A sales compensation automation platform is a business application that leverages the power of automation to help managers and employees manage sales compensation programs. It can be achieved through agile, data-driven approaches to optimize the process while saving time and money. By automating processes, sales compensation automations can reduce errors found in manual input, be more efficient concerning resource allocation and management, and provide greater visibility into what’s happening in real-time.
1. Reduce Human Errors
Sales compensation processes can be very complex and extensive. Therefore, a wrong decision or error in the sales compensation process can cause serious repercussions. Approving a large commission payment to a salesperson who didn’t meet their targets can impact the future of your business. Conversely, failing to support an employee’s bonus for not meeting their goals can adversely affect that employee’s morale and performance and affect the company culture into which they are producing results.
2. Re-Engineer What’s Important
Manual processes are likely to have gaps in logic and are biased toward management’s perspective. On the other hand, automation allows for specific policies to be implemented based on clear criteria. Sales compensation automations can identify those opportunities that genuinely add value and are worthwhile within any compensation process while eliminating those that don’t add value or are outside of your budget.
3. Improve Customer Service-Workflow
Sales compensation automation helps improve customer service and workflow and communication between departments at all levels of the business. A sales compensation automation tool will allow department heads to quickly access detailed schedules and commission/bonus payment information, which helps streamline the process and prevent employee disputes. In addition, it will allow employees to check their sales and bonus payments from their mobile devices.
4. Real-Time Analysis
Sales compensation automation also helps to improve analysis and reporting of sales performance. Reporting can be done automatically and in real-time, whereas manual processes could take days or weeks before verified results. Sales compensation automation gives managers access to sales activity data to identify trends and make necessary changes before they become an issue within the company. It dramatically reduces the time spent by management on analyzing the results of a sales compensation process.
5. Streamlined Data Management
There are often many different data sets to manage and accumulate to run a sales compensation process. Using a sales compensation automation product, you can integrate all data into one single program that allows you to approve sales compensation payments based on your company’s policies and needs. This functionality helps managers keep track of bonuses, commissions and other payment information while improving organizational efficiency by reducing time spent on repeating the same processes.
6. Increase Measurement
With a sales compensation automation platform, management can measure its employees’ performance more thoroughly than ever before. It will also be easier to identify trends and patterns, which can better understand how to drive future performance. Since the process is automated, there is no risk of human error in data collection and analysis.
Manual processes can be very inefficient and, in the long-term, can put a strain on employee morale, productivity, and the company’s financial health. If sales compensation automation is implemented correctly, it can provide several benefits to your business. It starts with a great sales compensation strategy and ends with improved employee morale and increased productivity.