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Sell Right. Credit Right. Reward Right

An effective and well-oiled sales engine is a key driving force for a global enterprise to succeed in an increasingly commoditized market place; therefore, a motivated and high-performing sales team is a must-have in this regard. Given today's ever-demanding customers and stiff competition, businesses aim to have an agile and nimble sales team.

Having said that, the numbers point to a dismal story -- only 58 percent of sales representatives achieve their quotas, down from the highs of 63 percent in 2012. Companies that fail to optimize their sales planning leave anywhere between 4 - 11 percent of their revenues on the table. That amounts to a staggering US$2 - 5.5 million for an enterprise with annual revenues of US$50 million.*

Therefore the challenges before a Sales Director today, have never been bigger -

·         How do I alter the sales team's behavior to sell what I want them to?

·         Can I find out, on a real-time basis, the achievers and the laggards in my team, so as to either incentivize or course-correct accordingly?

·         Is there a way to further optimize the total cost of sales?

·         How can I maximize sales productivity?

·         How do I promote healthy competition among the sales teams to achieve more?

The solutions to these challenges have never been simple either. The common thread that is at the core of the above challenges is the performance of front-line sales representatives.

A proven solution to such challenges, as seen from our past implementation experiences, is Oracle Sales Cloud Incentive Compensation (OSC IC).  

It provides sales directors and teams all the necessary levers to constantly monitor, trend and accurately execute appropriate incentive plans, in order to catalyze behavioral changes in sales reps to sell the right products and to get credited and rewarded accurately.

What does OSC Incentive Compensation offer?

The solution covers every aspect of sales incentive compensation. It includes user-friendly, wizard-driven, configurable artifacts that complement core processes of transaction collection, classification, crediting, calculation, and commission payouts. Added differentiators include self-service dispute resolution and real-time analytics capabilities.


OSC IC.jpg

 

What are the outcomes of having OSC IC as a modern Sales Compensation System?

Business challenge

OSC IC solution

Outcomes

How do I alter the sales team's behavior to sell what I want them to?

 

·         Ability to tailor compensation plans and sales targets on an on-going basis in order to realign the focus on products, geographies, and customers in-line with organizational objectives

·         Quickly penetrate markets with newer products and thus reduce the overall time-to-market

·         Drive the sales force to sell the right products

Can I find out, on a real-time basis, the achievers and the laggards in my team, so as to either incentivize or course-correct accordingly?

 

·         Real-time reporting and embedded analytics provide insights on the performance of sales teams

·         Identify weak spots in sales teams to plan and execute training programs whilst revisiting quotas and incentives for high-performers

Is there a way to further optimize the total cost of sales?

 

·         The cloud solution that comes with minimal administrative, infrastructure and IT overheads.

·         A single solution across business units, geographies, and currencies

·         Op-ex vs. cap-ex

·         Reduces compensation errors by 90 percent

·         Enables close to 50 percent reduction in IT / admin staffing costs

·         Minimal administrative, infrastructure, and IT overheads

How can I maximize sales productivity?

 

·         Clearly-defined quotas and incentivizes 'right selling'

·         Compensation dashboards and a mobile-based solution that provide real-time attainment and earnings insights in relation to targets

·         Self-service dispute management tool for faster dispute resolution

·         A nimble and agile sales team with maximized productivity

 

How do I promote healthy competition among the sales teams so they achieve more?

 

·         In-built gamification solution provides the necessary drive for the sales teams and reps to compete among themselves, with increased vigor and zeal

·         Drives higher attainment

·         Enhances the motivation of the sales teams

 

In a nutshell, the need to implement a modern incentive compensation solution like OSC IC has never been greater, and the benefits never so tangible.

Sources

·          http://www.forbes.com/sites/kenkrogue/2015/01/27/2015-trends-report-sales-process-sales-strategy-social-media-trends-sales-techniques-and-forecasting/#4d5f5e46734c

·          Oracle

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