ABC as Easy as 123: ICM Edition
If only everything was as simple as a Jackson 5 song! Most things aren’t that simple, but in the case of incentive compensation management, it can be! Incentive Compensation Management, or ICM for short, is the process or management of commission calculations, sales reporting & analysis, and payouts. Xactly simplifies this complex process, allowing you to reach your end goal, to pay reps quickly and accurately, and to drive results for your sales organization. In today’s post, we’re using the alphabet to help break down Xactly’s ICM offering.
A – Adjustments
At times, business can be be unpredictable. Xactly was built to adapt to your needs. Whether you need to make adjustments to account for changing market conditions or shifts in your sales organization, Xactly Incent’s flexibility is on your side.
B – Best Practices
With over ten years of incentive compensation experience, we are in tune with industry best practices. Our big data product, Xactly Insights, uses empirical incentive compensation data to help you make decisions based on actionable insights from real customers.
C – Compensation
The whole reason an ICM product is needed. Compensation or pay, usually relating to currency for a job completed.
D – Design
In order to have a compensation plan that helps both the company and your sales reps, proper design is essential. Xactly’s Strategic Services offering, coupled with Xactly Insights, can be used to design plans that align with your company goals.
E – Error Free
One of the biggest benefits of an ICM offering is the reduction of errors. Incentive compensation was traditionally managed in spreadsheets, which were prone to human error. Now you don’t need toNo longer worry about the risk associated with your compensation process.
F – Finance
Finance will appreciate the ability to test payouts under various performance scenarios to understand theirthe financial impact before they affect your bottom line.
G – Graphs
The rep dashboard includes graphs that showcase a number of metrics – including quota attainment!.
H – Hierarchy
Sales hierarchy can affect compensation expenses. By using Xactly Modeling and Xactly Sandbox, you can change the sales hierarchy to see how altering this structure will affect your numbers.
I – Incentives
At Xactly, we believe incentives are motivating factors that shape behaviors and inspire employee performance, allowing companies to achieve better business results.
J – Just the Insights
Xactly Insights is the first ever empirical incentive compensation data platform that letslet’s users view compensation data for businesses similar to them in a completely anonymized setting.
K – Knowledge
With over 980+ customers worldwide, Xactly has in-depth knowledge of and expertise inin all things related to compensation.
L – Leaderboards
Xactly Incent and Xactly Express use gamification techniques like leaderboards to help management know which team memberswho are their top performers, and which team memberswho might need more coaching.
M – Modeling
Compare modeled results against historical data to make more strategic choices.
N – Never Miss Accruals
Using Xactly, you can accurately calculate commissions at the end of the quarter in a timely manner.
O – Opportunities
The estimator in the tool allows reps to estimate their payout based on opportunities in their pipeline.
P – Plans
When you automate your incentive plans you ensure that you can easily react to the market and quickly make reflective changes to your compensation plan. An intuitive interface makes creating or modifying compensation plans a snap, while real-time updates and web-based access ensure that the sales team knows about changes that affect their goals as soon as they are made.
Q – Quota
Reps can view quota attainment directly from their dashboard helping to motivate reps to close more deals.
R – Reporting
Increase understanding across departments with reporting and analytics for sales reps, managers, and executives.
S – Sales
Incentive compensation management has typically been Finance’s domain. When you use Xactly, both Sales and Finance can benefit from the offering by tying performance to payment.
T – Take Control
Move away from the unreliability of spreadsheets and take control of your incentive compensation with Xactly’s comprehensive solution.
U – Understand the Impact
Access powerful analytics and modeling tools to evaluate the performance of your incentive compensation programs. Use this information to make adjustments to existing plans or test new ideas for achieving company goals.
V – Visibility
Understand rep performance against quota attainment in easy to read charts and graphs. These reporting tools and dashboards provide real-time visibility to reps and management in order to identify trends and opportunities.
W – Workflows
Reusable custom workflows ensure that all documents are seen by the right people, disputes are handled with ease, and everything ends up in the right place, without the hassle of countless emails and spreadsheets.
X – Xactly
Created over ten years ago as the first complete, cloud based ICM offering.
Y – Year over year data
View historical data to make more strategic decisions for your business.
Z – Zap disengagement
Employee disengagement costs your company money. Use incentive compensation as a way to combat this problem and encourage better results.