The Quest of True Intelligence in Sales Compensation Software
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Fast growing companies and enterprises are painstakingly aware of spreadsheets being a chink in the armor when it comes to sales commission management. The downsides presented by spreadsheets have therefore made automation the obvious choice for an upgrade in their process. Some would also debate that this shift towards a sales commission automation software is a game changer, making Excel, the goliath counterpart, a relic of the past.
A pivotal point of discussion for most companies that operate at scale is the choice of a sales commission partner. It is particularly a challenge since reversing their decision after a rigorous evaluation process and implementation is an excruciating ordeal. Therefore, recognising your sales commission needs, and asking the right questions to vendors can save you a lot of trouble and losses.
What’s this about the Excel impersonation?
Sales commission software evaluation involves spending a significant amount of time with each solution in the market, understanding their features, security, compliance, and, of course, how malleable they are to your needs. While some were built years ago and simply don’t provide a holistic solution, there are others that are—to put it crudely—Excel in disguise.
You’d think that a software that provides automation along with the familiarity with the beloved Excel is the perfect combination of new and old. But, an Excel doppelganger, despite the nostalgia of proficiency, will also come forth with the same challenges you're trying to get away from to begin with. Sounds like a ‘frying pan to the fire’ situation, doesn’t it?
An Excel doppelganger, despite the nostalgia of proficiency, will also come forth with the same challenges you're trying to get away from to begin with.
Moreover, you could also face technology-specific pitfalls such as hiccups or delays in implementation, prolonged waiting for issue resolution, data discrepancies or integration failures, to name a few.
In this blog, we're after true intelligence—beyond names, claims, and all the other gimmicks to captivate your attention. We’ll talk about the risks associated with choosing a solution that imitates Excel as well as the capabilities your commission partner should exhibit in order to qualify as a truly intelligent solution for your sales compensation needs.
What does it mean to have an intelligent sales commission software?
Think increased accuracy, performance acceleration and a backstage pass to your incentive scheme springing to life in real-time. An intelligent commission solution isn't just automation; it's a strategic ally that evolves with your business and promises transformative business outcomes. When you’re out looking for your commission partner, don’t forget to check for the following very important (almost non-negotiable) qualities of an intelligent and purpose-built sales commission software:
100% no-code technology
Why would you want to grapple with a code-intensive Excel interface filled with formula libraries when you can switch to a truly no-code platform? The modern and intelligent commission software is built with intuitiveness and user-friendliness in mind, making ease of use a cornerstone of your experience.
Top-tier user experience
Picture this: drowning in an overwhelming sea of information. It can be frustrating when all you're looking for is a simple number or a tiny detail. Dealing with so many numbers, an intelligent commission partner would never underestimate a seamless user experience that simplifies complex tasks and organizes data in a way that you can instantly find them without feeling lost in a data deluge.
Self-serviceability
The commission process is a very dynamic process. Whether it’s processing payouts, getting approvals, generating performance/ budget reports, or user and quota management, there's so much happening at all times. If your commission partner requires you to reach out to support everything you need to get something done, it has set you up for failure. The sales commission software of today is designed for autonomy, reducing the need for extensive support and putting you in the driver's seat of your commission management.
Unmatched accuracy
We’ve grazed through this before. An Excel copycat would also copy its high probability of being error-prone. Accuracy is non-negotiable in commission calculations. Your payees deserve an airtight payout statement and you deserve intelligence in your commission software to provide you with 100% accuracy.
Powerful forecasting capabilities
A well-rounded commission strategy is not just backed by real-time visibility into payouts for your team and your payees. It also comes with advanced payout forecasting abilities that will fire up your sales team to bring in more business. Forecasting shouldn't be a primitive struggle in a pigeonhole for charging up their motivation. To truly give your payees a view of what earnings they are capable of making from their existing pipeline, you need a new era of predictive analytics that will let payees explore multiple scenarios in their deal structure and see what takes them closer to their financial goals. As a result, the more they earn in commissions, the more revenue you generate.
Advanced reporting and analytics
Mining out crucial insights from data is a lot more than just generating reports. A truly intelligent commission software makes reporting and analytics the engine that propels the entire show—a crucial part to move the needle, if you will. It can’t merely be about compiling numbers; it should also harness the power of advanced Business Intelligence (BI) for a dynamic data visualization experience. Imagine having the ability to make more informed decisions, keeping a vigilant eye on crucial metrics that steer your ship, and providing transparency that resonates from leadership down to sellers on the front lines. This isn't just about data; it's about illuminating the path forward and ensuring everyone is on the same page.
Motivating payee experience
Your sellers can’t trust you without trusting the system and we know more than ever that their confidence matters astronomically. A complex, confusing, and unintuitive system can erode that confidence. Any commission software worth its salt will know what payees want and give them exactly that. Be it their earning statements drilled down to the decimal or a way for them to calculate future payouts, it’s all there in plain sight, without having to jump hoops to get the information they need to close their opportunities.
Glitch-free integrations
Remember the technology-specific pitfalls we talked about in the beginning? A botched-up integration is an example of that doozy. Picture going through the entire buying process only to discover during implementation that the crucial integrations with your techstack aren’t as seamless as you’d imagine they’d be. When integrations start playing hide-and-seek, errors and chaos become the unwelcome guests at the commission game. Integrations for data management and workflows should hold the power to render manual work completely obsolete. Hot tip here is to test for robust native integrations and reliable APIs, ensuring seamless connectivity and putting an end to the frustration of integrations gone awry.
Bullet-proof security and compliance
Security and compliance are paramount for any company, big or small, especially when you’re dealing with sensitive information about salaries and your company’s finances. A mature and reliable commission software will stay on top of all the necessary regulations. Therefore, they will be able to provide you with enterprise-grade security, and help you adhere to all of your company’s security and audit requisites.
What makes sales commission software a winner?
You’d think that technical prowess would uncover the road to a slicker but it is hardly so. There are two prongs to conjure a successful incentive program. You could have an intelligent sales commission software and it could still very much backfire without the second prong. It’s what we like to call the ‘the outcome accelerators’. Intelligence makes a software work, but for it to truly win, you need people on your team:
1. Unified implementation and customer success
This one’s not talked about as much as we’d like. It has become more apparent than ever that winning at commissions without top-notch implementation and ongoing support is like pushing water uphill. Steer clear of solutions that use third-party implementation services to gain your business. A small error overlooked can cause dangerous ripples across the entire set-up. Besides, an external team without context is seldom on the forefront of success. Look for solutions that offer unification of implementation and support. The context is never lost and you get to consult people who built your commission program from scratch and will continue to put their heads together, making sure you see profitable growth. As per G2, vendors that offer unified implementation and customer success are able to go live at least 2x faster than those that don’t.
2. Quick time-to-value
Your commission software is spectacularly on your side only when it can swiftly unlock benefits for you by navigating complexities with speed, thereby saving substantial time and resources. It's not just about getting started; it's about getting started fast and effectively. Swift implementation propels you straight to transformative impact and tangible returns on your commission processes almost immediately. No lengthy waiting periods, no prolonged downtime—just a rapid shift to a more efficient and future-ready approach with a continuous drive for value.
3. Conscious pricing
It all boils down to this one crucial aspect, doesn’t it? The deal maker or breaker. Conscious pricing, customized to your needs with no hidden costs, is the spot to hit when it comes to making an investment in a commission software. This guarantees maximum returns with high cost-savings and uncapped value.
4. Swift payback and ROI
A winning sales commission software will not make you wait for an eternity for payback and understands the impatience for results. It's not a waiting game; it's a strategic approach to ensure that every investment dollar translates into tangible value, propelling your financial success. Maximized and quick ROI is a testament to the financial efficiency of your chosen solution and any solutions offering you a blurred sight into their plan towards payback just won’t do. As per G2, Everstage gives 60% quicker payback than excel-like sales commission software.
In a landscape where you are faced head on with the potential drawbacks of familiar-appearing tools, a sales commission software that emerges as the ally you've been searching for is hard to come by but not impossible. At Everstage, we’re focused on making sales commissions your strongest revenue lever. You’ll get an express ticket to desired profitable growth with a harmonious balance of our continuously-evolving technology and an incredibly dedicated team. Be truly intelligent. Get Everstage.
