Organizations that implement compensation management solutions can expect to reduce errors by more than 90%, reduce processing times by more than 40% and reduce IT and Admin staffing by more than 50%. –IBM
Sales Performance Management (SPM) systems helps sales organizations alignment their efforts from strategy through execution, all while striving to improve the efficiency, accuracy, and timeliness of what can often be a highly complex series of administrative processes. IBM found, for example, that organizations that implement compensation management solutions can expect to reduce errors by more than 90%, reduce processing times by more than 40% and reduce IT and Admin staffing by more than 50%.
Typical SPM solutions include capacities from sales prediction to coaching, but usually the core of the system, particularly for those companies with a commissions structures,
is called Incentive Compensation Management
Automate the process of administering, calculating, reporting and analyzing incentive compensation programs while reducing errors and overpayments.
Compensating based on closed deals is a solid motivational tool for sales reps. But, the SPM solutions they rely on are complex—both from a business process and IT perspective. To ensure your SPM accurately calculates sales commissions, pays accurately and on time and performs at its best, you need well-managed business processes and supporting IT systems.
At SmarTek21, we can help you get more out of your SPM. We have a deep understanding of business processes and technology, which has helped us minimize operational issues and increase operational efficiencies for countless clients. We are also experienced in roll out’s, maintaining SLAs for performance, enhancing operational excellence and adding intelligence to tools. What’s more, we leverage a combination of IP, years of experience and custom project management tools to deliver consistent results.
Integrate with necessary systems and data sources
Sales compensation calculations require data from a variety of sources. At SmarTek21, we’ll help you compile territory information, leads and pipeline data from salesforce.com and actual transactions data from ERP systems—including SAP, Oracle and people data from HR systems like Workday. Then, we’ll help you pull data from these disparate systems into an SPM system regularly; before commission calculations run.
Configure and implement business rules
Our solution speeds up the implementation of new incentive programs. This means your team can move faster, respond to changing market needs and drive better incentives for your sales team. SmarTek21 has also established a solid knowledge transfer process, which can help you transfer operational knowledge from your commissions application developers and business users to your operations team.
Create comprehensive reporting for all teams and users
The SmarTek21 solution enables flexible reporting. This allows your team to track results, make informed decisions and allow for some creative freedom when generating reports and metrics. Our solution will also help you become self-sufficient. We’ve developed a robust self-service knowledge management system with 24×7 support and an intuitive AI-based help desk.
SmarTek21 has helped organizations make their sales compensation process more effective. Our clients have seen major improvements in sales outcomes, and recognize that a streamlined and automated sales compensation process contributes significantly to sales performance success and better ROI.
Sales Performance Management (SPM) is defined as a comprehensive solution that helps organizations drive sales alignment from strategy through to execution, while improving efficiency, accuracy and timeliness of the associated administrative processes.
Partnering with ST21 is a great way to achieve increased efficiency and productivity. SM21 understands enterprise sales compensation and provides the tools and expertise to streamline the process.
Benefits include bottom-line improvements, such as increased operational efficiency and improved accuracy, and top-line returns, such as better profitability, increased overall sales, and greater retention of talent
Increased Operational Efficiency
ST21 team, brings industry-leading technology and expertise that will automate and streamline every part of your sales compensation process:
- Gather and merge data
- Execute the sales compensation process quickly and accurately
- Build Sales commission reporting analysis
- Execute the entire sales compensation process
A well-designed sales compensation process saves the company many hours every pay cycle – freeing up sales operations staff, sales managers, and IT staff to focus on the core business of the company
Improved Process Accuracy
- A dedicated sales compensation team and products that ensures clean and validated data each pay cycle
- Automation of sales compensation plan execution, with complete audit trails and reporting
- Accuracy in payroll calculation and disbursement and eliminating overpayments, which leads to a rapid, measurable return on sales comp investment.
Companies may save as much as 50% of shadow accounting time by using a dedicated sales compensation system.
Reduced Shadow Accounting
ST21 helps companies reduce and ultimately eliminate shadow accounting from their company by bringing to bear its expertise and technology capabilities.
For enterprise sales organizations, recapturing even a small percentage of the time salespeople spend validating their pay checks, and turning that into selling time, provides a powerful return on investment.
Using a dedicated technology solution to execute sales compensation ensures timely and accurate disbursement of payroll. It also offers the ability to immediately see and download a compensation statement and further drill into line-item details.
When salespeople are able to instantly and easily review their compensation breakdown, they gain greater confidence in the process
Increased Sales Effectiveness
ST21, provides the expertise and a range of technology capabilities that allow sales operations to:
- Explain how to use the plan in order to maximize earnings
- Clarify the organization’s objectives and its current sales strategy
- Quickly deliver information about change in policy or strategy
These capabilities include “what if” calculators, a structured communications framework, sales training programs tailored to your business strategy, and more.
The right technology and expertise facilitate communication regarding the compensation plan. Thus, rolling out changes to the sales strategy, resetting quotas, and redistributing territory all become easier to manage.
Companies using dedicated sales compensation systems and following sales compensation best practices saw an increase of 2.2% y-o-y in profits as compared to those with manual processes.
Companies that partner with ST21 are often able to quickly reduce sales turnover and measurably improve employee satisfaction among salespeople.
Increased visibility into earnings details and timely, fair, and accurate payments establish a sense of satisfaction and confidence among the sales team.
Should disputes arise, they’re easy to enter, manage, and resolve, leading to a more open and more productive relationship between the sales force and the company.
Implementing a Sales Performance Management solution ultimately leads to better management and utilization of sales resources.
DELIVERING OPERATIONAL EXCELLENCE FOR YOUR SPM PROCESSES AND SYSTEMS TO ENSURE ON-TIME AND ACCURATE PAYOUTS
Reduce the time and cost required to administer your incentive compensation program