CompCloud is off to a fantastic start, and I know I speak for everyone at Xactly when I extend a sincere thank you to all of our sponsors, customers, attendees, and employees– the event wouldn’t exist without each and every one of you! Over Xactly’s 10 year journey we have worked with 1,000s of executives, more than 700 customers, and have processed more than fifteen billion dollars in payments. Through this experience we have identified the DNA of a world-class incentive compensation process. Today at CompCloud, Garry Cottrell shared distinct best practices we have learned from our experience. Even if you weren’t able to make it to the event this year, you can still find out some of the unique ways in which leading edge companies are managing incentive compensation.
Strategic Planning and Design
Innovative companies don’t just take a guess if they are making the right choices about incentive compensation investments. They use benchmarks and empirical data to ensure that the significant spend is being utilized correctly. This means that sales rep performance matches commissions and that incentives are aligned with the market and company goals. leaders at these companies don’t make plans based on guesswork or past experience, they consistently test all incentive plans against automated scenarios.
Calculations and Accuracy
If you’re currently managing your incentive compensation process manually then you can’t say with confidence where all of your pertinent sales data is located. With automation, all of your business systems seamlessly interoperate so you can connect your ICM with your ERP, CRM, and any other systems you might be utilizing. Savvy companies know that plans should be designed based on the needs of your business, and not limited by what your technology can handle.
Analytics, Reporting, and Communication
Many companies that we work with talk about the challenge of giving everyone involved in the sales compensation process the necessary visibility. Reps need to be able to track progress, executives need access to on-demand information to make critical decisions, and there must be enough transparency for Finance to make forecasts and other important financial choices for the organization.
Control and Risk Management
With Xactly’s automated solution, best-in-class companies are able to easily set up efficient workflows so that disputes are easy to resolve, plans are simple to approve, and all aspects of incentives are able to be audited.Find out more about how Xactly Incent can help you up-level your incentive compensation process.>