Points to keep in mind while purchasing an ICM solution

Businesses can save a lot of money. By giving their sales force clear visibility into their performance versus targets, they can reduce the stress of managing sales commissions and enhance revenue. Before you start your ICM project, make sure you have the following things in mind. Ensure that you’ve given yourself enough time to think about the situation.

Several variables can make a difference. failure and success When deciding whether or not to invest in an ICM solution, we explain 5 crucial aspects in this kit.

Investing in the proper ICM solution for your company might put you years competitive in the industry in terms of growth, rep retention and engagement, and resiliency through enhanced agility in the critical process of sales compensation administration.

Other motivations to invest in new incentive compensation software include:

• Making modifications to your present ICM takes much too long.
• You’ve lost the ability to programme the software internally.
• You’re unduly reliant on high-priced advisors.

What is ICM software, and how does it work?

Every piece of ICM software allows you to compute and track commissions, as well as streamline your company’s incentive compensation processes.

The distinction between vendors generally boils down to how the process works and how much responsibility your team bears.

Any sales compensation solution should, at the very least, enable you to:

• Make your incentive strategies.
• Align your incentives with your company’s objectives.
• All or some of the compensation processes can be automated.
• Reporting can be used to inform people about performance.

Why should you invest in an ICM solution?

Small firms, unlike major corporations, rarely have trouble receiving sales commission payouts. Because the number of persons engaged and the complexity is limited, it can be easily controlled in a spreadsheet by a single person. When a company grows above 100 salespeople, spreadsheet-based annual bonus management becomes inefficient and time-consuming.

Steps to Choosing the Best ICM Solution

Create a list of the common situations you run on a yearly, monthly, and weekly basis.

1. Define how much each stakeholder requires from the solution and rate them in order of importance. Make a list of what your dream solution could achieve for you.
2. Estimate your cash outflows.

The true cost of owning corporate ICM software is frequently underestimated. Along with the membership fees, don’t forget to factor in salary, consultancy fees, and missed chances.

• Create a profile of providers and begin the discovery process.

Don’t pick a number for the shortlist at random. Until you’re ready to make a final decision, talk to the vendors who can provide what you want and who you love dealing with.

• Work with vendors to test scenarios.

The majority of ICM software suppliers avoid this important step. Ask vendors to demonstrate how they solve complex plan modifications during (or before) demos, especially after the initial setup.

These are the few steps you can go through while looking for the sales commission software. You can also go for ElevateHQ, which is a fully automated commission management system for managing everything from quota to payments in real-time.