{"id":25149,"date":"2022-12-21T22:18:54","date_gmt":"2022-12-21T22:18:54","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/21\/rebate-strategists-university-best-of-the-best-highlights\/"},"modified":"2022-12-21T22:18:54","modified_gmt":"2022-12-21T22:18:54","slug":"rebate-strategists-university-best-of-the-best-highlights","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/21\/rebate-strategists-university-best-of-the-best-highlights\/","title":{"rendered":"Rebate Strategists University: Best of the Best Highlights"},"content":{"rendered":"

<\/a>\n
<\/p>\n

\n

Over the past four months, we hosted our \u2018Rebate Strategists University\u2019<\/a> webinar series with our Professor of Rebates and Evangelist, Mark Gilham. This series has been a huge success, so we wanted to share some highlights with those of you who may not have had a chance to watch it yet. <\/p>\n

The aim of RSU is to help a growing number of rebate managers find success by approaching rebates in a more strategic way \u2013 with exciting results for their businesses. So sit tight and we\u2019ll take you step-by-step from rebate manager to rebate strategist. <\/p>\n

RSU 101 \u2013 Escaping from Administrative Reactivity <\/h2>\n

The first step to becoming a rebate strategist is to help your team escape from the clutches of administrative reactivity to prepare for your new role as rebate strategists. Mark\u2019s advice for those dealing with a high amount of rebate administration is to: <\/p>\n

    \n
  1. Build the Right Rebate Team<\/strong> <\/li>\n<\/ol>\n

    For your rebate team, you need more than just a number-cruncher \u2013 you need someone with strong interpersonal skills who can comfortably interact with your trading partners and across your team internally. This ability can make or break a rebate operation. \u00a0<\/p>\n

      \n
    1. Develop a Reliable Process<\/strong> <\/li>\n<\/ol>\n

      To combat the plentiful misunderstandings, miscommunications and mistakes of a complex rebate management process, you need to develop a clear and reliable process that allows you to capture all your data, contracts and receipts. Many businesses employ different strategies and tools \u2013 including automated rebate management software \u2013 to ensure that your deals are reaching their full potential. <\/p>\n

        \n
      1. Keep Your Receipts and Reconcile Regularly<\/strong> <\/li>\n<\/ol>\n

        When accruing for rebates, it is common for doubts and disputes to arise among stakeholders. Discrepancies between your receipts and your actual accruals can serve as early warning signs for problems that will get worse if left unchecked. To prevent this, implement a system of thorough checks, approvals and frequent reconciliations to nip potential problems in the bud before small errors snowball into massive cracks in your year-end accounting. <\/p>\n

        Want to learn more? You can view the entire RSU 101 webinar <\/strong>here<\/strong><\/a>.<\/strong> <\/p>\n

        RSU 201: Amping Up Your Analysis <\/h2>\n

        In the next episode, Mark touches on reshaping your processes and perspective on rebates for a more strategic approach. Analyzing what you\u2019ve got currently in place and what next steps need to be taken to set yourself up to become a rebate strategist. <\/p>\n

          \n
        1. Assessing and Compiling Your Data<\/strong> <\/li>\n<\/ol>\n

          One of the first things Mark recommends during the accrual process is to assess all your data to verify its reliability. Sometimes a bit of digging is required especially if it is spread out among disparate systems before you can have real confidence in your data, but it\u2019s essential to maintain clarity throughout. The first step should be to bring all your data into a rebate management system where you can create a single version of the truth.<\/a> <\/p>\n

            \n
          1. Month-End Transactions for Suppliers and Distributors: What\u2019s the Difference?<\/strong> <\/li>\n<\/ol>\n

            If you are on the supplier side of providing a rebate to your customers, this process is simple: take your sales data, compare your rebate terms against it and calculate the amount that your customers are due. Distributors, on the other hand need to determine how much you\u2019ve earned in rebates and how much should still be in stock. <\/p>\n

              \n
            1. Avoiding Calculation Disputes<\/strong> <\/li>\n<\/ol>\n

              Calculations disputes<\/a> happen due to <\/strong>the existence of different versions of agreements, contract changes not communicated and improper documentation with ambiguous terms. These issues can cause your business to start the next deal off on the wrong foot, with strained trading relationships. To avoid this, Mark recommends keeping your communications clear and transparent internally and externally. <\/p>\n

              Want to learn more about assessing your data and avoiding calculation disputes? Watch the whole RSU 201 webinar <\/strong>here<\/strong><\/a>.<\/strong> <\/p>\n

              RSU 301: Rebate Strategy for Managers <\/h2>\n

              Now you\u2019ve assessed your data and perfected your accrual process. Now, you think you\u2019re ready to take on rebates. In this episode, Mark talks about: <\/p>\n

                \n
              1. Preparing for Year-End Audits <\/strong>
                \u200d<\/li>\n<\/ol>\n

                While auditors (internal or external) should be among the easiest stakeholders to satisfy, they are also the ones that you can\u2019t afford to disappoint. Make sure that you\u2019re managing your processes diligently, double-checking your calculations and verifying your accruals to keep auditors happy. Mark recommends running your own internal audit. Check everything that the auditor will check and be able to answer any questions or queries that may arise. \u00a0<\/p>\n

                  \n
                1. The Responsibility of Reporting<\/strong> <\/li>\n<\/ol>\n

                  After ensuring your calculations are correct, your next responsibility is reporting. Different teams require different information to be included in their rebate reports<\/a>. For example, your procurement team may want to understand why suppliers are falling behind on your rebate payments, while your relationship managers will want to stay in the loop on how much a customer is due in rebates to avoid any potential friction when offering further sales. <\/p>\n

                    \n
                  1. Mitigating Risks in Rebate Management<\/strong> \u00a0<\/li>\n<\/ol>\n

                    Rebates are only risky if they\u2019re managed inefficiently, and mitigating that risk begins with knowing the risk factors<\/a> and how to account for them. One of these is contract times because the longer new contracts take to come through, the greater the risk. You\u2019ll want to keep a close eye on the status of your contracts to ensure that they don\u2019t lapse or slip through the cracks. <\/p>\n

                    Need a more in-depth dive into rebate strategy for managers? Check out the entire RSU 301 webinar <\/strong>here<\/strong><\/a>.<\/strong> <\/p>\n

                    RSU 401 \u2013 Becoming a Rebate Strategist <\/h2>\n

                    In this final episode, Mark wrap things up with a few final thoughts about reaching your full rebate potential and managing rebate perceptions. He recommends sticking to these three key pillars to maintain a strong rebate strategy: <\/p>\n

                      \n
                    1. Set SMART Goals<\/strong> <\/li>\n<\/ol>\n

                      When managing rebates, it\u2019s important to maintain this level of structure and intentionality with your deals. A good rebate strategist knows not only what you\u2019re working to incentivize, but how to measure and assess your progress towards your goals. <\/p>\n

                        \n
                      1. Collaborative and Transparent<\/strong> \u00a0<\/li>\n<\/ol>\n

                        For any deal to be successful, the other party must know how they’re performing and what is expected of them to perform better. You can only incentivize somebody if they’re confident that they know what’s expected of them and how they’re performing. Without that transparency<\/a>, your deals won\u2019t be nearly as effective or easy to manage. \u00a0<\/p>\n

                          \n
                        1. Easy to Manage <\/strong> <\/li>\n<\/ol>\n

                          This pillar is not about the simplicity of your rebate schemes but working within your ability to create structures and processes that you\u2019re capable of managing. They should be easy to measure, calculate, share information and negotiate. <\/strong>If you\u2019re looking to increase your capacity to handle the volume or complexity of your rebates, consider using an automated rebate management software<\/a> to supplement the skills of your team. <\/p>\n

                          Want to learn how to become a rebate strategist? Watch the entire 401 episode <\/strong>here.<\/strong><\/a> <\/p>\n

                          Start Your Rebate Strategist Journey Today <\/h2>\n

                          There you have it, all the highlights from the four-part \u2018Rebate Strategists University\u2019 webinar series. If you want a more in-depth look at all of what the rebate strategists’ webinars covered download our white paper<\/a> or schedule a demo<\/a> to see how rebate management services can help you become the best rebate strategist you can be. <\/p>\n<\/div>\n