Everyone knows the importance of building a great relationship with clients, however in reality this task can be a bit more challenging and complex, especially when you have to manage rebates.
In order to have an efficient rebate management process companies must track transaction details carried out within each trade agreement for a particular client. To encourage client loyalty these promotions can run for longer periods of time enabling them to get a bigger discount. In other words, we are talking about a massive amount of detailed information generated over a lengthy period of time that has to be properly managed. Sounds exhausting, right?
Most companies try to use Excel spreadsheets to manage rebates, however they lack the functionality to manage all this information. What we can see is a big number of companies unable to gather data and drill down results. Without a doubt, this information is imperative for businesses that are working towards building a solid, transparent and long lasting relationship with clients.
The good news is that there is an alternative for making the rebate process simple and easy to manage. That alternative is rebate management software.
Why is rebate management software so great?
When developing rebate projects companies can utilise rebate management software to measure every action and track the results for each goal that is defined. Companies can also identify patterns and understand the behaviour of each client by analysing their transactions. This provides the opportunity to create a positive and transparent relationship that will generate value for your customer whilst at the same time helping increase profit margins.
1. Ease of Use
An easy to use interface that combines intuitive visual cues allows the user to execute tasks quickly and easily. With features that support simple and quick set up processes, the main goal is to make life easier for the user and dramatically simplify the discount management process.
2. Flexibility when setting up rebate programs
One of the main features of the system is granting the user the option to create different trade agreements using customer/product attribute breaks. This allows the user to set attributes such as customers, products, customer groups, product groups, geography, etc. to easily manage the trade agreement and make it more flexible.
There is no need to export data and calculate accruals in various programs (this is a recipe for error and inefficiency). A single system can generate reports and analyse data instantly, being able to identify financial impacts and determine which discounts and incentives offer the best return.
The system can quickly and accurately calculate all prices and discounts that have been agreed upon with the customer and are detailed in the trade agreement. It also enables inclusions/exclusions and date effectivity, limiting manual intervention at order entry.
The system is easily integrated into any ERP system or any other accounting system that the company uses, providing a single source of data for your company and allowing data to flow between each system. A good use for this feature is generating invoices.
Business can finally have a win-win rebate strategy!
Companies ultimately benefit from rebate management software as increased efficiency results in increased profitability.
Customers and vendors appreciate the transparency that comes from the use of an efficient system where it is easy to find all the details related to discounts thus building a trustworthy relationship.
The reasons why everyone loves rebate management software is because, in short, rebate programs become more effective, relationships are strengthened with vendors and customers, and revenue loss is reduced!