Between an increasingly remote workforce and daily data leaks, there are many reasons to move sales compensation management to the cloud. Why should...
Why — and How — To Modernize Your Compensation Structure
A good compensation management plan is the grease that keeps your business running smoothly. It keeps salaries and ...
A good compensation management plan is the grease that keeps your business running smoothly. It keeps salaries and benefits competitive, provides incentive for your sales team, and improves communication between departments and management. Many businesses are realizing their system is getting “rusty,” with outdated software and manual processes that don’t fit the needs of today’s changing workforce. A sales compensation management solution (SCMS) modernizes compensation planning, transforming it from a time- and labor-intensive process to a more streamlined cost-efficient system. Read on for three of the top reasons you should consider switching to a SCMS.
Centralize and automate data management
A reliable SCMS simplifies the data delivery process, modernizing workflows in all departments. Automation replaces sluggish manual data entry, speeds up approval processes, and provides accurate data tracking and reporting. Gone are the days of manually collecting and analyzing data from multiple sources — and inputting that data by hand. A SCMS turns this painstaking process from a weeks-long saga to mere hours, automating it all, so you and your team can spend time on high-value business activities. It also keeps your compensation strategy agile. You can quickly track quota coverage and see where you need to adjust your plans or stay the course.
A central interface for storing and sharing data also makes it easier to manage and access information across departments. Think how smoothly your processes could run with every department working from the same data source. And since SalesVista’s SCMS is managed with secure rules-based processes, you don’t have to worry about unauthorized access to sensitive data.
Save time on data tracking and reporting
How do spreadsheets fall short? They can’t collect data from multiple data sources, calculate updates in real-time, or save you days of data entry. They won’t keep your sensitive data secure from leaks and cyberattacks. And they can’t prevent human error. A SCMS tracks multiple compensation plans of all types (e.g., pay-for-performance, commission, bonuses, etc.) in alignment with your business goals. Calculating data in real time, a SCMS provides the accurate reporting you need to make informed decisions on budgeting and business projections.
This real-time reporting isn’t only for top-level planning — it also enables you to keep track of employee performance. A SCMS easily tracks key performance indicators (KPIs) and other employee goals. Ready access to this data, and the calculations behind it, helps you reward — and retain — your best performers. And when it’s time to find new talent, you can showcase your compensation plans in an attractive, easy-to-understand format.
Get the transparency needed to grow your business
Imagine having a treetop view of all your most important metrics — updated in real time — at your fingertips. A SCMS gives you this top-level view and lets you dial into the details. At-a-glance access to real-time employee performance metrics lets you measure how well your incentives work. You can track budgetary costs to find opportunities for saving money or distributing funds more effectively. With a SCMS, you have the right tools for making data-driven business decisions. SalesVista’s robust SCMS gives you the data transparency you need to:
- Make competitive offers for talent, without overpaying
- Maintain pay equity across your workforce
- Communicate compensation calculations clearly to employees
- Streamline compensation across multiple plans and currencies
- Reduce turnover by offering market-appropriate compensation
- Stay agile and adjust your compensation strategy as needed
Developing and maintaining a successful compensation strategy takes work. Our SCMS saves you the effort, so you have more time to focus on performance, productivity, and growing your business.