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In today's economic environment, we no longer have the luxury of fluff. With the right software and an honest look at your tech stack, you can ensure maximum efficiency.
Revenue experts like Kelly Robinson Rue (Director, Alexander Group) strongly feel the growing need for technology to have proven ROI with a fast time-to-value. The handful of sales solutions her clients rely on solve for revenue intelligence, sales forecasting, and sales commission management.
When teams don’t have a [commission management] platform like CaptivateIQ, they waste so much time. It’s inefficient.
With agile sales commission software, businesses can maximize operational efficiency, increase seller productivity, and streamline incentive compensation management from start to finish.
These benefits alone are compelling enough to convince any business to adopt commission software. However, with the added advantage of real-time insights and analytics, companies can make data-driven decisions that ensure business continuity and happier sales reps. So why not join the growing number of companies incorporating sales commission software into their operations?
At CaptivateIQ, agility (flexibility + ease of use) is the key to getting sales commission right. So we've created a dynamic, easy-to-use platform that allows you to quickly adapt incentive compensation plans to keep up with the pace of change in your business.
Top 5 reasons companies use sales commission software over spreadsheets
Companies use agile commission software over complicated spreadsheets because of the software's several benefits.
- Automation: Commission software automates and streamlines the end-to-end commission calculation process. Reduce manual errors, and bid farewell to tedious spreadsheets — no more pulling data from various sources and manually checking formulas for accuracy!
- Increased accuracy: Because of automation, businesses that use commission software often experience reduced errors and inaccuracies, leading to reduced disputes on commission statements.
- Time savings: With commission software, businesses can reduce time-consuming calculations and let admins focus on more strategic tasks. It also improves visibility into robust analytics in real time — making it faster and easier for finance teams to have accurate information at their fingertips!
- Flexibility: Commission software is designed to be flexible and familiar, allowing companies to easily change commission plans and calculations. CaptivateIQ’s no-code plan logic makes configuration even easier!
- Scalability: Commission software can accommodate businesses of any size as they expand and change. With its capacity for handling large data volumes, spreadsheets become a thing of the past!
How CaptivateIQ’s commission software works
At the heart of any commission software is a platform that automates various aspects of commission administration: removing guesswork and ensuring accurate and prompt sales compensation.
Sales commission software integrates data from various sources and puts powerful calculations into effect. So whether commission plans have tiered rates or adjustments like commission clawbacks, it's all handled efficiently for streamlined payment processing.
We built the CaptivateIQ platform by adopting the flexibility and usability of spreadsheets into a robust solution that anyone can use.
Our platform can be broken down into three areas:
Connect data
Access commission data no matter where it lives. Effortlessly connect to CRM, ERP, HRIS, data warehouses, and more.
Calculate commissions
Run commission calculations using the same data source — more accurate, more reliable. As Jared D. shared:
I am the only compensation analyst for almost 600 commissionable employees. The ability to have this system DEPENDABLY calculate commissions for so many when there is only one of me has freed up so much time to keep innovating our incentive design.
Optimize sales performance
With a transparent commission process, you are sure to (a) attract and retain more talent and (b) be able to better calculate the sales compensation cost — for every dollar of revenue generated, how much are you spending to compensate your team? Finally, this all leads to higher revenue generation.
So how do you choose the “best” or “right” solution?
What to look for in sales commission software
When implemented correctly, commission software should connect data, calculate commissions, and help to optimize team performance.
Here are the five “must-haves” when shopping for the best solution:
Data integrations that make data management painless
The number of software services in the average tech stack is a lot. Arguably too many.
When done correctly, syncing your commission data can save weeks of work and reduce the burden of repetitive administrative tasks.
CaptivateIQ's Data Connectors enable seamless data integration into a unified system from multiple sources. As a result, a range of integrations, including Salesforce, HubSpot, Pipedrive, Netsuite, Workday, QuickBooks, and more, can easily be securely connected to our platform.
Easy-to-manage plans for better adaptability
Commission software should empower you to build and deploy any commission plan, regardless of complexity. With CaptivateIQ’s no-code plan logic, changes are effortless.
In addition, our logic-based modeling platform means you can design any plan without the constraints of rigid templates. Our modeling capabilities let you test various scenarios and see how plan changes can impact the program.
Built-in collaboration tools to help increase productivity
Transparency leads to more trust, ensuring your team feels comfortable and secure. Additionally, this type of “open book” culture signals that management is receptive to dialogue, a two-way conversation.
CaptivateIQ’s task management platform lets reps view their commission tasks (such as statement approvals, open inquiries, etc.) without leaving the app. Multi-level approvals are also automated to help ensure payouts are timely and accurate.
Transparent and comprehensive reporting for better decision-making
CaptivateIQ’s reporting suite offers many options that can ultimately help drive more intelligent decisions. Custom dashboards let you identify trends and opportunities. Then, publish those dashboards to share insights with key stakeholders and executives.
Compliance tools in place for more confidence and trust
CaptivateIQ keeps enterprise-grade security, privacy, compliance, and transparency at the forefront.
Audit trails? We got you. Our platform automatically tracks specific actions by all users. We also offer automated reports for both ASC 606 and IFRS 15.
Download this guide for a comprehensive checklist of key features that any commission solution should have!
