You may already know that commission management makes your job so much easier. Irrespective of your being a sales professional, a team leader, a manager, an administrator, an accountant, or a C-level executive, a commission management platform is an absolute necessity in your organization. It helps save time and money while improving efficiency and transparency.
But like all things tech, you need to have the true enablers to ensure you get the best from a platform. For instance, a commission management software that does not provide actionable, data-backed insights to the sales representatives would mean that the company must allocate an additional budget and workforce for the job. A platform that does not have an automated payouts mechanism would imply that the organization must invest in an accounting team or agency to calculate and complete payments.
What are the prerequisites for a commission management platform to be efficient?
1. Visibility
The sales function in any company runs a lot on trust. The company trusts the sales reps with vital company information, and the sales reps depend on the company to provide them with just compensation for clinching a deal. In between these two ends lies a grey area. How does commission calculation work? What if a target is not met? What if there was a collaboration between two or more sales reps? What are the goals and guardrails for a specific period?
Transparent commission management software enables all stakeholders to view all aspects of a sale and its related commission anytime. Such solutions allow for greater trust and more productivity. It eliminates time-wasting activities like shadow accounting.
2. Flexibility
In sales, one size never fits all. There are a lot of variables that companies should consider. Factors like seasonality, clawbacks, percentage splits, complex deals, goals, KPIs, and commission percentages make commission calculation complicated. It also keeps changing with time. A robust commission management software should regularly update such variable factors, giving the organization the best commission distribution solutions.
3. Automation
Automation is one of the most vital aspects of a commission management platform. It helps organizations ship away mundane, repetitive tasks to the commission management platform, leaving the sales team more time to focus on productive activities. Automation can take care of tasks such as payouts, sales enablement, communication, data analytics, and much more to unlock greater efficiency and cost savings.
4. Reporting and Analysis
Data helps improve performance. A sales or commission management software is home to voluminous data on sales opportunities, wins, losses, company information, client information, sales rep performance, trends, patterns, competitors, etc. Using this to inform the sales team or an individual asset ensures they always have the right insights.
5. Conflict Resolution
Conflict resolution is an oft-overlooked aspect in commission management platforms. No matter how streamlined a product is, users will have concerns at some point. Some issues may arise from oversight or ignorance; others can be genuine bugs or errors that need immediate redress. Conflict resolution within commission management software allows the stakeholder to immediately raise their concerns and track the tickets in one place. It goes a long way in showing the sales staff that you always have their back.
Some additional features can make commission management software more dynamic and user-friendly. These include, but are not limited to, advance payments, multi-currency payments, and anytime audits, among others.
Automate your processes so you can focus on decision making
Blitz's commission management platform brings together the best-in-class features and the latest technology to catalyze your sales team. Contact us for a free demo today and turbocharge your organization toward higher revenue.