It is clearly said today for a reason that, “Data is the new oil”. Sales experts know that breaking down information is basic to their prosperity. Be that as it may, numerous entrepreneurs don’t understand the significance of information investigation until it’s past the point of no return. By that point, they’ve proactively passed up likely open doors and may have even lost clients. Information examination permits organizations to recognize patterns and examples in their sales information. This data can then be utilized to come to informed conclusions about where to concentrate their endeavors and apportion their assets. It can likewise assist organizations with distinguishing which items or services or employees are more profitable than the others. Data, if analyzed correctly, can break down and bring forth some very insightful dimensions which can help to make any company highly profitable. Today in this article we are going to look at how commission software can help you to grow your business and how it helps in analyzing the data to channel your team’s efforts and energy in the best possible direction. So without any further delay let us dive straight into it.
What are Sales Commission softwares?
To make it understandable to the non-sales background people, let us try to first elaborate on the dynamics of how the sales department in any company works. You can think of a sales department in any company as a tower-like structure. There are huge numbers of employees at each layer, who are assigned tasks to lock a deal with clients. Every team is assigned with their monthly and quarterly targets according to which the team has to work to achieve the targets. Now to bring out the maximum potential of the team, the sales head of each team strategizes a SPIFF for its underlying team. But let us first answer the question: what are spiff? SPIFF is an abbreviation for Sales Performance Incentive Fund. As clearly the name suggests, it is an incentive that is given for motivating the team to bag some extra target deals other than what is planned for them already. SPIFFs actually play a huge role in determining how much of the potential of your employees you can use. If planned correctly and if the KPI (Key Performance Indicators) are set right, SPIFFs can change the entire scenario for your company.
Sales Commission softwares is essentially a very useful business automation tool, which can help a company automate its process of sales data collection and SPIFF calculation so that the company can make regular and timely payouts without any miscalculations, and above all without any manual monitoring. This one software alone can handle what otherwise would have required a team of up to 25 (or even) people in a big organization.
A sales commission software can automatically feed in the data to the database management systems of the company, and help to maintain it with regular updates and changes if needed. It can further help the sales department to independently or with very little support, handle the data analysis reports of any specific team or person. When done right, these analytical reports can unlock new dimensions of data and can help the managers to strategize to get the maximum profitability. Using this softwares anyone can find very precise predictions of sales for the upcoming month. ElevateHQ is one of the biggest names today in this domain. ElevateHQ helps businesses to handle all these repetitive tasks, and make timely SPIFF payouts using its very powerful rules engine where you can set your customs and unique KPIs.