Every sales department or organization aims to increase its sales and perform better every year. However, as the scale increases, keeping track of how your sales are progressing, and the individual performance of each salesperson becomes difficult.
Relying on simple software such as Excel becomes hectic because the sales have to be followed up manually. Excel spreadsheets suffer the problem of being unable to be scaled.
However, a sales commission tracking software can do wonders in improving your sales commission tracking. They are designed to perform multiple functions at once and give you real-time feedback on the progress of all departments and each employee.
This will help you monitor discounts, salaries, bonuses, and easily keep an eye on a large volume of data.
A Sales Commission Tracking Software does the work for you
If you want to do better at commission tracking, then you need a sales monitoring software. There are many advantages that come with using these tools. One of the best such software is provided by Blitz. Here are several ways in how a commission software takes the difficult tasks off your hands.
Provides Real-time Updates
Unlike Excel spreadsheets, commission tracking software easily integrates with your CRM. This allows them to monitor the performance of your sales continuously and incorporate a large volume of data simultaneously.
And all this information will be available to you at the touch of a button. You will be able to keep an eye on every section of your sales department that gets integrated into the software. This means you can check who has received bonuses, any late payments, or monitor employees whose sales are decreasing at any given point.
Automated calculations
A sales tracking software only needs to be fed the necessary calculation algorithms once, and they will use it to process all the required estimates. One of the biggest challenges with Excel spreadsheets is that they are very involving in the formulas needed to combine all relevant data and calculate them. Due to their complexity, not every person knows how to use them. However, with sales commission software, all that becomes a thing of the past, and your transactions become automated.
Easy access to history for auditing
Spreadsheets allow you to monitor every calculation that was made, but that is not enough. When it comes to audits, you need to see all history of every single change that was made, who made it, and confirm if they were approved to do so or not.
A sales commission tracking software gives you all of the above.
It can integrate machine learning
Today’s world of technology is quickly developing new forms of AI and machine learning tools that improve processes. Sales commission tracking software is moving with the pace too.
In this realm of big data analytics, regression analysis, and other complex mathematical expressions in sales, commission software easily integrate machine learning features that compound all that in seconds.
This optimizes your entire sales performance and sales commission tracking process.
Can be used for forecasting
A sales commission tracking software can provide information that can be used to predict the future outcome of your sales teams. Previous data can be fed into analytical tools and then manipulated to give estimates on the possible sales outcome based on current performance.
CSO did a study of some of the top world-class sales organizations, and it found out that 94% of them rely on sales commission software to track and predict how their future sales will be.
Automates accounting procedures
Most of the work involving formulas in spreadsheets require manual input. However, with a commission software, all that can be automated and you can get data on any section of the sales information in an instant.
Salespersons management
As mentioned earlier, a sales commission tracking software helps in monitoring the performance of your sales teams. This simplifies processes, such as tracking salaries and other payments. It also allows you to personalize the sales rep dashboards.
You can limit what information each person has access to, unlike spreadsheets, which have to be shared wholly and therefore require complex logic for restricting permissions.
Due to the scalability features included in commission software, you can expand your sales business as much as you want, hire new salespersons, and it will still perform optimally.
Improving sales with sales commission tracking software
As you can see, sales software hosts a myriad of benefits, and the data they collect can be fundamental in driving your sales higher. Data analytics is a key part of sales management and improvement. You can identify actionable insights and try to give your sales organization an edge over your competitors.
The capability of the software to collect real-time data allows you to continually modify your sales plan and work on the weak areas. You will also be able to align better with the financial plans of your organization. The predictability feature also gives room for the setting of realistic quotas that can be customized for various employees based on their performance.
In the same light, Blitz allows increased transparency in the reports of your sales commissions and provides valuable information and insight into the progress of your sales organization.