Your sales team is the primary driver behind revenue, profits, and growth. The better your sales team performs in the field, the more your organization earns. It's a simple equation. But one question pops up here. How do you maximize the sales team's ability to push the envelope and increase revenues month on month? How do you motivate them to generate higher numbers? Most companies use commissions and incentives to achieve this objective. While this plan has proven to be successful time and again, issues arise when your sales commission plans become complicated.
It can take days to manually calculate commissions and incentives in a spreadsheet for each salesperson. It's repetitive, tedious, and error-prone. One mistake in the excel sheet can cascade into a massive data mismatch resulting in erroneous commissions checks. Not only does this demotivate the sales reps, but it also creates volumes of extra work for the managers. Today it's no wonder businesses are switching to cloud-based commission tracking software that automates the entire task of tracking, forecasting, and compensating the sales team.
What is commission tracking software, and how is it better?
Simply put, commission tracking software is a tool that offers an automated system of calculating and paying off commissions for your sales reps. Additionally, it also provides a ton of other intuitive features such as:
- Customized dashboards to view sales data
- Ability to customize commission plans according to different factors
- Real-time insights into sales performance
- Productivity trackers
A sales commission software is an integral part of a modern sales team. It helps boost motivation and productivity amongst the sales reps as they get unmatched visibility into their commissions. It can also model what-if scenarios to forecast its pay based on potential deals. For the managers, this software makes the entire process of data entry, calculation, and pay-out seamless freeing them up to focus on more productive tasks.
How to choose the best commission tracking software?
With so many options on the market, it can get confusing for managers to pick the right software for their organization. Since compensation plans vary wildly from company to company based on geography, product diversification, and employee strength, choosing the ideal software is crucial. There are three key criteria to keep in mind when making your choice.
- Commission management features
- Reporting and forecasting tools
- Third-party integrations
Commission management features
This is the primary objective of the software. The software you pick must be able to streamline the entire process of calculating and scheduling commission payments. It should also offer the ability to create custom payment plans that can be altered with just a few clicks.
Reporting and forecasting tools
The best part of using software to track sales commissions is that it enables you to tap into a treasure trove of data. Intelligent reporting with customized dashboards gives you and your team visibility into the entire sales process. It reveals insights that can be turned into actionable intelligence to bolster your plans further. Moreover, forecasting tools can help you and the sales reps create what-if scenarios to optimize those plans.
Third-party integrations
Most organizations, including yours, have an existing tech stack in place. An ideal commission management software must be able to integrate and function well with the underlying software. It should have pre-built integrations to make this task easier. Lastly, a well-documented API enables you to create custom integrations from scratch easily.
A futuristic, robust software like Blitz is perfect for scalable commission tracking for organizations of any size. Not only does it fulfill all three criteria, but it is also very affordable and offers custom solutions for different teams. It has an intuitive UI making it easy to use, even for people with barely any tech experience. With the perfect sales commission software, such as Blitz, your sales team and processes will become more empowered, skilled, and capable. Eventually, this helps generate more revenue, boosting long-term growth and profits.