If you are following the model of salary and sales-based incentives, putting the goals and objectives out on display and on your devices for communication is an unmatchable convenience not just for you but for your sales representatives too. A sales compensation management solution suite automates the calculation of incentives and provides a detailed look into the earnings and performance of all stakeholders. To be able to compare their performance with goals, track their growth, and get access to their potential earnings, what more can the salespeople ask for?
Owing to the increase in demand for this kind of automation in the market, we have shortlisted the top ways in which Incentive Compensation Management Software can fuel your success:
1. Usage of Analytics to increase sales:
In order to tackle the challenge of forecasting the demands of consumers and eventually understanding sales patterns, analytics and big data are required. These technologies can help organizations come up with the best estimates of customer or geography-level demands using predictive algorithms. It also helps them visualize behavioural patterns of their key customers. With the help of actionable information, efforts can be made to sell the products and services at the predicted target time to the target audience or the target region for better outcomes and sales performance.
2. Increases earning potential of salespeople:
Good solutions enable organizations to provide actionable insights to individual salespeople to help them improve their overall performance. In addition, it provides complete visibility into current performance and the breakdown of calculated incentives. It also gives access to what-if calculators for salespeople to analyze their future earning potential based on closing deals from their current pipeline. This acts as a great way to align reps to their incentive plans and motivate them to perform much better.
3. Saves Time and Money:
Without a doubt, companies spend a considerable amount of time, energy, and human resources in manually managing inputs, estimating and cross-verifying sales compensation amounts for their salespeople using Excel spreadsheets or home-grown systems. Even after this, it can get incredibly confusing. Results become prone to errors and, at times, create several auditing issues. Automation of sales incentives processes makes the process much simpler, improves the operational processes and significantly reduces the incentives calculation time. Not needing any skilled consultant to add complicated formulas in a spreadsheet that might still lead to inaccurate results and could probably take much longer to process is clear merit, hands-down!
4. Set goals and keep track of them:
These platforms allow sales operations teams to allocate fair sales targets after modelling different business scenarios. Built-in process transparency can expedite the buy-in of salespeople to their calculated sales targets. In addition, these platforms are designed to enable salespeople to monitor the sales performance on a daily, weekly, and monthly basis. Using interactive dashboards and reports with sales data summaries, salespeople may also track their ongoing performance and resulting earning potential. This sets a great deal of motivation. The best thing is you can set them up in just a few clicks, with no coding is required.
5. Maintains Transparency and Visibility:
Sales reps know this in real-time about how much sales compensation they have earned. There is no shadow accounting. Nothing beneath the books. The personalized scorecards for the employees provide complete visibility and transparency. People across reporting levels also get access to their own performance, summarized information and reporting-level details. The finance/HR/Operations departments do not need to create temporary statements, as reps already have access to the data. Teams and individuals looking at the same set of data align the understanding and knowledge of all the employees.
In a nutshell, by using incentive compensation management platforms for automation, organizations get significant additional benefits as compared to just regular operational gains. These platforms facilitate a trusting environment and improve the overall culture alignment within the organization resulting in higher engagement, lower attrition and better sales outcomes.
You may also check Automated Sales Incentive Solution: A Good Investment? to know more.