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How automated compensation plans improve business

By July 5, 2013January 16th, 2023No Comments

Many companies today still use spreadsheets and manual processes to plan out their compensation programs. While this traditional route may get the job done, the work of gathering data, inputting information and analyzing the numbers can be time consuming and tedious. That’s why many are switching to automated processing using business analytics software and incentive compensation software. These programs take much of the hard work out of developing a compensation strategy, without taking up valuable resources. Keep reading to find out how automated compensation planning can improve business. Smart resource management Total rewards, including base pay, benefits and incentives, usually comprise the largest expenses for most companies. Because these practices can be expensive, it’s important for businesses to streamline the compensation process as much as possible to ensure that no money is wasted. Incentive compensation software can help managers and executives plan out salaries without taking on other exorbitant costs. Rather than outsourcing to expensive IT companies or using up the valuable time of already busy employees, ICM software automatically updates information on a daily basis. No time or energy is wasted on spreadsheets that are prone to error when a company chooses to use ICM software. Centralized management Automated processing allows VPs of sales and other executives the ability to centralize management practices, saving time and money. Managers can simply log on to the program and will have instant access to each employee’s sales record, incentive compensation plan and information on industry trends. This information is extremely valuable to decision-makers – they can keep up to date and know the information they are using is reliable and current. ICM software uses state-of-the-art technology to mine data and place results in one centralized location. With everything in one consolidated place, managers can make efficient and informed decisions that will benefit a company in impressive ways.

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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.

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.

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.

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.