Advantages of Sales Compensation Planning Software
There are several options for Sales Compensation Planning Software. You can choose from Oracle SPM, CaptivateIQ, or Spiff. Listed below are some of the advantages and disadvantages of these solutions. However, it’s important to keep in mind that not all of them offer the same functionality. The most important features to look for when purchasing software are those that are customizable and that offer real-time data. We’ll also discuss the best way to find a suitable solution.
Spiff
Spiff is a new class of sales compensation planning software that creates transparency and trust across organizations by automating commission plans. Its flexible, user-friendly interface makes it easy for managers to understand and implement complex incentive compensation plans, while providing real-time visibility. The sales compensation platform is an excellent choice for any organization looking to move away from Excel spreadsheets and manual processes. Here are a few reasons to switch to Spiff.
It automates commission arrangements for salespeople by leveraging machine learning and mathematically described plans. The software can also handle complex commission structures and team structures. It automatically changes commissions based on team membership dates. It also provides administration tools, including customized incentive dashboards. It also provides detailed commission traces, so that managers can track the performance of their sales reps. While Spiff may not be perfect for every company, it is an excellent choice for companies with 25 to 1,000 commissionable employees.
Xactly
Xactly is an award-winning sales compensation planning software. It offers 100 percent transparency and real-time reporting to help your sales team manage their commissions more effectively. Xactly excels in commission expense forecasting with its user-friendly dashboard and various forecasting models. It’s also easy to integrate with your current CRM and is supported by an extensive support team. To learn more about Xactly, download the free Xactly Demo today.
Xactly’s compensation benchmarking tool leverages proprietary pay and performance data to help organizations identify key drivers of sales performance and design competitive compensation plans to attract and retain top talent. Through predictive analytics, the software is able to help you benchmark your plan against peers and competitors. You can also use the software’s filters to slice and dice data. Xactly also includes analytics to help your company understand how to use its data to improve its sales performance and retain top talent.
CaptivateIQ
As one of the most flexible compensation planning software on the market, CaptivateIQ helps businesses streamline commission plans and manage sales teams efficiently. With a no-code platform, businesses can configure commission plans and track individual performance within teams and across departments. Businesses can also run prompt payout stimulation or make specific changes on the fly. The software is also a powerful collaboration and reporting tool that allows businesses to integrate data from all sources.
Because this software is based on logic and Excel formulas, navigating it can be challenging for those who aren’t comfortable with the Excel program. However, most users find it easy to navigate, and the software’s built-in reporting tools make it easy to create and customize complex plans. Further, CaptivateIQ’s customer service team is available to answer questions and help users get the most out of the software.
Oracle SPM
Oracle SPM is a sales compensation management system that combines quota and territory management and provides productivity tools that drive down administrative costs and provide relevant business insights. This powerful sales compensation management system provides a comprehensive view of your incentive plan structure and helps you make the best use of incentives. Regardless of your business size, you can benefit from Oracle SPM. To learn more about how this program can benefit your business, read on.
The SPM features of Oracle SPM enable you to create a realistic commission and bonus plans with line-item detail, which leads to transparency and fast resolution of issues. Combined with a powerful analytics tool, centralized data can be consolidated into reporting platforms, which means you won’t have to aggregate multiple data sources to make sense of the information. You can even create reports on sales performance, cost of sales, accruals, and payroll.