5 Reasons You Need a Single Source of Truth

In the case of managing B2B rebates, collaboration is vital. But far too many companies that provide rebate packages lack a centralized supply of fact for his or her knowledge, leading to weaker buying and selling relationships and fewer reliable knowledge. For companies trying to develop and keep efficient strategic partnerships, centralizing your rebate knowledge in a shared location is turning into more and more necessary. As cloud know-how and automation reshape the rebate administration course of, this degree of transparency might quickly turn into a typical trade expectation.

Companies that set up a single supply of fact for his or her knowledge take pleasure in many advantages of environment friendly and streamlined collaboration, together with:

Keep away from Battle, Confusion and Delays

A necessary a part of growing and sustaining robust buying and selling relationships is constructing them upon robust foundations of belief and effectivity. You want a course of that stops battle, confusion, delays and different troubles that may diminish the worth of your partnership.  

The foundation explanation for many issues plaguing fashionable buying and selling companions – whether or not that be ineffective communication, conflicting claims or confusion surrounding essential knowledge – could be traced again to inefficient guide processes that lack transparency and hinder communication.  

Establishing a centralized supply of fact in your knowledge can sweep away lots of the ambiguities, blind spots and impediments that muddle and clog your collaborative processes. Once you and your buying and selling companions work from the identical set of knowledge, your communication is streamlined, conflicts and confusion are minimal and your shared pool of knowledge is made extra reliable by way of mutual and steady overview.

Strengthen Buying and selling Relationships with Information Transparency

Transparency and collaboration are essential to sustaining belief in a buying and selling relationship. A scarcity of visibility into rebate knowledge or delays in data-sharing may end up in your companions feeling distant from or distrustful of your processes. One technique to take away this friction is to maintain your knowledge in a centralized collaborative system, offering your buying and selling companions visibility into efficiency and transaction knowledge.  

Merely put, buying and selling companions really feel higher once they don’t should take you at your phrase. Permitting them to see for themselves the state of their funds or the efficiency of their offers is the easiest way to keep up your companions’ belief in your knowledge.

Accrue With Confidence

When your accruals are based mostly on separate units of siloed knowledge, it’s solely a matter of time earlier than one thing doesn’t add up. Accruals based mostly on inaccurate knowledge can spell catastrophe if left unchecked or within the unlucky occasion of an audit. Establishing a single supply of fact together with your buying and selling companions ensures that you simply’re each working from a reliable set of shared knowledge, providing you with renewed confidence in your accruals.

Stop Expensive Human Errors

Spreadsheets are wonderful instruments for some duties, however they merely weren’t constructed to handle the complexity and sheer quantity of rebate knowledge. People can spend hours coming into knowledge by hand, solely to appreciate {that a} single error has rendered their work invalid. If a group is fortunate sufficient to catch the difficulty instantly, they need to then spend a number of extra hours monitoring down and resolving the error. In the event that they’re unfortunate, the error will stay hidden till month- or year-end, when it could have an effect on the accuracy of their claims and accruals or trigger main issues when an audit rolls round.

A shared supply of fact can assist each side discover and resolve errors earlier than they turn into vital issues in your companies. However even centralizing your knowledge might not stop each attainable error. Nonetheless, it can make it a lot simpler and quicker in your group to search out precisely the place issues went improper and resolve the difficulty.

Some collaborative options stop errors by taking people out of the equation. Allow’s Collaborator platform automates key phases of the rebate administration and evaluation course of, permitting your group to give attention to what it does finest.

Keep a Clear Audit Path  

Within the occasion of an audit, it’s essential to make sure all of your geese are in a row. You want clear, complete knowledge to assist your claims; any ambiguity in your half will solely serve to make the audit course of extra hassle than needed. When knowledge is unfold out and siloed between firms, the issue of buying data you want can drag the method out far longer than anybody would love it to.

With Allow’s Collaborator answer, all of your rebate knowledge is well accessible inside the platform, facilitating a extra environment friendly and pain-free audit course of. Whereas audits generally is a irritating time, Collaborator’s clear audit path and complete exercise log can assist your group be certain that you’re coated.

Establishing a Single Supply of Fact with Collaborator  

Working from the identical set of knowledge retains buying and selling companions aligned on the trail to mutual success as an alternative of warring between distant silos. Happily, automated programs – equivalent to Allow’s Collaborator platform – can facilitate efficient collaboration that builds belief between buying and selling companions the place outdated and opaque processes so usually break it. With Collaborator, you and your buying and selling companions can relaxation simple figuring out that your knowledge is at all times in alignment.

The Collaborator platform was constructed to assist streamlined collaboration between buying and selling companions. Read our blog to be taught extra about the way it works.