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Iconixx Insights BlogIncentive Compensation Management

Save costs by using incentive compensation software

By August 16, 2016January 16th, 2023No Comments

A company doesn’t have to break the bank if they’re interested in implementing an effective incentive compensation plan. Oftentimes, businesses try to handle the incentive compensation management process themselves, or outsource the program and enlist the help of a consultant. 

These professionals can be expensive, and if a plan doesn’t work out perfectly, a business will have to call the consultant back in for further advice. Meanwhile, other companies rely on the staff they currently have to handle ICM programs. Neither of these options is ideal, but fortunately, there is a much better, cost-saving option: incentive compensation software.

ICM software takes the hard work out of designing a compensation plan, and uses automated processes to ensure accurate information is being used. The software takes away the need for outsourced help, saving a company a considerable amount of money.

Companies that use current employees to fill out spreadsheets with new sales data at the end of the day are also wasting precious funds. These individuals – whether they are busy HR representatives or administrators – were hired to handle other work. Asking them to keep track of employee performance takes up time that would otherwise be spent on improving company practices. It may also lead to errors on spreadsheets.

ICM software offers many cost-saving benefits, including the option to pay per use. Executives can use the software without signing up for years of service. With these programs, company needs are put first. 

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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.