Companies can save a lot of money. By giving your sales force clear visibility into their performance against targets, they can reduce the stress of managing sales commissions and increase revenue. Before starting your ICM project, be sure to keep the following in mind. Make sure you give yourself enough time to think about the situation.
Many variables can make a difference. Failure and success When deciding whether or not to invest in an ICM solution, we explain 5 important aspects in this kit.
Investing in the right ICM solution for your business can keep you competitive over the years in the industry in terms of growth, rep retention, engagement, and flexibility through increased agility in the critical process of managing employee compensation. sales.
Other motivations to invest in new incentive compensation software include:
It takes too long to modify your current ICM.
You have lost the ability to program the software internally.
You are unnecessarily dependent on high-priced advisors.
What is ICM software and how does it work?
Each part of the ICM software allows you to calculate and track commissions, as well as streamline your company’s incentive compensation processes.
The difference between providers generally depends on how the process works and how much responsibility their team takes.
Any sales compensation solution should, at a minimum, allow you to:
Create your incentive strategy.
Align your incentives with your company goals.
All or some of the clearing processes can be automated.
Reports can be used to inform people about performance.
Why should you invest in ICM Solutions?
Unlike large corporations, smaller businesses rarely have a problem receiving sales commission payments. Because the number and complexity of people involved are limited, it can easily be handled by one person in a spreadsheet. When a business grows beyond 100 salespeople, spreadsheet-based annual bonus management becomes inefficient and time consuming.
Steps to choose the best ICM solution
List the common positions you encounter on a yearly, monthly, and weekly basis.
Define how much each stakeholder needs from the solution and rank them in order of importance. Make a list of what your dream solution can accomplish for you.
Calculate your cash outflow.
The true cost of owning corporate ICM software is often underestimated. Along with membership fees, don’t forget to factor in salaries, advisory fees, and missed opportunities.
Create a provider profile and start the search process.
Do not choose any random numbers for the shortlist. Until you’re ready to make a final decision, talk to vendors who can provide what you want and who you prefer to work with.
Work with vendors to test scenarios.
Most ICM software providers avoid this critical step. Ask vendors to demonstrate how they handle complex plan modifications during (or before) the demo, especially after the initial setup.
Here are some of the steps you can take to find sales commission software. You can also opt for ElevateHQ, a fully automated commission management system to manage everything from fee to real-time payments.
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