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Save time and money with incentive compensation software

By July 2, 2013January 16th, 2023No Comments

Incentive compensation planning is a complicated endeavor that can be time consuming and costly. Whether a company is big or small, VPs of sales and HR representatives have enough on their plates without also having to fully develop an incentive compensation management program on their own. More and more VPs of sales and managers are choosing to use incentive compensation software to help with the process. Keep reading to see how ICM software can help a company save time and money: Automatic processing Tracking daily employee performance numbers can become a full-time job if an office still relies on manual processing. Spreadsheets and email communications take up valuable time and distract individuals from other important work. Details often slip through the cracks when working with manual processing or outdated technology. ICM software, on the other hand, sets up automatic processing, which saves time and improves accuracy. Sales numbers can be uploaded automatically at the end of each day or several times a day, depending on each company’s preferences. This cuts down on wasted time and guarantees accuracy, leaving VPs of sales and HR professionals to focus on more pressing tasks like targeting high levels of achievement. Save money Incentive compensation software cuts out the need for unnecessary staffing and outsourcing. Rather than relying on expensive, external IT services to conduct business analytics and performance tracking, VPs of sales can keep costs low and use incentive compensation software. These programs are subscription-based and before implementing a plan, VPs of sales can manipulate data and run different scenarios using the software at no extra cost. This means a VP of sales can select the perfect ICM plan on their own without having to pay for expensive consulting services, and when he or she wants to make a change to an existing plan, they can do so without spending any extra money and use the software they already have.

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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.