Sales compensation programs are a popular tactic used by employers to motivate the sales team and reward them for doing a job well done. Not only can they help boost confidence and productivity at the sales team level, sales compensation software can also markedly help streamline business operations and help the firm achieve greater efficiency, like in these four areas: Communication Whenever the endgame is money, some tend to lose perspective and ignore basic elements of a cohesive sales compensation strategy. Software solutions can help rectify this by providing an easy-to-use and open channel for communication across all levels, ensuring sales reps know what’s out there and senior management can access information from one central dashboard. Complexity As noted in a July 2012 Tech Target article detailing the rise in adoption of sales compensation software, the larger companies get, the more complex their performance-based incentive programs become. Using software to efficiently streamline such operations is highly beneficial to all involved in the process, ensuring everything is arranged and understood in a simple fashion. Tracking Incentive compensation management relies on the use of data points and key performance indicators (KPIs) to reward sales team members and track the progress of reps. However, that process is significantly harder without the aid of a capable software solution that can easily track activity, store information and sort it. Security Given the increased awareness and fear of data breaches, it’s essential sales management leaders store their sales compensation information, tables and configurations on a secure network. That’s exactly what sales compensation software is designed to do, as it can limit access on a need-to-know basis and protect company data.
