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5 benefits of using sales compensation software

By March 28, 2017June 11th, 2024No Comments

5 benefits of using sales compensation software

Sales compensation management software is becoming increasingly important as companies of every size have begun using powerful technology to gain an edge over competitors. Small and large companies alike have found the numerous benefits of automating sales commissions.

Companies that are on the fence about whether to adopt compensation software would be wise to research these five benefits:

1. Get the complete picture
First and foremost, sales compensation software offers companies reliable information based on indisputable facts. Automating sales compensation gives executives a complete picture of how sales teams operate on a regular basis.

Many organizations still rely on spreadsheets to track sales data. This method is fraught with problems. One major issue companies using this method face is the excessive number of errors that can come as a result of spreadsheets. With so many numbers being entered every day, it’s unsurprising that some human errors will factor into the process. If errors are made and employees have to routinely double check their sales numbers, this can lead to distrust in a company, which can be bad for business.

Instead, sales compensation software sorts through countless lines of raw data and automatically uploads sales commissions at the end of each day, or as often as an executive intends. With automatic processing, employees can be sure they are receiving the compensation they have earned, and supervisors will be able to see a complete picture of how their team is performing.

2. Keep your team motivated
As soon as a VP of sales or another team lead logs into their sales commission portal, they will be greeted with all sorts of valuable information. They will be able to see individual sales numbers and department performance.

By receiving real-time access to sales data, managers are able to motivate their teams based on where their sales reps stand to goal. Sales compensation analytics allow managers to spend more time motivating reps that are not performing to standards.

3. Develop talent
With such reliable and powerful information at a sales manager’s fingertips, they can find ways to develop talent and manage employees more effectively. They can see when and why an employee is thriving and put their skills to use.

For example, if an individual salesperson is excelling at selling a certain product while others in the company are struggling, managers can enlist the help of the successful sales rep to help train other employees.

4. Make smart decisions
After managers have seen objective and accurate information on sales and other company performance measurements, they can begin making decisions that will benefit business. With sales commission software, there’s no guesswork involved, which means an executive can make decisions for their company with confidence.

Sometimes these adjustments are small and involve slight changes to management practices. Other times, a sales team may need an overhaul to correct company culture. These decisions are important to a business – software offers a solution to these problems and allows company leaders to make smart choices.

5. Stay up to date
With sales compensation software, companies will never fall behind the times. This powerful technological tool ensures all information is up to date, which means executives will know what’s coming down the pipeline before competitors.

Sales records and other performance indicators are always current, which means a business can count on every piece of information they receive.

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Ballast Point Ventures

Ballast Point Ventures is a later-stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast, and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services, and consumer goods. BPV has $200 million under management and seeks to make equity investments ranging from $3 million to $10 million.

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Harbert Management Corporation

Harbert Management Corporation seeks to generate superior returns for their investors by identifying and investing in the most promising early growth stage companies in the Southeastern U.S. HMC seeks to capitalize on what it believes are compelling regional dynamics, such as a strong and fast-growing economy, significant research and development activities, and an established entrepreneurial community. The HMC team combines substantial investment, advisory, and operating experience with capital and networking contacts to support great entrepreneurial teams in successfully executing their growth plans. With offices in Birmingham, Alabama; Richmond, Virginia; and Gainesville, Florida, it’s well positioned to partner with entrepreneurs throughout the Southeast.

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KBH Ventures

KBH Ventures was an early investor in Iconixx Software. KBH's investment philosophy plays a significant role in the firm's successful track record. KBH believes in running businesses to be cashflow positive and profitable every month. Startups and companies in a startup mode, such as one that has been purchased in distress, are expected to generate revenue within the first six months and reach profitability within the first 12 to 18 months. KBH also only invests in or acquires companies that are in the startup phase or have less than $20 million in revenues. KBH targets technology companies that offer business-to-business services.

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S3 Ventures

S3 Ventures is an early expansion and growth stage venture firm with $200 million under management. It’s focused on information technology solutions that solve large business problems. S3 also invests in medical devices that improve the human condition. S3 invests in category-defining opportunities. It partners with the team and help focus methodically on what it takes to build a successful company. S3 today helps talented entrepreneurs take their technology and market knowledge and form valuable businesses in a repeatable fashion. Investment sizes start at several million or more for Series A, B, and C financing.