Cost sensitivity is a huge deal in every business decision, and the revenue owed to you by suppliers could be in danger if you’re still tracking supplier rebates using an admin team.
In many organisations, from midsize to enterprise level, the revenue associated with supplier rebates and similar contributions can make up the profitability that keeps a business in the black.
How do you control and track your supplier rebates?
Perhaps you employ a small army of people skilled in the art of managing a multitude of spreadsheets, all with different parameters for the complex array of supplier agreements or arrangements your buyers need to negotiate with your supply base.
Possibly you then employ a team of people to take that information and painstakingly migrate it in to a finance or ERP system to claim the rebates or contributions back from your supplier.
Sound like hard work? Then it probably is. The good news is that it doesn’t have to be (yay!).
Controlling and tracking supplier rebates with digital transformation
Digital transformation is the use of a technology to radically improve performance or reach of organisations. Operational processes are a key area where digital transformation can take you beyond just being better informed, it will change your strategic decision making process.
What does this have to do with tracking and controlling your supplier rebates?
If you are spending tens of thousands of dollars every year to manually manage your rebates or sub-contracting the services of third parties to recover hundreds of dollars in rebate based revenue – Trade and Revenue Management software can digitally transform the entire process.
Trade and Revenue Management software is a centralised database to manage the agreements between you and your supplier. With integrated Trade and Revenue Management software, all the activity associated with managing and tracking supplier rebates can be captured within the ERP. This takes the notorious complexity and risk out of managing rebates in external systems or manually moving data from spreadsheets to your ERP.
With integrated Trade and Revenue Management software you can:
Measure the the positive effect supplier rebates are having on your revenue.
Claim what was achieved and with easy access to the information you need to prove it.
Enter information easily, reducing the number of data entry points and the risk of errors.
Reduce the amount of time it takes to collect the revenue owed to you
Get your admin resources focused on higher value tasks
Digital transformation is not just another buzzword
By digitally transforming the way you track and control supplier rebates, you can spend more time helping make the strategic business decisions that will move your business forward and protect a vital source of revenue at the same time.