With modern solutions, more agile methods for managing and engaging your sales network are now within your reach. Manage your sales reps and customize your sales compensation program with just the tips of your fingers with robust commission software. Secure yours by choosing from the top-performing commission solution in this article.
15+ Commission Software
2. Xactly Incent
10. Sales Cookie
12. Magna Timeshare Software
14. Core Commissions
What Is Commission Software?
Commission software is a digital solution that helps businesses streamline the processes of managing commission sales reps. It is an all-in-one solution centralizing necessary functionalities and integrating data analytics across varying platforms to give end-users the ability to access and control data from under one roof. With this software, you can simplify the complexities involved in customizing sales compensation structure and calculating commission pay.
Also, this software solution offers convenient payment processing gateways for easier payroll distribution. In addition, it presents the performance of sales reps in real-time in a leaderboard, improving visibility. Powerful reporting and forecasting tools are also accessible in this software solution.
With this technology, you can diminish the chances of human error and avoid missing crucial data while completing these complicated processes. Also, another benefit this software solution can bring you is its workflow automation capabilities. This functionality makes it possible for you to manage and deliver repetitive tasks and lengthy processes automatically.
The software you choose to equip in this situation can be a make or break factor that can impact how your commission program will turn out. That said, ensure to study the digital solutions available in the software market and do it deliberately. One of the elements you should look into is the compatibility of the digital solution with your business size. Also, do not forget to consider their list of supported digital devices. In addition to their service offerings in their software packages, you should also look for these essential features in the software of your choice:
- Powerful reporting tools
- Calendar and scheduling functionalities
- Sales data analysis tools
- Accounting and distribution system
- Automated commission calculator
- Commission tracking capabilities
- Workflow management functionalities
Top 10 Commission Software
1. Xactly Incent
Xactly Incent is a compensation management solution with commission scheduling and split commissions management capabilities. They have 600 employees in their team and have a revenue of 238 million dollars.
Tipalti is a payment processing software with fraud detection and online payment tools. They have 643 employees working for them and have 52.8 million dollars in generated revenue.
This compensation management software has compliance management and incentive management functionalities. They have a generated revenue of 14.2 million dollars and have 151 people on their team.
This software allows its users to access capabilities for salary planning and agency commission management. They have 14 million dollars in generated revenue and have 74 people working for them.
When you use this insurance software, you can access contact management and document management features. They have 8.2 million dollars in revenue and have 50 employees in their team.
With this digital solution, you can use tools for managing employee reward programs and flat commissions. They have employed 94 people and have 7.5 million dollars in generated revenue.
With this commission management software, you can simplify the processes of audit management and compensation plan modeling. They have 51 employees and have a generated revenue of 5.7 million dollars.
CompensationXL provides its users with functionalities for incentive management and bonus management. Its developer, HCR software, has 28 employees and has a revenue of 2.9 million dollars.
Organizational charting and salary planning tools are accessible in this commission tracking software. Its developer has generated a revenue of 2.6 million dollars and has employed 18 people.
10. Core Commissions
You can access tools for split commissions management and commission calculation with this software. They have a generated revenue of 900 thousand dollars and have six people working for them.
What are the responsibilities of a commission manager?
The responsibilities of commission managers can differ from one organization to the other. Despite that, the majority of people with this job position have plenty of overlapping duties. Overseeing daily operations and developing objectives aligned to commissioning goals are some of them. Administering sales training and onboarding and processing contracts is also part of the job.
What are the various sales commission structures?
There is a lengthy list of commission structures that different organizations and businesses employ, but there are those that you can commonly find. These structures include the base rate plus commission structure, commission-only structure, revenue commission, tiered commission, and the gross margin commission model. Also, it involves residual commission and draw against commission structure.
What are helpful tips in designing a sales commission program?
In designing your sales commission program, you should leverage historical data, learn from it and use it to pivot your commission strategies. Another tip is to put together skilled people as your working committee. Also, consider developing commission plans based on roles and providing rewards and incentives to the best performing sales reps in your team.
Keep up with the shift in the sales industry brought by the innovations of digital technology by starting to go digital with your day-to-day operations. Achieve expected outcomes and keep your sales reps engaged with one solution. Start your digital transformation today and gain a sharp competitive edge with the best commission software for you.
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