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Effective sales performance management is a critical initiative which aims to drive sales and reduce operational costs. Sales performance management marries performance data with business improvement processes to drive sales effectiveness. Sales performance management (SPM) solutions allow organizations to analyze how teams are performing and take action as needed to drive sales and improve operational efficiency. SPM takes a substantial step beyond traditional sales management. It is grounded not in Sales 2.0 but really more in the “Sales 3.0″ world now, requiring cutting-edge technology with better predictive analytics and performance monitoring.
Firms adopting SPM realize benefits in four broad areas: cost reduction, improved pay plan effectiveness, increased sales capacity, and enhanced management insight. Benefits in these four areas include quantifiable expense reduction, and less easily quantified but potentially more valuable opportunities for enhancing sales capacity and productivity.
It might be more challenging, more demanding and more daunting for sales managers, but Sales Performance Management is what the best-in-class sales organizations need to succeed and build sustainable competitive advantages today, beginning with the sales team.
Saves Time and Money
Using a sales performance management software helps in reducing the money and time spent on a certain business solutions. This software helps the employees to do away with unnecessary communication and enables them to meet deadlines in an efficient manner. This goes a long way in improving the business productivity.
Efficient Management of Resources
By using sales performance management software, you can keep track of how the business resources are being utilized. If there is any discrepancy in the business dealings, then the software will pick up on any inconsistencies.
Coordinate Various Departments
Sales performance management software also helps in coordinating various department activities and assists in increasing their inefficiency.
Sales performance management software is useful when you are dealing with large data volumes. Because of its real time capabilities, the business will not have to face shortage of time or waste of inventory while transferring huge file volumes.
Streamline Compensation Plans
With the help of sales performance management software, business organizations can record commissions and bonuses of their employees in an accurate manner. This makes accounting processes quite easy and eliminates the need for using custom excel sheets.
Improve Business Efficiency
The system can be used to make work plans that will allow the flow of money to diverse and important endeavours. This in turn increases the efficiency of the business and also promotes its smooth operations.
Picking a Sales Performance Management Solution
Choosing the right performance management software for your organization can appear to be a daunting process, but with the right tools, selecting the appropriate solution does not need to be overwhelming. Begin by identifying which of the advantages listed above are key to your company’s success. From here, evaluate the main advantages and disadvantages of each software and how they either assist or divert you from achieving your management goals. Gartner recently released the 2015 Magic Quadrant for Sales Performance Management study which provides a graphical competitive positioning of four types of technology providers in fast-growing markets: Leaders, Visionaries, Niche Players and Challengers. The three market leaders in 2015 were Xactly, CalidusCloud and IBM. If you are interested in learning more about SPM providers you can download the research study here.
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