLLABORATOR. Securely share deals with trading partners.
- PROMOTIONS. Manage high-frequency standalone lump sum deals.
- EXECUTIVE DASHBOARD. Identify your biggest opportunities.
- PARTNER DASHBOARD. Incentivize buying and selling behavior.
- APPROVAL WORKFLOW. Approve or reject a trading program proposal.
- WATCHLIST. Never miss an earning.
- PROGRESS TRACKER. See progress made toward ongoing deals.
- FORECASTING. Greater control over and visibility of future performance.
Those are pretty great features.
Stay Ahead of Opportunities to Increase Revenue and Reduce Risks
Every rebate agreement should be continuously monitored to ensure that it makes sense to renew when the time comes. If you don’t keep an eye on it, you’re missing an opportunity to terminate if it’s no longer needed or isn’t performing, renegotiate more favorable terms, or make updates. When your rebate agreements are stored in an online rebate solution, you can see all of your important details in at a glance and take needed action at the appropriate time.
Prepare for Profitable Growth
By their very nature, rebates drive behaviors that unite partners in pursuit of growth and with a focus on the end customer. Storing rebate agreements on disparate systems and tracking them with spreadsheets can work if you have a small number of low-value, low-risk agreements – but it isn’t scalable. Effectively managing your programs takes time, hard work and incredible attention to detail, even when you have the right tools in place. Trying to accomplish the feat manually becomes a near-impossible task once your deals grow to a certain size or level of complexity.
Relying on a manual process for rebate management makes it challenging to achieve a high-level overview of your rebate agreements. If there isn’t one central place where everyone who touches rebates can go to find detailed and granular information, your team could be making uninformed decisions without understanding how they impact other deals they have in place with various trading partners.
Gain Back Time and Efficiency
Manual rebate management takes time. Keeping up with all of the trading partners, deadlines, and obligations to ensure your rebate agreements remain in good standing is a never-ending loop. Instead of your rebate team being stuck spending valuable time on basic, low-level tasks they can be more strategic and productive with an online rebate solution. According to our research, companies using a dedicated software solution to manage supplier rebates typically spend 40% less time on month-end activities.
Rebuild Loyalty and Trust with Trading Partners
Currently, a lack of trust and siloed data are eroding the supply chain, subtly reshaping trading behaviors between manufacturers, distributors and retailers. Trading partners should be able work together without friction, without data siloes, without agreements that can’t be found. They should agree upon, execute and track their trading agreements in an online rebate solution accessible to all parties. This cohesion and shared data bring about transparency and helps rebuild the loyalty and trust that’s needed for trading partners to operate as seamless extensions of each other.
What Makes Enable’s Online Rebate Solution Unique?
With Enable, you can:
- Drive the right behavior and the best possible outcomes for your business and your trading partners
- Have up-to-date, granular rebate data lets you accurately forecast and understand your true returns
- Boost financial performance, mitigate risk, and drive efficiency while building trust across your trading partners
- No longer leave money on the table due to poor rebate management
- Receive a quicker time to value — you’ll get a positive ROI in under a year
It’s pretty straightforward: moving online makes rebate management easier from end to end. Are you ready to make the switch? Schedule a demo or speak to your CSM about our other features.