Infosys’ blog on industry solutions, trends, business process transformation and global implementation in Oracle.

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Emerging SPM Trends and Realities

Digital Disruption - The Threats and Opportunities

The digital revolution has created a flurry of business opportunities, but has also presented a more complex and well-informed buyer. Customers today have access to a treasure trove of information which greatly influence their buying decisions. Sweet talking - though a great trait to have as a seller, won't impress much, unless there is that valuable insight about the customer and what could influence them to buy. Sales organizations are beginning to see the need to adapt to these threats to stay relevant.

The focus is on sales optimization by aligning selling to purchasing interests. This is possible only when there is relevant, reliable and readily available data. Here-in lies the opportunity for sales performance applications than can mine and churn volumes of information from varied sources to give that extra bit of perspective and trait when selling

 

Feeling the Pinch

With shrinking IT budgets, companies today are aggressively pursuing a cloud strategy. Service based models for software and applications are the new normal. This keeps the customer interested and the product vendor committed. There is also a pressing need to be modern, technologically relevant and also adhere to governance, auditing and other compliance standards.

Modern Sales Performance SaaS systems are technologically advanced, high on standards and also drive better selling while simultaneously freeing up internal IT costs by eliminating infrastructure and administration hassles and also reducing the dependence on individuals for maintenance and support

 

Get 'SMAC'ed

The four 'disrupters' of the digital world - social, mobility, analytics and cloud have shaken the SPM market like never before. SMAC has changed selling dynamics. It has had a profound effect on what and how to sell to whom. SMAC has empowered buyers with all they need to know about what they intend to buy. It is therefore so much more significant for sellers to get 'SMAC'ed to improve operations and get closer to the customer with minimal overhead and maximum reach.

Today's selling models are built upon data fed by the customers themselves. Tablets, smartphones and other mobile devices create a dynamic framework for data. Cloud-based solutions enable mobility. Data analytics reveal insights and opportunities for optimizing sales performance. 

And so, there's an escalating demand for sales performance management software with mobile and social capabilities, integrated and real time Business Intelligence (BI) through cloud deployments. This fundamental development is throwing up new players in the SPM segment who are threatening the old order and creating a niche for themselves in this market

 

Inspire and Incent

Businesses thrive on profits and every strategy is intended to drive them higher. To get the sales force to rake in those profits, it's imperative to have a sales incentive plan that inspires and rewards salespeople for profitable selling. The right behavior needs to be inculcated by making it easy for the sales reps to understand what needs to be done and then motivating them with accurate and timely monetary and non-monetary benefits.

The perspective brilliance can be achieved by automating the sales-compensation processes and providing real-time insights into actual performance. That requires a comprehensive sales performance management (SPM) solution to inspire and incentivize profitable selling.

Yes They Can!!!

The modern SPM solutions help inspire sales reps and managers alike.

Sales reps can

    • Understand what they're required to do
    • Keep a real-time tab on their progress
    • Raise and resolve disputes effectively.

Managers can

    • Set the right expectations
    • Use gamification to instill the competitive spirit and embed best practices in every rep's day
    • Measure performance across sales teams
    • Identify leaders and laggards
    • Motivate those that need a helping hand and inspire the high-performers to greater heights
And last but not the least, these fine-tuned complex calculation engines can churn out incentives with great accuracy and on time

 

Complexity - no more a wet blanket

Businesses are growing fast but are changing even faster. The changes to sales geographies, sales demographics, performance measures and compensation structures are so rapid that SPM solutions need to be nimble to adapt.

Spreadsheets can no longer keep a business operating at digital speed. They also do not address the complexities of the sales organization itself, including employee churn, promotions, territory re-alignments, unaligned quota targets, incorrect data and more. The clamor for real time integration and data migration is getting louder too.

Modern SPM applications are expected to address all these complexities without having to customize/extend them or then rely on third-parties to fill in the gaps. The more the gaps, lesser the likelihood of success. Customers are ready to go the extra distance and spend the extra bucks to replace their existing SPM applications if they are found wanting on flexibility, agility and alignment.

 

It's all about Winning

Of late, there is widespread acceptance about the benefits of sales performance management software and services among the users. The vertical flavors add to the excitement.

PM makes it easy to analyze behaviors and thereby helps in devising tailored performance plans to help both the leaders and laggards succeed. It enables real-time performance assessment and provides instant feedback. It helps managers to get the right mix of winning teams and foster healthy competition in driving up sales.

There is the tough customer to deal with and a motivated competition to beat. Since it's all about winning, the need of the hour is a comprehensive, feature-rich, flexible and aligned SPM solution. An effective SPM system is intended to plan, motivate and reward right. The better it does that, the greater are the chances of its adoption.

 

Go after SPM!!!

The sales performance management market is segmented

By geography: North America (NA), Latin America (LA), Europe, Middle East, Africa and Asia-Pacific (APAC);

By solution: Sales On-boarding, Sales Training, Territory Management, Quota Management, Sales Incentives, Sales Coaching, Sales Appraisals and Gamification

By deployment options: Public Cloud, Private Cloud, Hybrid and On-premise

By service type: Consulting, Implementation, Training, Support and Managed Services;

By industry: BFSI, retail, healthcare, IT and telecom, manufacturing, energy and utilities, travel and hospitality, transportation and logistics, media and entertainment, and others.

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