Evonsys is propelling industries into the future, transforming operations and customer experiences with low-code solutions that unlock unprecedented levels of efficiency and innovation.
Since 2015, Evonsys has harnessed the power of low code to refine global organizations. We've revolutionized sectors from banking to retail with our comprehensive solutions, focusing on risk mitigation, management optimization, and streamlined automation for unrivaled efficiency.
Effective incentive management solution to boost returns by up to 5% in 2022-23
Posted by
An Incentive Management Solution would offer enhanced visibility into the nuts and bolts that go into making an incentive program and help estimate the sustainability of such promotional schemes and their direct bearing on the bottom-line performance.
Intelligence-driven incentive plans can boost returns
Changing Business Climate
Gone are the days when a sales call could excite, stir, and cause intrigue among prospects and customers. - Today, prospects can do their research before being swayed by the most absorbing sales pitch. This empowerment has led to a need for an increased effort by salespeople resulting in longer buying cycles and inaccurate customer demand forecasts.
Keeping up with the changing times
Companies are forced to make meaningful changes to keep up with the changing times to hit the sales target consistently. Changes like leveraging omnichannel capabilities, creating specialized roles, and adopting team-based selling are becoming indispensable. However, a more significant shift that often goes unnoticed is the development of strategies around compensation models that can drive motivation among the salesforce to continue to sell effectively. At the end of the day, the fuel that ignites the sales folks is what makes the difference between that extra thrust to close the sale or leaving the leeway for losing an opportunity.
Reinforcing the workforce with fuel and fire
Instead of telling sales teams what to do, a better approach would be creating an environment that persuades them toward behavior that will bolster the organization's marketing strategy. For instance, making meaningful changes to the salesforce's mix of commissions, quotas, salaries, and bonuses can quickly drive motivation and translate to growth.
A recent study by McKinsey shows that intelligent revisions of incentive models can have 50% more impact on sales than through advertisement investments.
The -challenges of an incentive planner
Incentive planners must navigate through daunting datasets like market forecasts, bank rates, regulatory shifts, inflationary impact, contemporary trends, and pressures of stock clearance. By the time they have amassed data from different sources, there still exists the probability of missing out on some new numbers or latest releases. They must stay on top of all the relevant data before they can reasonably begin to plan an incentive campaign. Since most of the time is spent collecting data, validating it, and ensuring the numbers are still fresh, the time left for -decision making is minimal. This part of planning needs to be carried out meticulously. A minor error can drastically impact the bottom-line performance of the organization.
Rushed appraisals can bite into the bottom-line performance of an organization, disrupt manufacture-dealer relationship harmony, and even impede optimal workforce performance.
Challenges of Manual incentive Planning
Manual incentive planning is a process that must be carried out painstakingly. Incentive planners cannot afford to leave loose ends or make human errors that may ultimately defeat the very purpose of the incentive. Some of the most common challenges that organizations face due to manual incentive planning are:
It is a prolonged process: Incentive planners spend most of the time between data sources, trying to collect and refresh data in preparation for the planning. There is often very little time left for the actual analysis and planning. A delayed rollout can considerably impact the sales targets and overarching organizational objectives.
It lacks robust analytics and intelligence: Since the analysis is carried out manually, there are no predefined parameters that can guide decision-making. The campaign outcome will primarily be based on the competence of the incentive planner. If anomalies and inaccuracies in the data are unchecked, the ripple effects can easily bite into the profit margins.
Loyalty and Relationship: It has been seen that better planner incentive campaigns directly affect all the stakeholders involved. Campaigns that take stock of contemporary variables offer the best possible compensatory plans without affecting bottom-line performances and have reinforced relationships, created loyalties, and built powerful synergies. Conversely, an inadequately planned campaign can have the exact reverse effect.
What is an Incentive Management Solution? What are its benefits?
Incentive Management Solution is an Intelligent Process Automation driven process aimed at digitizing incentives, offers, and promotions management and - operation for all staff and management levels in any industry. Equipped with interoperability features, it seamlessly facilitates data extraction across internal and external sources. It eliminates the need for manual efforts and minimizes human- error vulnerabilities. It comes loaded with features that can quickly scale horizontally and vertically.
Benefits of using Incentive Management Solutions:
Intelligent Process Automation: An incentive management solution is powered by Intelligent Process Automation with intent-driven processes aimed to digitize incentive management and empower decision-making for staff across all management levels.
Interoperability: It allows for interoperability across external and internal data sources, eliminating manual data collection. This will improve the quality of data by ensuring nothing is missed out and eliminate any manual errors that the traditional workforce may be vulnerable to.
Minimize manual efforts: The Incentive management solution eliminates manual efforts to the greatest extent possible.
Highly Scalable: The incentive management solution is highly scalable as it can be expanded horizontally (including new incentive measures) and vertically if needed.
AI-powered -decision-making: Leverage AI-driven analysis to model "what if" scenarios that will significantly optimize decision-making.
Conclusion
An Incentive Management Solution would offer enhanced visibility into the nuts and bolts that go into making an incentive program and help estimate the sustainability of such promotional schemes and their direct bearing on the bottom-line performance.
EvonSys is an emerging leader and the fastest growing next-gen advocate of digital transformation through low code solutions. EvonSys has proven proficiency in building low-code solutions across industries for over a decade.
Contact Us - Microsoft Certified CSP Partner
Please fill out this form to get in touch with us. The information you provide regarding your requirement will help us reach out to you with the best solution.
The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
Static and dynamic content editing
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
This is a list
How to customize formatting for each rich text
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
Related Articles
Leveraging Managed IT Services for Retail Sector Excellence: A Comprehensive Analysis of Benefits, Challenges, and the EvonSys MSP Advantage
Whitepaper: Unlocking the Power of Zabbix Version 7 for Infrastructure Monitoring in SMEs
In the digital age, small and medium-sized enterprises (SMEs) must leverage cutting-edge technology to stay competitive. Robust, scalable, and cost-effective infrastructure monitoring is crucial for maintaining optimal performance and business continuity.
Weathering the Storm: Business Continuity Planning After the CrowdStrike Incident
The recent Crowd Strike incident, where a defective update temporarily disrupted service for many users, serves as a stark reminder of the vulnerabilities inherent in our reliance on third-party security solutions.
Transforming Cross Border Payments with the EvonSys Payments Platform
Recent trends in global finance indicate a dramatic shift in the landscape of cross-border payments. In 2022 alone, the value of cross-border payments surged to over $150 trillion,