As a result of the pandemic and related economic crisis, an audit of your plans and processes is not only recommended, it’s imperative. Why? Almost all businesses have seen some disruption from the changes over the last few months. Many have seen slowed or stopped sales. Some have seen product and service demands they did not forecast. All of these businesses should be evaluating how their established sales compensation plans should be adjusted to reflect the changed situation. And if you’ve decided to change any aspects of your compensation plans, you want your implementation to be healthy and up-to-date.
There are many reasons – both from a technical aspect and from a business aspect – for conducting a comprehensive review of your sales performance. Here are just a few of them.
Compensation Plans Evolve
As mentioned above, most businesses today are changing their compensation plans in light of our current global situation. To survive, sales must continue to thrive and close new business. If you have a Sales Performance Management solution in place, think about what you wanted to achieve with your incentive compensation plans. Depending on how many years you have been using software to manage compensation at your organization, you might not even recall what your original plans encompassed. There’s a good chance your plans have changed since the initial implementation. There may have been small tweaks along the way. Or your company may have done some massive overhauling to the plans. Have you adjusted your thinking to pivot effectively?
We advise taking a step back and taking a holistic look at both your SPM system and all the updates you’ve made to your comp plans.
Business Processes and Landscapes Evolve
Just like your compensation plans likely changed, so did your business processes. But has your SPM system kept up? It’s a good time to take a fresh look at your changed or evolved business processes with regard to your SPM solution.
For example, maybe you have switched your payroll from the second week of the month to the fourth week of the month. This can allow for more flexibility and wiggle room.
Other changes such as a reduction in headcount, changing budgets, planned growth, mergers and acquisitions, IT upgrades, and more can impact your Xactly implementation. And if those changes were rolled out on an as-needed, urgent, and/or piecemeal basis then they have added up over the years and it is time to reset the clock back. Conducting a health check lets you reassess if there are better ways for your SPM system to work more effectively and more efficiently.
Let’s be honest. Do you really pay attention to every new feature and every update of your Sales Performance Management platform? Chances are you missed something interesting along the way. Or something you didn’t need at the time and have now forgotten about.
If you’re already an Xactly user, then over the years certain modules have been made available to our customers for free. When you purchased Xactly, they may have been add-ons requiring an extra cost and you may be unaware of the latest and greatest. When you do a health check, you learn about features and details like this, that become tremendous assets to your overall solution.
Now is the time to conduct an audit on your Xactly implementation. The benefits are endless.