As companies evolve and their type and volume of rebates expand, some of the systems and processes that made sense in the past may not be optimal in the present. Organizations that rely on out-of-date, legacy solutions may be exposing their companies to avoidable risks. That’s why regular health checks are necessary — to identify potential problems and fix them before they create bottlenecks within your team.
A health check should aim to answer at least three questions:
- What ROI has your existing system and/or processes delivered?
- How effective and efficient are your current processes for rebate management?
- As the business grows, what are your future requirements?
Let’s dive in!
Rebate Management Warning Signs You Shouldn’t Ignore
- Your business and deals have evolved, but your system hasn’t
If you’re using a legacy system, it was tailored to meet your business’s needs at the time. You may have implemented that system months or even years ago – and it may not meet those needs anymore. It’s very likely that your legacy system remains customized to outdated requirements. This can result in frustration among your teams, who may find that the system no longer aligns with their current needs and cannot keep pace with the demands of complex rebate programs.
- Manual processing is taking place
In the event that your team is unable to access the necessary information from your legacy or ERP system, they may resort to manual methods such as paper or spreadsheets. However, this approach can be a drain on your business’s time and resources. Moreover, using isolated pieces of information can result in serious inaccuracies and inconsistencies. These issues could hinder the growth of your business and result in future disputes with trading partners.
- Lack of real-time data
If your business relies on multiple systems and lacks cloud-based solutions, accessing real-time information can be a significant challenge. This can result in the time-consuming process of data re-entry and manual consolidation to run reports and make decisions, which can render the information outdated by the time it’s obtained. This approach can be both tiresome and time-consuming, and it’s crucial to remember that time is money. Your team cannot afford to waste hours waiting for data before taking the next opportunity.
- Your rebate calculations are inaccurate
If your trading partners raise concerns about the accuracy of payment amounts, whether you’re the one receiving the rebate payment or making the payment, it’s natural to suspect that there may be an error in your rebate calculations. Such disputes can erode trust and even lead to overpayments if the figures aren’t verified for accuracy.
- Bad decisions are made time and time again
In today’s competitive business landscape, companies must effectively utilize data to stay ahead of their rivals. To make informed decisions and seize opportunities while mitigating risks, businesses need to be able to sense what is happening in the present and anticipate future trends. Without access to real-time data, guiding the business becomes an extremely challenging task.
Benefits Of a Rebate Management Health Check
Now you’ve seen the warning signs, we hope this encourages you to take the appropriate action. A periodic health check will help you identify small issues before they become large, as well as help proactively plan for future changes. Here are some benefits:
The saying “time is money” rings especially true in the context of rebate programs. Conducting routine health checks is crucial to proactively identify and address any potential system issues in a timely manner. By doing so, downtime and operational disruptions can be minimized, and the system can function optimally.
Fragmented and isolated deals make it challenging to measure performance. If you consolidate all your data, you can gain a comprehensive perspective on the performance of your rebate programs, identifying those that are successful and those that are struggling. Moreover, you can determine which trading partners are collaborating with you and which ones are not.
- Identify bottlenecks and errors
In order for a business to thrive, it must operate at peak efficiency with minimal downtime and delays. Within rebate management, bottlenecks and errors can lead to significant losses in time, resources and efficiency. This can result in missed deadlines, extra costs, and a reduction in trading partner confidence, so it’s best to identify them early.
Without the hard work of your team, your rebate programs would not be effective. To maintain high morale and encourage daily productivity, it is crucial to provide them with the necessary tools and processes to perform their best work. With streamlined procedures, your team can focus on high value tasks instead of wasting time searching for documents and entering data manually. This will lead to a happier workforce, ultimately resulting in increased productivity and revenue.
Enable Is Ready to Assess Your Rebate Management Health
It is crucial not to overlook the significance of health checks as they offer actionable insights to identify the strengths and weaknesses of your system and processes. If you’re unsure whether your rebate management system requires a health check, reach out to us. Our team can provide comprehensive guidance to help you establish a fully automated rebate management solution tailored to your business needs.
