As Sales Performance Management (SPM) and Incentive Compensation Management (ICM) solutions are increasingly making their way into organizations big and small, companies are quickly realizing there is a lot of value being left on the table if they focus on just calculating numbers. Modern SPM/ICM solutions allow salespeople to interact directly with their stats and metrics, bringing the entire compensation process out from being a once-a-month back office task into playing an active role in everyday sales activities. From simple commission dispute and resolution to various adjustments and approvals, automating sales processes needs to be a top goal of SPM projects right alongside calculating compensation.
The opportunities are endless:
- A workflow process that lets salespeople enter split requests on deals and routes directly to their managers for approval eliminates the need for the comp team to do numerous manual adjustments the month after.
- A bank employee submits a referral to the loans department which then routes directly to that loan officer for confirmation can now pay the banker right away rather than hoping for back office to match up the referral spreadsheets correctly.
- Call center agents can request for quota relief from attending a training session directly on the portal and no longer must argue their call goals later that week because the training department hasn’t yet sent in their paperwork.
The business case for implementing an SPM solution is typically based on no longer having to spend time in manual work. A solid SPM solution like Varicent will greatly improve your ROI when you include automating all these other sales processes.