India’s insurance industry is at a turning point. But challenges like profitability, operational efficiency, and innovation still hold the industry back. One solution that often flies under the radar is - Incentive automation!
Effortlessly manage DSA sales commissions in NBFCs with automation. Simplify unique plans, ensure GST compliance, automate invoices, and integrate systems for accurate, transparent, and efficient financial processes.
Delayed or miscalculated incentives in the BFSI industry can lead to a domino effect—damaging morale, causing retention risks, and low productivity. The blog explores strategies to prevent the domino effect by building a resilient, transparent incentive management system that keeps your team motivated and aligned with company goals.
LIC recently responded to new IRDAI guidelines mandating higher surrender values by reducing agent commission rates. Learn how Incentivate’s dynamic sales commission solution can support compliance, maintain agent motivation, and enhance customer retention.
AI-driven cross-functional integration aligns sales compensation with broader business goals, optimizing strategies by uniting teams and eliminating silos.
6 Things to Look for in a Sales Commission Software
- Amit Jain
- Jul 30, 2021
- 4 min read
Sales Commission Software has always been linked with the capabilities to manage the booming businesses. Reason being that– with success comes more responsibilities. And to be precise for your company, one of those responsibilities include providing your Sales force with the best-of-kind support to maximize their Sales Commissions and keep them motivated. Besides being an integral part of any company, the Sales team is also an asset. As your company grows, achieves new heights, and accomplishes the set goals, it becomes crucial to process that you are required to offer the ultimate resources to the employees. Providing the employees with tools that will assist them in harnessing effective and efficient work output could never be a wrong idea. With this plight of scaleful competition in perhaps every industry, lock in the thought that you don’t fall back.
Humans are bound to make mistakes, and mistakes are only going to reduce the workforce efficiency. On the other hand, Sales Commission Software results in improved and effective work output. Calculating sales commissions on Excel or Google Sheets could be a popular idea only for businesses that have just started and have fewer employees. However, for a growing business, it is important to understand that manually managing sales commissions can only get hectic and stressful day-by-day. Moreover, being error-prone is the most common reason for opting out of spreadsheets and opting for Sales Commission Software. So why not choose the wiser option and look for a Sales Commission Software that would save you from making a mistake and putting your company’s finances at loss?
Here are some things that you should keep in mind when looking for a new Sales Commission Platform or Software:
1. Flexibility
Businesses are meant to scale up and to be able to scale up, tools have to be flexible to changing parameters. Sales Commission plans will change as the company grows, so having a Sales Commission Software that allows you to customize your plan according to your needs becomes crucial. Finding a Sales Commission Software that fulfills all your purposes and allows you to make changes in the plan will be a huge benefit. If the software or platform is not flexible enough, you would not only need to shell out a lot to the platform for subsequent modifications but a lot of your time would get consumed too. It would not be wrong to say that flexibility becomes a key point in determining your ideal Sales Commission Software.
2. Quota Management
A Sales Commission Software that allows you to input data from multiple sources results in an enhanced workflow. Sales Quota is the target that the workers are required to meet at the end of a certain period. Setting Sales Quotas is not an easy task as it depends on a lot of factors but is equally important as it keeps the sales reps motivated and ensures a better quality of performance. Choose a Sales Commission Software that helps you set up individual quotas as well as handle unforeseen circumstances like the ongoing COVID pandemic that led to adjusting quotas.
3. Personalized Dashboards
Transparency maintained is best only until it is personalized for the users. Not everything needs to be known by everyone. Sales Commission Software that provides a personalized dashboard would allow that to happen for the sales representatives. Undoubtedly, seeing the performance of a coworker might bring out the competitive side and increase your sales. It is, on the other hand, not healthy and can cause a toxic environment in the office. Personalized dashboards would help the reps stay on the right track and work as efficiently as possible. This would result in avoiding any unnecessary quarrels or such issues and help them keep focus. Therefore, before you invest in a Sales Commission Software, make sure it provides personalized dashboards.
4. Performance Analysis
Motivation is the driving factor that pushes us all to work hard. A healthy competition is never a bad idea to motivate your sales team. For providing the much due encouragement and praise to your sales reps, rewarding them with commission and incentives is very important. Having a Sales Commission Software that allows you to evaluate the sales performances of reps gives actual insights into their work performance. You may be able to conveniently create or optimize plans accordingly. This will yield better sales numbers and keep them motivated, drive their workforce, and encourage them to improve their performance even further. Sales is a competitive field and evaluation can help both you and your employees.
5.Communication
To be fair, it is extremely hard, perhaps impossible to bring in good numbers unless you have all your ambiguity cleared out. And to maintain a healthy professional relationship, effective communication with the sales reps is the key. People might hesitate to ask doubts by either undermining the importance of the issues or in fear they will be considered noob for having questions. This is uncalled for and needs to change. Find a Sales Commission Software that has a place for all the questions or queries a rep might have and a platform where all those queries can be answered. This will give the users a fair and private way to have their queries resolved without a pinch of hesitation. This will also save a lot of time, for the reps as well as for the higher authorities. Having sound knowledge will give them all the confidence they need to go to the floors and bring magic to your sales statistics.
6. Insights and Transparency
Besides the core motive of calculating commissions, having a Sales Commission Software that gives detailed insights into how the trends, plans, teams have worked this past month or week and how effective it has been is also equally important. Getting insights would help you understand what works best for your audience and what changes you need to make to target a specific audience. Transparency concerning employees is also important. They should know how their work has impacted the company’s performance and what they can do to improve their performance. They should have access to the critical data and insights that would help them in their field of work. A good Sales Commission Software would ensure enough transparency for a user to analyze their performance through various parameters. The insights thus driven, if considered, can bring in a lot of potential effectiveness.
Conclusion
The competitive era of today requires effective automation. The time lost is eventually money. Sales Commission Software is something that deserves your time, attention, and money. Improved communication, better planning, work analysis, and creating plans that serve your purpose are just some of the benefits that the software has to offer. Before you make a decision to invest in a Sales Commission Software, make sure you go through all the factors listed above. Choosing the right platform is essential and reap the best output from your sales team.
