Incentive Manager
Incentive Manager
Incentive Calculation Engine with built-in life sciences specific sales incentive process intelligence, commonly used plan components, and business workflow that enables end-to-end automation of monthly operations. The platform comes armed with an integrated quality assurance and auditing framework with easy access to all historical and current performance data. It also empowers business users to configure custom reports, model plan designs, and compare plan performance.
Key Features
100+ built-in plan configuration components
Pick and choose from the list of built-in measures, earnings and multiplier components depending on the standard plans such as goal achievement, commissions, matrix, ranks, MBO or complex plans that needs calculation of multi-level indexes
Eligibility & HR exception management
Embedded eligibility manager that can be configured for type of eligibility/time in territory calculations based on calendar days, business days or even point in month references. In addition, exception calculations for a variety of scenarios such as new hire, transfer, terminations, flexible working arrangement, leaves, etc. can be managed through intuitive business interfaces
Plan modeling & simulation
Configure newly designed or proposed incentive plans in model universes and compare performances with existing plans to evaluate the alignment of changes with desired results. These changes are analyzed at summary as well as individual levels and top and bottom performers are identified
Integrated quality assurance framework
Validation dashboards to analyze the quality of inputs and outputs based on a variety of checks such as nulls, blanks, duplicates, value range checks, referential integrity checks, month-over-month changes etc. In addition, summary visualizations are there to understand the distribution of input data
Payment approval workflows
Configurable payment approval workflows by role within the platform to ensure clean and auditable hand shakes without any manual interventions. Approvers get access to detailed calculation reports as well as summary dashboards for their internal checks. Any questions, concerns can also be raised or discussions can be initiated as part of the platform itself
Audit & compliance
Comprehensive compliance dashboard to track any type of system activities such as input availability & loading, payout processing, plan changes, approvals and also any additional financial adjustments. Users get access to different functions and screens depending on their role and level of control
Configurable summary reports & dashboards
Comprehensive compliance dashboard to track any type of system activities such as input availability & loading, payout processing, plan changes, approvals and also any additional financial adjustments. Users get access to different functions and screens depending on their role and level of control
Differentiators
Embedded process tracking framework
Built-in sales data structures, editable plan exceptions parameters, up to 5-level geographical hierarchy, configurable eligibility & HR exceptions management
>50% faster implementations
Built-in sales incentive business process intelligence, configurable plan components, standard output structures, out-of-the-box reports, and configurable dashboards
>75% faster change rollouts
Facilitated by high level of parameterization and configurable nature of the platform using pre-built calculation flows from the list. Report designs using built-in standard output structures makes it further scalable
1/3rd total cost of ownership
<65% cost of ownership due to significantly high level of configurability and standardization. In addition, new-age deployment models keeps infrastructure costs under check
360-degree data access
Availability of data at different calculation levels to analyze information flow. Standard history tables across levels are always accessible for complete visibility into multi-year performance and to support associated analytics
Multi-tenant architecture
Multiple countries and business units can be handled using a unified instance with easy business reporting. This is further enhanced by role-based access to control the viewability of different functional dashboards and reports
Importance of Planning and Automation in Incentive Compensation Management
Incentive Compensation is one of the most crucial factors for business success in modern times. Businesses rely mainly on incentive compensation as a performance management system to drive the salesforce to improve sales and overall business performance. The primary objective of a sales incentive plan is to align sales representatives' behavior with strategic corporate goals. A good Incentive compensation strategy acts as a catalyst to keep the sales teams motivated and helps businesses meet their sales and performance targets.
However, the impact and benefits of incentive compensation and sales management system mainly depend on several factors. The right incentive compensation plan must adhere to some key guiding principles to ensure maximum results with minimal effort.
How To Design the Right Incentive Compensation Plan?
Incentive compensation can significantly benefit you if you have the right sales incentive plan design that aligns with your business needs. Here are some key elements that an ideal incentive plan should have.
- Right Strategy: The incentive program must have a clear strategy that aligns with the marketing efforts, company goals, and overall business strategy. In one way, the incentive plan indirectly focuses on improving the performance of other sectors in the business structure as well. So, a successful incentive program is impossible without the right strategy.
- Simplify Things: One of the major mistakes businesses make while planning an incentive program is making it too complex. It affects sales performance as the sales teams struggle to understand the incentive program and also makes it difficult for the managers to analyze and improve the overall functioning of the incentive program. Therefore, an ideal incentive plan has to be simple yet effective in achieving business goals.
- Far-Sightedness: While planning an incentive program, managers must mainly focus on long-term benefits rather than looking for short-term sales boosts. The incentive plan must motivate the sales teams to deliver consistent performance over the long term. This improves sales performance and employee retention while boosting sales and business reputation for the future.
Benefits Of Having Efficient Incentive Compensation Management
A good incentive compensation program or a performance management system provides several benefits for a company. Take a look at the various benefits you get with the right IC plan.
- Increased Sales
- Reduces Costs
- Improves Employee Engagement and Performance
- Induces Competitiveness in Employees
- Improves Overall Business Performance
Why Do You Need Automated Sales Management Systems?
Well, as you can see, planning the right IC strategy and implementing the most efficient sales management system are the primary keys to the success of an IC plan.
However, with the complex and rigorous business atmosphere, manually creating and implementing an IC plan can cost a lot of time and money for a company. This is why automated incentive compensation management is the best solution for modern corporate requirements.
With an efficient tool like the Incentive Manager from Aurochs, you can completely automate incentive programs and reduce effort and costs related to incentive compensation management, all while boosting overall efficiency.
Here are some benefits of having an efficient incentive calculations manager:
- Manage incentive programs effortlessly with the help of user-friendly dashboards, workflows, reports, etc.
- Experience up to 50% faster incentive plan implementations
- Easily calculate incentives and performance with 360-degree data access
- Handle incentive programs in multiple business units in different locations through a single centralized tool.
Automate Incentives Now!
Clearly, incentive program automation is the best incentive compensation solution for a business. It helps you overcome various limitations of incentive compensation planning and returns plenty of additional benefits. So, if you are planning a new incentive program or looking to improve the performance of your existing program, all you need to do is get in touch with Aurochs.
Get the best incentive manager for your incentive program and experience an overall performance boost.
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Automate your incentives in 6 weeks.
