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 to 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.
Effective Territory, Quota and Compensation planning and execution can be a critical asset to today’s organizations. Smart Tech’s E3 framework 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 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.
Smart Tech Inc. has experience with support client’s 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 behaviour, 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 these below concepts:
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 pay-out. 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 behaviours. 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.
Sales Software testing is a critical phase of any software implementation. It is important to plan testing effectively given the restricted availability of an organization’s resources with business-as-usual impact. Smart Tech testing methodology provides client, clear context on test planning, inputs required for testing execution, framework to prepare those inputs and support for test execution. Connect with us to understand how to be effective and to leverage most out of any implementation testing, especially SPM. We can also provide experienced offshore and onshore resources to supplement your testing initiatives.:
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.
Technology is our business! We are here to assist you with any development or operational support that will help enable, support or optimize your business returns. With our offshore and onshore model, we are a call away from being your outsourced technology support. Our offerings include development for day-to-day operational solutions, website and mobile applications, digitization of existing manual processes and integration of third- party SAS solutions. If you have a technology or system requirement, we can build for it or help you select the appropriate solution to meet your need.
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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