3 Features to Look for in a Sales Compensation Management Software

In the competitive world of sales, it is important that you deliver a highly accurate and transparent sales commission experience that will motivate your top-performing team members to work harder toward improving your bottom line. On top of this, you also have to provide your sales leadership with the right tools they need to conceptualize and implement effective sales compensation plans that complement your corporate sales goals.

For these purposes, you need an intelligent sales compensation management software that will make things easier for you. It should be able to automate commission plans, ensure accuracy of payouts, provide comprehensive visibility over all aspects of administration, and eliminate inefficiencies caused by burdensome administrative tasks.

If your company is currently looking for a sales compensation management platform, you need to make sure that it has the right features and functionalities. Knowing exactly what you need will help you determine the right kind of product that you should acquire, as well as any associated services that you might require.

To help you get started, we’re providing a list of some of the most important features that you should look for in a sales compensation management platform.

It Should Get Rid of Tedious Manual Calculations

As a leader of your company’s sales force, you simply can’t afford to rely on laborious compensation routines backed by inferior homegrown solutions like outdated spreadsheets. Likewise, your salespeople shouldn’t be subjected to illogical manual commission reconciliations.
To be able to function well in a group sales environment, you should have a sales compensation management platform that will allow you to conceive, construct, and maintain even the most complicated compensation and commission plans. As will be explained further below, the software must be also able to query different kinds of hypothetical commission models based on data from parallel solutions.

It Should Allow for Integration of Internal Workflow

A good compensation management platform will allow sales leaders to set up and retain custom functions, whether it’s file attachments, email notifications, groups, status, or custom approval hierarchies. While it may have built-in, plug-and-play features that you can use immediately, it should also allow for customization of functions like worksheet administration, document approval, and HR actions. Finally, the platform should be able to integrate all processes with auditing and reporting, while maintaining compliance with important federal and state legislations designed to prevent fraudulent accounting activities.

It Should Allow Precise Forecasting and Reporting

When it comes to implementing compensation plans, you can’t afford to rely on trial an error. You must have access to comprehensive data, and you must use efficient tools so you can use those data to design and review plans before they are finalized and put into effect. With a proper sales compensation management software, can study the plans’ effects in your modeling environment before the are actually implemented.

The solution should also allow you to query different variations of hypothetical commission models based on data from CRM solutions, be it potential orders or pipeline information. You’ll be empowered to drive sales behavior using the right kind of incentives, in addition to helping you prepare strategically for significant market changes.

Finally, the right solution should also have an array of tools that you can use to generate automatic reports. Whether you plan on using standard templates or creating customized reports on your own, a software should provide access to analytics and reporting tools, and allow you to export data to a variety of file formats.

Employing the right compensation management platform is of utmost importance if you want to streamline administration, drive performance, and unleash the full potential of your sales force. Make sure to explore the different options available in the market to ensure that you’re getting the right solution for your organization.