As a sales leader, your job is to maximize revenue for your business. Plain and simple. But, truly great sales leaders know that there are different ways to make that happen. Sure, a great (albeit obvious) way to increase revenue is to bring in more business.
But, as they say, there’s more than one way to skin a cat.
It’s possible to increase your company’s revenue by improving operational efficiencies, too. Through faster, more effective decision-making and improved sales performance management, sales leaders can decrease their bottom line and boost revenue for their business. But, as you surely know, finding the right tools and strategies to improve sales operations can be a difficult task.
And that’s where knowing a thing or two about “the cloud” can really help.
Analysts forecast that cloud services will reach $260 billion in revenue within the next two years and it’s no surprise why: businesses can improve nearly every aspect of their operation on the cloud—and sales performance management is no exception.
Here are three reasons moving your sales operations to the cloud could be a game-changer for your organization:
#1. Create Alignment Across Your Organization
Every sales operation leader fields requests from cross-functional partners for specific data. Whether it’s the finance team seeking insight into forecasted accruals, HR hunting down data on rep compensation, or even your reps themselves looking for performance feedback, everyone wants access to the same data despite the fact that each arm of your organization uses that data differently.
Rather than continuously running department-specific reports, a quality SPM platform—like Oracle SPM Cloud—allows you to create and customize individual dashboards for each department. That means your finance team can stop knocking on your door for the data they need and instead, use the prompts and filters within their designated dashboard to access real-time information that is relevant to them.
With access to And with that real-time information comes better, faster decision-making. That’s the first way a Sales Performance Management (SPM) platform saves you time and money.
#2. Use Data-Driven Analytics to Take Fast Action on Key Decisions
For most organizations today, there’s no shortage of quality data available for decision-making. The problem comes from getting the right data at the right time to make key decisions faster than your competitors. A good SPM platform filters through the wealth of data available to your organization to compile reports that enable quicker, more intelligent decision-making. The ability to measure key analytics—like forecasted accruals—with real-time data paves the way for more profitability and increased revenue through improved operational efficiency.
Sales performance management software enables faster decision-making based on real-time data.
But, that’s not the only way your SPM helps boost your company’s profitability:
#3. Gain a New Perspective on Sales Compensation
Compensation plans tend to follow a rather formulaic design within most organizations. But, because Cloud SPM platforms brings together all aspects of sales compensation under one platform, it’s easier than ever to improve the margins on sales comp structure.
SPM platforms offer opportunities for leaders to build variable compensation plans based on real historical results (rather than paying reps a certain way “because that’s how we’ve always done it”). SPM platforms also open doors for more creativity in your sales compensation structure, introducing opportunities for both cash and non-cash rewards.
Ready to learn more?
Config Consultants is a systems implementer focused on creating Digital Transformations strategies. Our A5 methodology modernizes your lead to cash process and makes your supply chain lean by leveraging industry-leading packaged software, such as Salesforce, Oracle, Apttus and Anaplan.