Streamlined Sales Commissions Process for a Tech Enterprise
Our client is a leading global company, publicly listed on the NYSE, specializing in providing engineering and technology solutions to enterprises worldwide. They’ve collaborated with more than 300 clients, which includes 40% of the top 100 global innovators. Their goal is to deliver smart engineering and technological solutions to construct a digital, autonomous, and sustainable future. They are dedicated to creating a culturally inclusive, socially responsible, and environmentally sustainable tomorrow.
Engineering Services
India
Industrial Digitization
Situation
The tech enterprise employed spreadsheets to handle their sales compensation programs
A critical aspect of the commission process involved ensuring the sales force acknowledges their quarterly targets/quotas
It was followed by an approval process set at various milestones that directly impacted the computation process
Moreover, query management complexities lead to time-consuming disputes and inaccuracies
The absence of automation in performance acknowledgement and payout approvals resulted in significant delays, frustrating reps, and jeopardizing revenue flow
From Our Clients
With Incentivate, we are able to manage complex plans easily and making updates is a breeze. No other platform comes close to Incentivate's flexibility, and comprehensiveness.
Approach
The team conducted meetings to identify challenges and understand the business requirements of our client
We agreed on the project scope and proposed a plan to configure existing compensation plans and workflows
The next step aimed to allow administrators to adjust parameters, run plan simulations, and gauge their effects on salesperson performance and earnings
Our team used an agile delivery method to make changes smoothly during the implementation process
Conclusion
Through this partnership with Incentivate, the organization improved the sales comp process and reduced the delays in processing commissions. Incentivate provided a tailored automation system that – streamlined query management, introduced an approval system, improved payout efficiency & accuracy, and successfully processed incentive payouts within a week of the quarter closure
Problem
The client lacked a digital process for sales reps to acknowledge quarterly quotas, resulting in delayed or no approvals
Furthermore, the delay impacted commission computations and their hierarchical quota management
Complexity in raising queries regarding target adjustments, payout exceptions, and achievement updates led to time-consuming processes and frequent inaccuracies
The lack of automation prolonged the turnaround time, resulting in delays of more than two weeks in distributing commissions to the sales reps
Solution
We set up a process for the sales team to confirm their compensation plans and annual goals. It came with periodic notifications followed by an auto-approval process in case any defaulters did not comply
We implemented a query management system for reps to raise performance/payout concerns
A structured list of queries aided quick issue resolution, while approved changes streamlined the computations process, ensuring compliance
We introduced a delegated approval system to ensure timely approvals, even in the absence of managers
Incentivate integrated auto triggers and alerts to notify everyone in the hierarchy about pending approvals and important updates
Integration with e-signature platforms for letter approval reduced human intervention and improved overall compliance
Experience our platform
Schedule a demo now
Outcome
Increased Efficiency: The automation of sales commission workflow led to increased efficiency and reduced manual errors
Timely Approvals: The delegated approval system ensured timely approvals, improving workflow speed
Improved Accuracy: Automating financial records and dispute resolution enhanced accuracy and reliability