In today’s breakneck evolution of the business landscape, if CXOs want their organizations to thrive rather than merely survive, they must spearhead new technology adoption. Companies often hesitate to pioneer adoption as they fear downsides such as failure, cost overrun, and inadequate domain expertise.
However, there is strong evidence to the contrary. Accenture research conducted pre- and post-pandemic research on how early adoption impacted the bottom line.
Early adopters termed as Leaders form 10% of the business world, and while their growth was 2X that of slow adopters known as Laggards, it rose to 5X post-pandemic. What is more, another segment of respondent companies termed Leapfroggers saw pandemic growth rates higher than the average Leader.
Though a step up from individual deals, the trust model has put manufacturers and distributors in a complicated rebate structure.
Early adoption delivers wide-ranging outcomes
Beyond positive business impact, businesses that are early adopters of technology reap intangible benefits as well.
Blazing a trail: An early adopter organization has the freedom to experiment and create new use cases. Since you are helping them make a mark, your tech provider will closely partner with you to customize features and functionalities based on business-specific requirements. If your business adopts a technology before it turns mainstream, your organization becomes a frontrunner. You set the benchmark for the industry, and all future adopters follow in your footsteps, giving you leader status.
An example is India’s Jio, a telecom subsidiary of Indian conglomerate Reliance Industries. Within five years, Jio has shaped itself into a leader through strategic investments in fixed assets like cell towers, fiber optic cables, and cloud data centers.
Because of these investments, Jio has the framework today to accelerate digital transformation in India. The company recently entered into a 10-year strategic partnership with a tech major to speed up the adoption of data analytics, AI, edge computing, and other newer technologies among small and medium enterprises across India. Jio also saw significant growth during the pandemic, Accenture research states.
Expanding your ecosystem: When you are quick to adopt new technology, you gain membership into an elite circle of early adopters. This group can aid a business in many ways:
- Speed up the adoption curve for future technologies
- Provide advocacy for your business
- Connect you with potential investors
- Offer innovative ideas on leveraging the right technology
- Collaborate as trading partners
Future-proofing the bottom line: Manually intensive excel based systems, spreadsheets, pdfs, and siloed rebate management systems are no match for the rapidity of today’s digitally transforming business world; which is steered by AI, analytics, and cloud computing. The adoption of emerging technology ensures that organizations are equipped with the efficiency and agility to deal with a fluid scenario.
What’s more, emerging technologies are more likely to be future-ready. So your significant investments will continue to deliver returns – since your IT will only need upgrades in comparison to a complete overhaul if you had stuck to legacy systems.
Unlocking the power of data: Emerging technologies such as AI and analytics bring with them some key features.
- Integrated platforms
- Complete, real-time data views across the ecosystem
- The rapid surfacing of insights
All of these will boost your senior leadership’s ability to make data-backed strategic decisions, and help you track daily metrics easily and accurately to ensure your business runs profitably. A total win-win.
An automated rebate management system built on emerging technologies
As an exciting new solution in the rebate technology management space, Tredence’s Rebate.ai will bring all the above benefits to the rebates area of your business.
Rebate.ai is an intelligent, AI-driven, platform that enhances visibility, agility, and security across rebate programs and partners. This automated platform optimizes rebate interactions, brings disparate processes together, and offers data-driven decision intelligence to the group members, suppliers, and distributors in an equal and unbiased manner.
Some of the salient features of Rebate.ai that will give you an edge as an early adopter are:
- Workflow automation for minimizing expenditure on workforce and resources.
- Smart insights and alerts for optimized suggestions that identify missed opportunities and maximize profits.
- Unified data and vocabulary for predictive and prescriptive rebate technology management.
- Electronic rebate creation for improving transparency and accuracy of rebate programs.
- Customized data analytics to allow hyper-personalization of rebate programs, reducing the dependency on experts to track and monitor rebate proceedings.
- Cloud-based user interface for continuous access to real-time data thereby increasing collaboration between the stakeholders.
The platform offers numerous other capabilities that can be customized according to the stakeholder’s requirements. Schedule a demo right away with our experts to understand how to leverage the platform to become a leader in rebate management innovation.
Turn rebates into growth promoters
Adopting the latest technology is not an option anymore. To stay competitive, agile, and deliver equitable growth, a business has to be an early adopter.
Rebate programs are often an underutilized area for unleashing growth. Rebate.ai is the latest tech platform that can empower your business to optimize your rebate programs for a healthy bottom line.