When we signed on as a sponsor for Xactly Unleashed, we expected to meet thousands of Xactly customers in person, shaking hands, and enjoying some food and drink with them over a few days of keynotes, technical sessions and other activities.
Well … as they say, the best laid plans …
Instead, Xactly pivoted quickly and transitioned its annual user conference from a live conference to a virtual event. This is an example of the event’s major takeaway – Adapt or Die. Steven Colstad, one of our team members who participated in the event commented, “As businesses struggle to keep pace with the new normal, those that are loyal to dated home-grown technologies, or those that don’t adopt the latest technologies will not stay relevant or competitive. Consequently, they will die.”
Xactly Unleashed highlighted how Xactly’s technology can help you adapt – something that is vital in today’s COVID-19, uncertain economy. Xactly’s solutions can help you adapt by:
- Motivating your sales team with proper sales planning and strategies that be quickly deployed
- Compress your Go To Market (GTM) strategy
- Introducing best practices for compensation payout accuracy (90%+ accuracy!)
- Resolve compensation disputes, avoiding sales team flight risks, with blazing-fast processing times
Little is certain. What is certain is that your business has changed in the last few months. Maybe it is booming. Maybe it is struggling. Are you thinking about how you can adapt or die? Have you considered how a sales performance management solution help you adapt to your changed business environment?
BTW – if you missed the event and would like to watch it, all the sessions are available on demand.
Our partner, Xactly, is making its sales territory design and planning solution, AlignStar, available for free to businesses impacted by COVID-19. This will allow companies who are currently resource-constrained to quickly model and visualize what-if scenarios for sales planning. By doing so, businesses can better foresee the impact these changes will have on their organizations.
Xactly AlignStar enables users to:
- Automate territory alignment – You can easily upload data and quickly visualize territory alignments
- Identify “white-space” opportunities – AlignStar’s built-in thematic maps help identify opportunities you may have overlooked
- Build & compare what-if models – You can compare multiple scenarios to make the best decisions.
Xactly AlignStar is a foundational component to the company’s suite of sales planning and sales performance management tools. Contact us to learn more about this limited time offer.
Sales performance management (SPM) systems hold great promise. But they can also be complex – and sometimes they fail. After nearly 15 years of experience implementing SPM software, we’ve come to recognize the key reasons why some projects just don’t work.
Before you start your SPM initiative, you should take a look at the reasons why some projects either fail or don’t get off the ground, and then take appropriate steps to get yourself on the success list.
We detail the what and why of these points of failure in our ebook, The Top Five Reasons Sales Performance Management Projects Fail. One of the five reasons SPM projects can fail is a lack of executive leadership.
Like any mission-critical and/or enterprise project, an SPM initiative must involve the participation and cooperation of numerous business units, including sales, finance, human resources, legal, IT (sometimes) and more. Unfortunately, with so many players involved, the possibility of participants losing interest, key players changing roles or companies, and priorities changing, can drastically increase. More so, if there is a lack of executive sponsorship or oversight, the change of the project failing increases again.
We’ve identified four other common reasons why SPM projects can fail. Understanding these will help you avoid these common pitfalls, and, hopefully, save you money in the long term. Learn what the other four reasons are.
How do you measure the success of a sales performance management (SPM) implementation? The conventional way is to compare the plan against the actual timelines and budget of your initial SPM implementation plan. In that scenario, if the project was completed on time and within budget, it is a success.
The problem with this approach is that it really measures the efficiency of the implementation process, not the actual implementation itself.
Another conventional way to measure success is to perform a standard return-on-investment (ROI) calculation. This is one way to assess an SPM implementation, but it also falls short; SPM solutions deliver much more than financial savings. Companies rarely implement an SPM solution with the primary goal of cost savings in regard to compensation administration.
So how do you properly calculate the success of your SPM implementation? Here are 10 ways:
- Commission Administration Productivity
- Agility in Handling Plan Changes
- SLA for Reports and Payments
- Draw Period
- Commission Disputes
- Reconciliation and Trust
- Manual Adjustments
- Process Improvements
- IT Support
We go into these 10 factors in more detail in the Spectrum white paper, 10 Ways to Measure the Success of an SPM Implementation. Download your copy today.
While sales performance management (SPM) software has been around for two decades, many organizations still struggle because of a lack of comprehensive and well-integrated technology architecture. There are many reasons for this, but the primary reason is that most organizations start with just one component of SPM – Incentive Compensation Management (ICM) – and then let the “technology landscape” evolve organically. This results in an architecture that happens by default, not by design.
Before you select your SPM vendor, you should think about what type of SPM architecture best fits your needs. In order to do that, you must think about the technology and system capabilities needed for end-to-end SPM automation, not just one or two business functions within it.
Our new white paper, written by Anil Chouhan, a practice lead here at Spectrum, SPM Architecture Options: How to Pick What’s Best for Your Organization, delivers a guide on how to look at various components of SPM in your organization and how to pick a technology architecture that is capable of supporting comprehensive SPM automation.
The white paper elaborates on various business functions within SPM and guides you to a structured approach on how to map technology capability required for each function. Two distinct scales – Importance and Complexity, are used to score various technology capabilities for each function. Various types of technology solutions (not specific software) are then analyzed for the technology capabilities you may need.
Download SPM Architecture Options: How to Pick What’s Best for Your Organization to help you with your SPM planning process.