Many businesses around the world have integrated various rebate management processes to get a better grasp of their B2B deals. These businesses quickly found the benefits of having a rebate management platform, inspiring other businesses to look for software of their own. While businesses stand to benefit from rebate management processes, some companies might have reservations of what these processes and platforms can do for them, and whether their businesses should make the investment. They often go into the software selection process with misguided presumptions and tend to stumble upon outdated information. Such “myths” can be misleading and discouraging to potential software users and fail to communicate the significant benefits businesses make, causing them to resign the chance to maximize the value of their rebate agreements.
DealTrack Blog — Rebate Management System
For decades, many of the world’s strongest trading relationships have been built on rebate agreements.
The people trusted with managing these mutually beneficial business deals have played vital roles. But by necessity, they’ve been cogs in a much larger machine. Their time has been absorbed by administrative tasks: collecting and keying-in data, performing audits, corresponding over disputes.
Now, the limits of rebate management are expanding.
Businesses are realizing the need for—and immense value of—even closer collaboration with their suppliers and customers. And at the same time, technology is automating rebate management administration, enabling deeper strategic insights, and supporting new ways of working together.
Liberated from mundane tasks, empowered to analyze and collaborate...
Ambitious rebate analysts and rebate accountants are redefining their roles—to supercharge their careers, and help their companies thrive.
When it comes to the complexities of rebate management and B2B negotiations, human errors can creep in and seriously compromise the value of trading agreements, especially when the process is manual. Human errors tend to create additional costs, reduce efficiency, and cause catastrophic failures.
Rebates are prevalent in many industries because they can have a significant impact on a business’s bottom-line. A buyer agrees to purchase a certain volume, or value of a seller’s goods. Once the purchase has been made, the seller refunds a proportion of the price they’ve paid. But although they sound manageable, we have found that 4% of potential rebate revenue typically goes unclaimed which can mean many industries are missing out on hundreds of thousands of dollars each year.
The COVID-19 outbreak has seen many companies being forced to embrace remote working like never before in a bid to delay the spread of the virus. Remote working will be entirely new for some companies, while others will be well experienced in working from home on various occasions.
In today’s business world, the finance department including the CFOs are expected to deliver accurate information more quickly than ever. But with large volumes of information, data is spread across an array of sources such as spreadsheets, emails, and paperwork; which only increases the likelihood of errors and inconsistencies in the process.
With personalised user experiences becoming increasingly in demand, the ability for businesses to customize software products to match the identity of their brand is essential.
Topics: Rebate Management System
Businesses that plan together, succeed together. But whenever a business makes a deal with another business, it needs to be approved on both sides. And getting that approval can be a slow, inefficient process.
Whilst many of us wish that we had the ability to glimpse into the future and see what’s in store for us over the next few years, we all know that this, of course, is an impossibility. In the world of business, however, useful processes can be put in place to predict what might happen in the future based on past and present data, in other words, financial forecasting.
Topics: Rebate Management System
In a typical trading relationship, we have three main parties: the manufacturer, distributor and the end user who is the customer. The relationship we are focusing on today is the manufacturer and the distributor.