Sales Incentive Compensation Management Software
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What is Sales Incentive Compensation Management Software?
Sales Incentive Compensation Management Software supports the creation and implementation of sales incentive plans, captures sales data, and calculates and tracks commissions. In some cases, commissions payments may be compensation for services not related to corporate sales. Sales ICM software also automates the compensation process. The software’s analytics help optimize sales compensation plans to maximize sales and revenue. The plans are designed to improve sales team and individual performance by directly connecting sales performance to incentive compensation. It provides access for sales reps to track their quotas while viewing their payouts as well as earned and potential commissions in real-time.
The software enables the design and building of complex compensation plans and commission structures. The software models and compares plans and provides forecasting capabilities. AI is used to improve sales performance by providing quota and commission rate recommendations.
Sales ICM software overlaps with Sales Performance Management Software(SPM), is closely related to Sales Gamification Software, and includes commission management functions. Sales ICM features are often included as an option in sales performance management suites that examine all the factors that impact sales performance. These can include pipeline management, sales cycle, and performance analytics, as well as training or coaching on best practices.
Sales Incentive Compensation Management Software Features
Sales Incentive Compensation Management Software will include many of the following features.
- Create sales incentive plans
- AI incentive planning recommendations
- Incentive plan modeling and what-if scenarios
- Rule building engine
- Prebuilt plan templates
- Support complex commission structure including quotas, splits, ramp up, formulas, rollups, overrides, caps, flat rate, and tiered.
- Assign quotas to plans, teams, people, titles/positions, and territories or by sales type or seniority
- Approval workflow and notifications
- Import sales data from CRM or accounting systems
- Automated calculating, tracking, and reporting of commissions and payouts
- Real-time performance and payment information
- Sales rep dashboards
- Dispute resolution
- Analytics for sales incentive performance, seller turnover and customer losses
- Compliance reporting
- Multi-currency support
- Integration with sales performance management
- Mobile support
- Cloud-based, SaaS
Sales Incentive Compensation Management Software Comparison
Consider the following when purchasing Sales Incentive Compensation Software.
Scope: Sales ICM functionality is generally available as a component of broader Sales Performance Software.
Integrations: A sales ICM product that supports easy integration with your current CRM or accounting systems for sales data will streamline your ICM activities.
Scale: Ensure that your selection will support both your current and projected numbers of sales reps and transactions.
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Pricing Information
A vendor price quote is usually required for Sales Incentive Compensation Software. Basic entry-level products range from $15 to $50 a month. Pricing is driven by the features provided and the number of users supported. Free trials are available.
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Frequently Asked Questions
What does Sales Incentive Compensation Management Software do?
What are the benefits of using Sales Incentive Compensation Management Software?
What are the best Sales Incentive Compensation Management Software products?
These are some of the popular Sales Incentive Compensation Management Software products.
How much does Sales Incentive Compensation Management Software cost?
Vendor quotes are required for many Sales ICM products. Entry-level software ranges from $15 to $50 a month. Prices increase with the number of users and features supported. Free trials are available.