Sales compensation software helps companies automate program administration, including plan modeling, payment processing and reporting. Industry analysts most commonly group today’s software solutions under the categories Incentive Compensation Management (ICM) and Sales Performance Management (SPM). These software solutions are growing in popularity because they offer a compelling value proposition: Improve the accuracy of the payment process, increase the flexibility to make changes and liberate yourself from spreadsheet jail. However, implementation can be expensive, politically treacherous and fraught with risk.
With the right planning, sales compensation leaders can minimize potential risks and significantly increase the odds of project success. Effective pre-project planning involves four key steps: Confirming the case for change, prioritizing the project requirements, tailoring the vendor selection process and investing in the implementation.
Article by Mike Meisenheimer, Manager, Alexander Group
Published November 2016, Workspan, the Magazine of WorldatWork©