Many companies today are still using spreadsheets or homegrown systems to manage incentive compensation. We're always surprised by how many organizations we speak with that are so ahead of the curve in the ways, in which they manage other aspects of business, yet still haven't implemented automated sales performance management software to manage incentives.
We get it - change isn't easy; you're used to the system you built, and if you haven't looked into how buying a compensation solution is different, you might not know what you're missing out on. Below are four key benefits that our customers enjoy when they make the switch from a homegrown system to our pure-play cloud application.
Let's say a major market change happens mid-quarter, and you need to scramble in order to change your plans drastically. With a homegrown system comes excessive manual effort and coding just to change a plan. Organizations using Xactly's products are able to easily manage and change plans with a few clicks.
You should be able to let strategy and business needs define your compensation plans, without being held back by inefficient technologies.
For an incentive compensation process to be truly effective and change the behavior of everyone involved, it has to be transparent. That means that reps, execs, Finance, and Sales Ops all need to have visibility into reports, dashboards, and sales performance in real time. No matter how fast an admin is, if the solution they are using isn't automated, they are losing time to manual efforts like pushing out plans and commission statements and calculating compensation.
3. Compensation Experts
When you build your own compensation system, you're limited to the advice and knowledge of those within your organization. While these people are obviously intelligent and capable (why else would you have hired them), it's not the same as working with a company that is a leader in incentive compensation.
When you buy an incentive compensation management tool from Xactly, you're also purchasing a wealth of knowledge from comp experts with expertise in commission best practices, benchmarks, and analytics.
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Click here to find out more about how Xactly can help streamline your compensation process.