Procurement teams are missing tens of thousands of pounds worth of rebate income opportunities and are wasting on average 24.5 hours a week managing ineffective processes, according to industry research we have collected over recent months.
We targeted Procurement Executives and Managers through to MDs and CPOs to better understand the challenges around managing supplier rebates agreements. Respondents were asked a series of questions around their current supplier agreement process, and the findings have been published in our latest research report. Download Here
One of the key areas the research explores is the degree of which procurement departments are challenged with the process of managing supplier rebates. The report uncovers that a huge 93% of respondents have an issue managing supplier agreements and a further 64% stated they regularly loose out of rebate revenue because of insufficiencies with their current system. If this is matched with the average amounts people are missing out on, which range between £10-100K and the 24.5 hours per week on average companies spend managing the process, the cost to businesses is huge.
Simon Brake Director of Trade Interchange says ‘“The research indicates that many companies lack an effective method for managing supplier rebates efficiently. The fact that most companies are using relatively ‘manual’ methods to oversee complex supplier agreements supports our findings that 93% of respondents have a degree of challenge managing rebates.”