7 ways you can manage your sales commission better with a robust sales commission software
Sales commission helps organizations improve their sales performance by taking care of employees’ commissions. However, most organizations prefer to manage sales compensation plans through a combination of several siloed legacy systems and spreadsheets.
The archaic system has a deep impact on the organization’s commission initiatives. As the entire effort is managed by manual efforts, the commission payout process struggles to be agile, unique, tailor-made, and error-free. Also, the traditional system and legacy commission management software is a big obstacle in collecting necessary data, calculating payouts, and resolving inquiries, disputes, and maintaining the best practices of sales commission.
Introducing a powerful and modern sales commission software helps to resolve all the challenges and do more. Here are 7 advantages that commission tracking software provides to an organization.
1) Reduced time spent on payout processes:
Organizations using traditional spreadsheets and legacy software end up consuming too much time on calculation and maintaining the complex commission logic. It ruins the payout workflow and becomes a roadblock. A sales commission software automates the entire process with its in-built sales performance management software.
The centralization of data and the automation of several administrative tasks around the payout process and incentives program helped organizations release the payment faster.
As a result, the organizations face fewer queries on commission, and sales reps can focus more on their sales activities instead of carrying out disputes over the commission.
2) Real-time visibility into the compensation process:
Sales software removes the commission communication barrier completely between the organization and individual sales reps. Sales reps get complete and real-time visibility into their compensation plans, progress, and targets with advanced analytics.
It helps to build up trust and sales reps feel confident in the organization’s commission management. They will be able to be more efficient in their selling efforts once their sales incentive compensation demands are met.
The real-time insights also help organizations to analyze sales data better, make more strategic decisions, and improve compensation plans after evaluating the effectiveness of compensation plans.
3)Improved accuracy of payments by 90%:
Traditional commission management systems are prone to error which can bring a degree of distrust to the payment process, disrupt the commission plans, and create disputes between the organization and sales reps. Commission tracking software replaces the chances of manual error with accurate and agile commission calculations and automation. It bypasses all the needs of manual edits and creates an excellent eco-system for maintaining the sales commission and sales compensation process.
The centralization of data and the automation of several administrative tasks around the pay-out process and incentives program helped organizations release the payment faster.
4) Flexibility to adapt to innovative commission strategy and plans:
As the generating leads are becoming highly competitive and the market is more crowded, the organizations are trying diverse commission management solutions to motivate their sales staff.
Sales Compensation Management software helps to implement them with perfection with various commission models and flexible sales commissions. It also helps to maintain diverse sales territories, quota, channel, and individual commission aspirations of the sales reps and unique incentive compensation programs.
And the good news is that, to introduce a new incentive Compensation Management plan, you don’t need to devise a complex system. You can do it in a matter of hours.
Also, as the sales compensation management software provides so much flexibility in introducing new commission plans, organizations can always modify and edit their ongoing current compensation plans without getting worried about the systems in capabilities. If required, businesses can change their incentive compensation plans mid-year or anytime they wish.
5) Better sales process and increase in sales:
When organizations don’t need to spend time implementing commission plans and new strategies, their sales process becomes more agile and less complicated. Organizations are able to utilize the flexibility and agility of the powerful sales commission software to align their compensation models with their corporate strategy.
As an end result, it becomes more system dependent than people dependent removing all the manual burden and chances of error ensuring excellent process, sales operations, rewarding sales cycles, and achieving more sales goals.
6) Creating a super performing sales team:
The introduction of sales commission software helps the business to motivate the sales team to do more. And when the targets are met, salespeople receive their commission on time, they stay in the organization for a longer time. Organizations can retain the best of sales talents and create an excellent sales team if all the commission methods are followed.
Also, the increased visibility of the sales commission management helps sales management to understand the performance of the sales reps and enable required coaching. Sales managers are also able to leverage the capabilities of the sales commission software to monitor outliers and poor sales practices to reduce conduct risk.
7) A comprehensive solution:
A good sales commission software has the functionalities to offer end-to-end support in commission management. To sum up-
● Flexibility in changing priorities
● Managing complex sales commission
● Managing complex territories
● Setting accurate quotas
● Generating enthusiasm across the sales team
● Delivering timely and insightful reports
● Resolving questions and disputes
● Less or zero manual intervention
● More sales insights
● Superb control on sales performance management
● Real-time analytics on sales progress and behavior
● Analyzing the impact of new plans
● Planning for reorganizations and introducing new plans
Sales commission software is helping organizations opening up new possibilities, redefining the scope of sales commission, and infusing more enthusiasm to all the sales reps. If you are yet to get introduced to the world of sales commission software, connect with us for a demo.