Incentives are what ultimately drive behavior to achieve corporate objectives. It’s evident that lots of careful consideration and planning factor into incentive strategies. Despite being at the crux of driving productive behavior, relatively few organizations have been able to approach incentives strategically.Today, many companies are still using excel spreadsheets, homegrown database systems and even outdated commercial solutions to design and process their incentive pay. Unfortunately, the manual nature and rigidity of these systems force compensation teams to focus their time crunching through manual processes and correcting the errors that result from them. While incentive teams are frustrated and challenged to meet payout deadlines, their sales teams are distracted by inaccuracies in their payout and achievement statements.
As a result, a significant lack of trust develops across the organization. Slowly, this distrust deteriorates seller motivation, and the effectiveness of incentive plans. Compensation administrators are burdened with constant inquiries and disputes from sales managers and their teams; taking up their already limited time to focus on more value-add, strategic approaches to compensation.
The bottom line? The return sales and compensation leaders expect after investing in the design of effective plans (not to mention the monetary investment of commissions themselves) is often offset by burdensome manual processes and their collateral damage to morale.
Varicent focuses, on a foundational level, on providing trust through Sales Performance Management solutions. Varicent provides best-in-class calculation and automation capabilities for re-assurance you can pay accurately and on-time. Not only does this re-establish trust, it allows for the time once spent on manual processes and inquiries to be re-invested in productive sales behavior and value-add compensation activities.
Above and beyond this foundation level, Varicent is uniquely focused on elevating compensation to a strategic level by unveiling analytics to optimize behavior. Through augmented and artificial intelligence, we can provide not only traditional historical reporting, but contribute insights to sales’ go-to-market strategy. These analytics show sellers and managers where they should focus their time and prescribe optimal behavior.
Unlocking the ROI on your sales team and incentive strategy starts with the right solution, the right analytics, and the right visibility to maximize earning potential for your sales people and your organization.