10 Capabilities to Look for in a Best Sales Performance Management Software
In the Sales 3.0 world that we live in today, the use of data and automation is simply non-negotiable. This is where sales performance management comes in.
Sales management is changing. In the Sales 3.0 world that we live in today, the use of data and automation is non-negotiable. This is where sales performance management or SPM comes in. An innovative sub-discipline of management and sales, SPM takes traditional sales management and infuses it with the power of data to optimize the entire gamut of sales functions, from territory mapping and capacity planning all the way to incentive design and forecasting.
To enable sales performance management to thrive in an organization, the use of technology is key. Homegrown software or, worse, data scattered across multiple spreadsheets won’t do the job. Enter SPM platforms. According to Gartner’s definition, these are software that packs an arsenal of “tools and process functions that automate and unite back-office sales processes,” which ultimately “improves sales execution and operational efficiency.”
In other words, SPM software aid in the creation of an agile sales ecosystem by offering you a holistic view of your sales functions and their performance and enable digital transformation in a quickly changing market. If you’re still wondering why you should opt for an SPM platform, here are some key business challenges that these new-age systems help address.
Key Business Challenges Faced by Sales Performance Management Solution Providers
1. Non-Compliant Systems
When it comes to regulatory needs, homegrown systems can quickly become non-compliant. Having the right controls and solutions in place can mean a lot — from avoiding delayed payments to making hefty payments for non-compliance. New regulations can also affect the sales organization by impacting incentive pay. These regulations may vary from state to state. An SPM platform that offers features such as effective dating, efficient management of personal information, and more can effectively plug these compliance challenges.
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