For tech companies, keeping up with the quick pace of growth and innovation growth is undoubtedly a crucial element for the success of a business, companies are usually composed of global sales organizations and complex crediting rules for transactions are very common among these organizations.
As the company extends to new products, branches, and markets, so does its complexity of transactions, operations, and its ability to recruit new workforce or integrating with existing organizational structure.
Eventually, the need to properly reward each employee’s achievements increases, and as a result, a company would need to create and manage additional yet unique commissions plans, workflows, and ensure efficient organizational management, while dynamically monitoring and making adjustments.
Having hundreds and thousands of transactions attached to different commission plans or workflows for each employee or department, not to mention the hassle of integrating new teams into an existing workforce, makes the calculations of current commission plans, the creation of new ones, and general data management extremely difficult.
In fact, without a proper solution, most companies tend to mistakenly overpay their employees, which for some results in millions of dollars of lost revenues, annually!
So, commission managers suppose to manage all of this?
Well, there are a few common solutions to assist the commission managers, each with its pros and cons, Mainly:
• Excel or Spreadsheets.
• Internal tech company development.
• SPM platform.
Excel needs no introductions, it’s a powerful tool with endless capabilities, with relatively low set up costs. yet, major issues quickly occur, as it does not offer any transparency to employees, adding or editing new plans could easily lead to calculation errors that result in revenue loss, and it is extremely tricky (perhaps impossible) to display realtime commissions & workflows, and would require additional solutions to provide relevant modules such as dispute management.
Internal development is an option some tech companies choose to take. even though the main advantage is clearly the ability to customize the company’s solution to their exact needs, yet while implementing, a huge flag is being raised, and that is even with an extremely skilled team, it’s very unlikely to address each business need or development issue that may occur along the way, and could very possibly consume a huge amount of time and financial losses, this happens mainly as a result of insufficient experience within the commission management field, not to mention that some capabilities that may be needed and the team haven’t thought of.
SPM platform’s Ideal solution
SPM platforms, or Sales Performance Management platform, are a dedicated (usually web-based solution), which aims to solve all of the mentioned, and much more.
Tech companies, especially emerging startups require sales SPM that contribute to results-oriented execution and help establish worldwide target-focused sales operations via internal and external channels.
Standard SPM platform provides companies with an intuitive platform in order to manage commission & compensation solutions, along with user management and other relevant modules for the customer, in order to successfully achieve goals and ensure accurate calculation and gain data control under a single platfom.
Usually, a good SPM platform would have to be responsive, flexible to customers’ specific needs, with a relatively quick deployment to the production period, a great example of this in the following section.
JOOPY Tech – Visionary SPM
JOOPY Tech‘s solid track record, high flexibility, low Total Cost of Ownership (TCO), and optimum ROI are a few of the benefits experienced by our customers.
JOOPY Tech main advantages:
• Personal configurable goal sheets creation and approval process. This enables to reflect and deliver a personal goal sheet by a design PDF document with all your goals and other information. It also enables to create automate different approval workflow for that document, creating alarms, enable real-time control, and more.
• Intuitive UI for configurable complex crediting rules (Account Assignment): The account assignment module provides an intuitive and easy to use UI which enables the authorized users to easily define these complex crediting rules as well as corresponding quotas. Incoming sales transactions are then automatically being correctly assigned to the proper people and roles inside the organization
• Salesforce integration-pre-defined and easy-to-set integration that enables continuous two-sided data transfer between JOOPY and Salesforce.
• Initiate activity and respond quickly to rapidly changing market opportunities by seamlessly adapting employee targets to company goals via Incentives’ automated system