LBMX Announces Next Generation Rebate Management
LBMX Inc. announces a next generation rebate management solution for independent distributors, focusing on buying groups, suppliers, and independent members.
Specifically designed for the supply chain comprising independent distributors and their purchasing groups, LBMX’s ground-breaking Genesis rebate tracking and optimization solution is one pillar of LBMX’s B2B platform for independents. Built on LBMX’s proprietary group-member architecture, LBMX’s rebate platform ensures suppliers, buying groups, and independent distributors can connect once to the supply chain and share real-time information. It also allows seamless integrations with LBMX’s Product Information Management (PIM), LBMX Analytics, LBMX OneConnect (EDI), and other solutions on the LBMX platform. This innovative solution provides distributors with one holistic view of all their rebates, from all group relationships, from all supplier programs.
“Independents want one place where they can manage all their rebates, regardless of whether they are passed down from the buying group, generated from supplier relationships outside of the group, or realized from additional negotiations above and beyond the group program, says Steve Seguin, VP, Products at LBMX.
LBMX’s current rebate solution, which is recognized as the leading product in real-time rebate processing for buying groups from $25M to over $5B in transactions, will adopt this new architecture. It will result in a new generation solution for both buying groups and independent distributors that can seamlessly work together or as separate solutions.
Distributors will be able to take advantage of rebate programs set-up at the group level, add regional suppliers and even handle over and above rebates to existing group programs. Independents and suppliers will be able to electronically manage the creation, negotiation and communication of vendor buying agreements and the new architecture allows suppliers to advise their customers of program changes to their contract deals. The product will have full access to LBMX Analytics providing up to date understanding of the impact of supplier rebates both over the web and on mobile devices.
Kevin Cox, Chief Product Officer of LBMX, says this type of architecture reflects how the supply chain for industrial distribution actually works, ensuring rebates are not just managed but optimized. “We focus on calculating rebates based on real-time transaction documents and not on supplier sales reports or customer receiving documents, which only reflect the view of one party in the supply chain.”
The Genesis version of LBMX Rebates will be generally available early in 2023 joining LBMX PIM, Analytics and OneConnect which currently enjoy substantial penetration with buying groups, industrial distributors, and suppliers.
LBMX offers a business-to-business marketplace platform, helping independent businesses, their buying groups, and suppliers buy better and sell more. Its Private Group Marketplace for Groups has transformed billing and ordering, rebate management, real-time analytics, e-commerce and product information management across the building materials, HVAC, plumbing, sporting goods, industrial supply, manufacturing, and agricultural industries. Its LBMX Supply Cloud platform allows suppliers to look at their industrial distribution customers through one lens, offering full EDI, PIM, Analytics and Payments.