Release employee rewards and compensation on time and seamlessly to keep your sales team engaged and motivated. To do so, secure robust sales compensation software at your disposal and keep track of employee performance and sales compensation plan progress with just a few clicks and swipes. Get yours from the best performing digital solutions in this article.
17+ Sales Compensation Software
3. Xactly Incent
5. SAP Commissions
8. Oracle Spm
11. Iconixx Sales
12. Vistex Solutions for SAP
14. Xactly SimplyComp
18. Sales Cookie
What Is Sales Compensation Software?
Sales compensation software is a digital solution helping businesses and sales teams generate and customize sales compensation plans. This software provides an integrated platform that centralizes multiple functions and activities involved in the program in a single intuitive interface. It integrates data analytics from varying sales platforms to track who deserves employee recognition and rewards and calculate how much compensation they should receive depending on their level of performance.
In addition, it automatically personalizes and presents the dashboard of individual employees allowing your team to check their progress in real-time. Also, with it, you can simplify the accounting and distribution processes of the incentive pay.
With this technology in your digital toolkit, you can utilize workflow automation capabilities for streamlining repetitive and complex processes involved in your compensation plans. Also, it helps to increase accuracy to eliminate the possibility of complications. In addition, this software allows you to save time and money to focus on more pressing matters.
Before selecting which software you will use for your incentive compensation plan development and execution, take a step back and analyze your needs. Aside from its interface design and its level of user-friendliness, look into other essential factors that can influence the success of your program. Some of the elements you should consider are your budget, preferred digital devices, and the number of your team members. In addition, the software of your choice should have the following features:
- Data analysis tools
- Custom dashboards
- Business process automation capabilities
- Compliance management tools
- Accounting software functionalities
- Commission calculators
- Flexible planning features
- Collaboration software functionalities
- Employee communications platform
- Payout processing tools
Top 10 Sales Compensation Software
1. Oracle Spm
Tools for lead management and sales pipeline management are accessible in this software. They have 39.07 billion dollars in generated revenue and have 135,000 people in their team.
2. SAP Commissions
With this sales incentive compensation management software, you can use split commission and flat commissions functionalities. They have 30 billion dollars in revenue and have 100,330 employees.
Optymyze is a sales force automation solution that has channel management and goal management tools. They have generated a revenue of 100 million dollars and have 700 employees in their team.
This digital solution allows its users to access compensation statements and commission scheduling tools. They have a generated revenue of 55.7 million dollars and have 384 people working for them.
This software provides its users with employee reward programs and compensation management features. They have 97 employees working for them and have a revenue of 18 million dollars.
An internal communications platform and convenient payment processing gateways are examples of features in this software. They have employed 115 people and have generated a revenue of 16.7 million dollars.
When you use this commission software, you can access incentive management and analytic reporting tools. They have 15 million dollars in generated revenue and have 90 employees.
This compensation management software has tools for compensation plan modeling and audit management. They have 94 people in their team and have a revenue of 7.5 million dollars.
QuotaPath offers workflow management and sales activity automation capabilities to its users. They have 28 employees working for them and have less than 5 million dollars in revenue.
Commissionly has functionalities for tiered commissions and a self-service portal. They have 20 employees in their team and have 1.3 million dollars in generated revenue.
What are the various sales compensation methods?
Businesses across the globe favor varying compensation plans depending on their circumstances and preferences. To decide how to compensate your sales force appropriately, you can consider multiple compensation plans. The numerous types include the straight salary, commission only, salary plus the commission (the combination plan), territory volume approach, draw against commission, and profit margin.
Why are sales compensation plans essential for businesses?
Sales compensation is a crucial factor that can influence employee engagement and employee retention. That said, planning for it is an essential part of its success. Also, when you incorporate a sales gamification strategy in your program, you can foster a competitive culture motivating your team to stimulate them to perform better. In addition, this practice will help you budget better and maintain profitability.
What are the responsibilities of a sales incentive compensation manager?
Sales incentive compensation managers are responsible for designing sales compensation and recognition programs. They are responsible for overseeing rewards and incentives management and analyzing data to measure success and reassess the plan. Also, their job description involves communicating the structure to the people involved and providing guidance to the sales reps to maximize results.
With digital solutions developed nowadays, you can achieve your desired results for your business processes without the stress that comes with it. That said, do not miss out and get your hands on functional sales compensation solutions as early as now. Ensure your compensation plan goes off without a hitch from the starting phase to the completion stage by leveraging the best sales compensation software.
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