Sales Performance Management entails Incentive Compensation Management (ICM), Territory and Quota Management (TQM) and Customer Relationship Management (CRM) solutions that help optimize seller performance and realization of corporate objectives. Engage with us to select the platform that best fits within your ecosystem, optimizes return on investment and enables business realize corporate objectives.
We bring decades of domain knowledge and a tested methodology to help clients define business need, perform platform analysis and select the right solution.
POST IMPLEMENTATION OPTIMIZATION
Sales Performance Management (SPM) solutions should not be set and forgotten. Organizations need to EVALUATE in-place solutions at a planned cadence for areas of adjustment, realignment and adjust as needed. This could be the business value provided, technical performance enhancement or effectiveness in analytics and or what-if analysis.
Smart Tech Inc’s SPM Optimization E3 (ESTABLISH, EVALUATE and EVOLVE) framework helps clients obtain further operational and strategic benefits from their existing SPM solutions.
TERRITORY, QUOTA and COMPENSATION PLANNING DESIGN
Effective Territory, Quota and Compensation planning and execution can be a critical asset to today’s organizations. Smart Tech’s E3 frame work helps clients ESTABLISH a realistic baseline, EVALUATE on-going effectiveness based on data informed analytics to EVOLVE for market trends, customer patters, changes in coverage model and achieve required corporate objectives. Our past experience includes helping business establish baseline, evaluate existing metrics, people, process and technology for effectiveness and optimization. Help us help you evolve to full realization of your coverage model for targeted marketing, quota allocation and compensation strategy.
Sales Performance Management (SPM) is much more than a technical implementation. It aligns corporate objectives with the right performance metrics to drive desired seller behavior. SPM provides the framework to capture, visualize and analyze data that enables organizations to be successfully informed and thus, agile.
Engage with Smart Tech to accelerate your SPM implementation and integration with your ecosystem to leverage the full potential of your SPM solution. We are a results oriented, data driven partner that is 100% vested in your success.
Smart Tech Inc. has experience with support clients compensation plan design for:
Incentive compensation is a major investment for companies and salespeople. US Companies spend $200 Billion annually on incentive compensation, approximately the same amount as their expenditure on advertising. The average salesperson earns 40% of their cash compensation from variable based incentive compensation. As a result, incentive compensation plans are critical to drive the right sales force behavior, retain or attract salespeople and ensure appropriate return on investment for the company. Moreover, variable incentive compensation plans are expanding beyond the sales force to other areas of the company, such as sales operation, human capital management and customer service.
From Smart Tech Inc.’s perspective, developing an appropriate incentive compensation plan relies on four concepts:
Different sales (or other roles) may require different compensation plans, which should be tailored to role activities. For example, a “hunter” (e.g., business development or outside sales) may require a different sales compensation plan than a “farmer” (e.g., account management or inside sales). Additional variances in incentive plans may exist for external distribution channels like agents, brokers or re-sellers.
As part of plan compensation design, companies must make several key determinations, such as compensation relative to market, differentiated compensation between highest and lowest performers and minimum and maximum compensation levels (e.g., entry level and caps, respectively). Critical corporate objectives, such as increased cross-selling, also need to be incorporated into the compensation plans. For example a bank may build plan components, such as referral incentives, to help drive the corporate objective of further integrating wealth management with their retail business.
Effective incentive compensation programs provide highly visible links between measurable outcome and compensation payout. Measurable outcomes are typically based on Specific, Measurable, Attainable, Realistic and Timely (SMART) targets.
A holistic understanding of the plans and plan components is key to review for areas of standardization that lead to minimized overheads and required behaviors. Moreover, limited reporting regarding plans may allow plans to become cumbersome to manage, with inefficiencies that may compound over time. As a result, sales teams spend an inordinate amount of time in shadow accounting while compensation administration is bogged down with manual adjustments, dispute resolution and inefficient manual processes leading to payment errors. Ideally this can be managed through data integration automation, real time visibility to data, better end user reporting or business analytics dashboards.
Smart Tech provides deep SPM project management expertise to help ensure projects are delivered on time, on budget and meet business objectives
Smart Tech Inc. provides the following project and program management services:
SPM implementations can be complex undertakings, as they may involve multiple vendors, multiple internal stakeholders and have significant change management ramifications. Smart Tech Inc. leverages its own SALE project management methodology for SPM implementations, which includes best practices for capturing SPM requirements, testing parameters and deployment / training. Moreover, we are versed in the project management methodologies for the major SPM vendors. We have also been successful in adapting client methodologies for SPM projects, allowing clients to maintain consistency with enterprise project management standards while allowing for SPM nuances.
Fast action is the key to avoiding losses associated with SPM project issues. Smart Tech Inc. can help troubled projects get back on track and attain business case benefits. We begin by reviewing of the project’s current state to identify the areas in jeopardy. Common areas of concern include scope, resource availability and/or capability, roles and responsibilities, testing, and project monitoring and control. We will present our assessment to the senior leadership team, recognizing the project’s accomplishments to date, while calling out the major issues that caused it to veer off track. A corrective plan (typically including revised timelines and resourcing) is provided as part of this presentation. Once the plan is accepted by the organization, our recovery experts can help lead the turnaround initiative.
SPM vendors are typically responsible for deliverables within a project, thus vendor management is a necessary component of project management. Smart Tech Inc. has the experience work on your behalf with vendors to ensure terms and conditions are met. If you already have a PMO in place, Smart Tech can help you add the proper governance necessary to manage your vendors effectively. As the SPM experts, we know the pitfalls and act on your behalf as ‘the owner’s rep” to ensure all parties associated with projects meet their commitments. Managing scope and the contract while applying change management to the process provides the transparency required to achieve success.
Smart Tech Inc. specializes in the implementation and optimization of Sales Performance Management (SPM) Solutions. We help clients maximize the benefits of their SPM Initiatives.
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