Skip to main content

Breaking News

Breaking News
Cooper expects JV plant in Vietnam to be producing truck tires by ‘early 2020'
Close
Sister Publication Links
  • Rubber & Plastics News
  • European Rubber Journal
tb-logo
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • AUTO INDUSTRY
    • BUSINESS/FINANCIAL
    • COMMERCIAL TIRE
    • FACTORY FIXES
    • GOVERNMENT & LAW
    • INTERNATIONAL
    • MOTOR SPORTS
    • NEW PRODUCTS
    • RETAIL TIRES
    • SERVICE ZONE
    • SEMA/AAPEX
    • SMALL BUSINESS
    • TIRE MAKERS
    • SPONSORED CONTENT
    • USMCA moving forward; garners industry support
      Yokohama garners 2 OE fitments on Porsche Cayenne SUV
      ADAS presents challenges, opportunities for aftermarket
      New check valve may cure Saturn's heating woes
    • F1 teams vote to stick with 2019-spec tire for 2020 season
      Icahn Enterprises issuing $750 million in senior notes, due in 2027
      USMCA moving forward; garners industry support
      Yokohama garners 2 OE fitments on Porsche Cayenne SUV
    • China's LongMarch inks deal with Servis Tyre for Pakistan TBR venture
      Yokohama launches 114R UWB regional-haul trailer tire
      Denray Tire converts retread to Michelin RT process in western Canada
      Dunlop Aircraft Tyres evaluating Indonesia as potential manufacturing site
    • USMCA moving forward; garners industry support
      Cooper recalling 163 Avon-brand motorcycle tires
      S.C. targeting illegal tire dumps via 'See it/Report it' campaign
      USTMA calls on all stakeholders to help raise scrap tire recovery rate
    • F1 teams vote to stick with 2019-spec tire for 2020 season
      USMCA moving forward; garners industry support
      Yokohama garners 2 OE fitments on Porsche Cayenne SUV
      Goodyear trialing European online retail platform in Germany
    • F1 teams vote to stick with 2019-spec tire for 2020 season
      Hankook to supply German touring car series' DTM Trophy ‘feeder series'
      Americas Rallycross folds after 2 seasons
      Australia's Supercars series renews tire supply deal with Goodyear/Dunlop through 2024
    • Mitchell 1 SocialCRM offers online appointment feature
      Yokohama launches 114R UWB regional-haul trailer tire
      Conti offering ag tire pressure/load calculating app
      Sentury custom Jeep highlights Landsail Rogueblazer tires
    • Icahn Enterprises issuing $750 million in senior notes, due in 2027
      RNR Tire honors breast cancer survivor
      Sullivan Tire Wholesale expands in New England
      Pep Boys celebrates reopening of storm-ravaged Fla. location
    • Pep Boys celebrates reopening of storm-ravaged Fla. location
      ADAS presents challenges, opportunities for aftermarket
      New check valve may cure Saturn's heating woes
      Marinucci: Lamp check and interim diagnostic deadline method
    • TIA opens application period for Michelin/TIA Scholarship
      ADAS presents challenges, opportunities for aftermarket
      Sentury custom Jeep highlights Landsail Rogueblazer tires
      view gallery
      25 photos
      Photos: A look back at 2019 SEMA, APPEX Shows
    • NFIB holding webinar Dec. 4 on new federal overtime rule
      Tennessee couple named Milex franchisees of the year
      Fight the battles to win the war
      Industry challenges stubbornly persist decades later
    • Yokohama launches 114R UWB regional-haul trailer tire
      Sentury custom Jeep highlights Landsail Rogueblazer tires
      USTMA calls on all stakeholders to help raise scrap tire recovery rate
      Apollo enters Saudi Arabian market via tie-in with local distributor
  • Opinion
  • Multimedia
    • VIDEOS
    • PHOTOS
    • PODCASTS
  • Events
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
  • Data
    • DATA STORE
    • DIRECTORY
  • ADVERTISE
  • Classifieds
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. Sponsored Content
May 17, 2016 01:00 AM

Read This and Reduce Incentives Fraud Exposure

Sponsored Content
This content was paid for by an advertiser and created in collaboration with Crain's Custom Content.
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    Show the folks in finance a sample set of your sales incentives data and chances are good they are going to see some things that don't sit perfectly well with them: invoice numbers curiously out of sequence, unusual purchases such as five sets of tires for one customer and the like.

    Incentive program compliance may not be keeping anyone awake at night in sales ops or marketing, but there is a high likelihood that your shareholders and the people in finance would feel better knowing where all the money goes at the end of a promotional program.

    Reducing payment of fraudulent claims is one of those situations where an ounce of prevention is worth many pounds of cure.

    It's so important to be aware of the impact of fraud on your promotion spend simply because it has a huge impact. Fraud is costly – and in today's competitive business environment, smart companies are always looking for ways to save money and improve their bottom line. Think about it this way: if you control the company's channel marketing or promotional spend, every dollar you save from fraud is a dollar you can dedicate towards a higher value reward in your program or rewarding an additional person. This can mean the difference between a good sales incentive program and a great sales incentive program. In turn, channel marketing people can keep their sales associates happy and the associates continue to support their business.

    Visibility Is Key

    When it comes to fraud with incentives, you don't know what you don't know – there is no large association that mandates rebate fulfillment companies to report on monthly fraud claims or set industry benchmarks.    As such, it is extremely important to take it upon yourself to ensure you have visibility into emerging fraud threats.

    Technology To Scale Audit

    As technology is advancing, people are becoming more innovative in their tactics of committing fraud. Therefore, it is important for our fraud detection technologies to keep up with these changes. On the other side, we also don't want to overcomplicate the process for the honest users by adding too many rules aimed at controlling fraud. The burden falls upon the brand (or their fulfillment provider, such as us) to constantly be updating techniques that detect and combat emerging fraud threats. This way, you can spend less time and money auditing the claims internally. Reducing fraudulent payouts gives you additional money in your budget to dedicate towards communication of the program and allows you to dedicate higher value rewards to more people. Knowing that the highest possible compliance is baked right in to your execution helps you eliminate obstacles from your terms and conditions that associates feel they might need to overcome and don't feel are worth it.

    Indicating Factors To Watch

    At 360insights, we audit 100% of the claims we process, but if you're not a client of ours, here are 3 important things you can start doing to protect your spend:

    • For starters, having to submit an invoice against each claim is critical otherwise you can't be certain it's a valid claim.
    • You need to review your data - look for claims out of pattern in your current data.  Does this claim make sense? E.g. - does it make sense for an individual to go out and buy five sets of tires?
    • Call sales associates and even call consumers to confirm information. If a claim seems off to you, there's very often a good reason for that so it is great to have somebody follow up with a phone call to clarify the details of the claim. 

    In conclusion: it's really important to stay ahead of the curve when it comes to fraud - it seems like fraudsters are always coming up with something new. We detect these and share with all of our clients.

    For more resources on reducing incentive fraud, have a look at our auditor's checklist or download our free e-book Fraud: The Most Overlooked Opportunity.  These resources will help you to make sure your company is taking the most important steps to detect and prevent fraud so that fraud stops eating into your promotional spend.

    A lifelong technology entrepreneur, Jason Atkins is the founder and CEO of 360insights.  360insights is the world's first Channel Success Platform, allowing brands to run spiffs, rebates, co-op/MDF, and sell-through allowances all processed and paid with 100% audit and powerful analytics to predict what to do next. For more information, visit: http://www.360insights.com.

    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    SIGN UP FOR FREE NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox, free of charge.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    tb-logo
    Reader Services
    • Contact Us
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber & Plastics News
    • European Rubber Journal
    • Automotive News
    • Autoweek
    • Plastics News
    • Plastics & Rubber World
    • Plastics News Europe
    • Plastics News China
    • Urethanes Technology
    • LSR World
    RESOURCES
    • Advertise
    • Classified
    • Wholesale Tire Directory
    • Privacy Policy
    • Terms of Service
    • Media Guide
    • Ad Rates/Specs
    • Editorial Calendar
    • Clasified Rates
    • List Rental
    • Digital Edition
    • Ad Choices Ad Choices
    Copyright © 1996-2019. Crain Communications, Inc. All Rights Reserved.
    • News
      • AUTO INDUSTRY
      • BUSINESS/FINANCIAL
      • COMMERCIAL TIRE
      • FACTORY FIXES
      • GOVERNMENT & LAW
      • INTERNATIONAL
      • MOTOR SPORTS
      • NEW PRODUCTS
      • RETAIL TIRES
      • SERVICE ZONE
      • SEMA/AAPEX
      • SMALL BUSINESS
      • TIRE MAKERS
      • SPONSORED CONTENT
    • Opinion
    • Multimedia
      • VIDEOS
      • PHOTOS
      • PODCASTS
    • Events
      • LIVESTREAMS
      • WEBINARS
      • SEMA LIVESTREAMS
    • Data
      • DATA STORE
      • DIRECTORY
    • ADVERTISE
    • Classifieds
    • DIGITAL EDITION