Data does not just affect only one part of the business but should be used to improve every process in all departments. However, data for the sake of data does little good for a business; and hence, the quality, visibility, and transparency of data needs constant tweaking and making sense of. Viewing data in the said manner then enhances more visible areas of the business.
Probably the most important potential positive impact of tweaking data, improved visibility and transparency of data is key for coming up with effective solutions to get an edge over the competition.
Similarly, on the other end of the spectrum, without data visibility, inefficiencies occur, such as wasted time in responding effectively to market changes. Here, rebate management is no different.
As such, when looking to better rebate management, daily operations and enhance financial performance, data visibility is critical.
Think about it: with the large amount of complex rebate data to be processed, how can you make better informed decisions if the data is not clear?
Well, you can’t.
Not only that, but if your data is currently stuck on a spreadsheet filed away on someone else’s laptop, then you’ll be wasting valuable time in trying to get hold of it. Plus, there is a chance the data is at risk of human error.
Hence, new, advanced systems should be put in place to improve visibility – giving you access to the data you need without having to rely on other team members.
With that in mind, let’s take a look at 4 ways how you can improve data visibility for better rebate management.
Replace manual spreadsheets
Where possible, you should try to avoid manual data entry, like calculating rebates in spreadsheets, especially when there are complex trade agreements.
In any case, it’s time to say goodbye to manual spreadsheets and welcome your new best friend – a stand-alone rebate system.
By investing into one of these, you will have the ability to manage hundreds of contracts with software that’s configured to your business and meets your specific needs.
Consequently, manual data entry leaves businesses open to human error and inaccuracy which will have a negative impact on reporting, forecasting, cash flow and compliance; all of which will send your business to the ground if not properly managed.
Harmony between all teams
Siloed data, disconnected systems and manual processes are some of the reasons why collaboration between teams can become difficult.
With a lack of data visibility, teams can feel frustrated from miscommunication and agreements that have been lost in translation.
So, by centralising rebate data into a single system (that is easily accessible to all), removes inconsistencies that can surface and between different departments.
In other words, getting all the information in one place allows for quick and effective rebate management, from internal staff to suppliers, buyers to auditors, everyone will be able to see exactly what has happened and what needs to happen next – bringing harmony between all teams.
As a result, there will be an improvement in communication and collaboration in a systemised approach, and because your rebate process is quick, efficient and accurate, this will lead to better business growth overall.
Automated alerts
Let’s say, you’ve missed a contract renewal for example, can you really drive business profitability?
Of course not!
Where employees are required to chase deals and opportunities, automated rebate alerts will ensure core accounting processes will not be missed.
Therefore, a rebate management system gives better visibility of data by providing proactive alerts that inform you when rebate contracts need to be renewed, when sign off is needed or when targets are approaching.
Full contract visibility
Having a rebate management system will give controlled access to suppliers and buyers, where they can view and accept online contracts, upload data files and view reports in a single collaborative area.
Together, buyers and suppliers can create, negotiate and monitor the performance of certain contracts in one place and in real-time; from the first “hello” to the final rebate payment, there will be full contract visibility.
Positively, this will have an increase on service levels, keeping the whole supply chain happy – win/win!
Overall, to improve data visibility for better rebate management, there needs to be a system in place that is easily accessible and shared across all departments as well as being efficient in terms of accessing the data when and where you need it.
These steps above will help you to get one step closer to optimise the rebate process and improve relationships with trading partners.
Above all, complete data visibility will help to see where your business is currently at and what you can do better in order to respond effectively to market changes.
