4 Strong reasons why you need to ditch your spreadsheet and switch to a commission management solution
Spreadsheets have long been the go-to tool for managing data in sales businesses. Statistics reveal that roughly 70% of businesses still use spreadsheets to track their sales compensation. Can conventional spreadsheets, on the other hand, keep up with the ever-increasingly competitive business world? No, it’s not true! Automation technology is an alternative to spreadsheets for sales commission administration. You can use sales commission software for better results. Many sales firms are unaware of incentive compensation options, others lack the resources, and others are simply afraid to step outside of their comfort zones and embrace modern technology.
These four reasons will persuade you that it’s time to ditch spreadsheets in favour of automated solutions:
1. Time-consuming and labour-intensive
Spreadsheets are a waste of resources, not just in terms of money, but also in terms of time and the abilities of your staff. Your employees typically spend countless hours manually doing calculations and entering data. Paying your staff for mindless labour activities when they are capable of much more is the last thing you want to do. Incentive compensation methods can help in this situation. They not only make greater use of your employees’ abilities, but they also provide superior insights and acquire reports and information in an automated and accurate manner.
2. Prone to blunders
Did you realise that over 88 per cent of spreadsheets have mistakes? These mistakes can take the shape of a typo, an incorrect calculation, formatting faults, misalignments, and other issues. Have you considered the ramifications for your company if these blunders go unnoticed? A recent spreadsheet blunder resulted in the loss of almost 16,000 coronavirus cases. Because it is done manually, and humans make mistakes, there is no way to avoid these faults. According to a study, firms that forsake spreadsheets in favour of effective incentive solutions minimise errors by more than 90%. Isn’t that fantastic? for a better option you should use sales compensation software.
3. Analyzing Capabilities Aren’t There
The past year has demonstrated that change is unavoidable, particularly in sales organisations. With ever-changing dynamics, you’ll need more Sales Analytics to evaluate the performance of your IC strategies and quotas. The business intelligence tools of Spreadsheet fall short of these criteria, resulting in the implementation of inefficient commission programmes for your salesforce.
This could lead to a lack of commitment among salespeople, resulting in revenues loss for the company.
4. Disputes and Delays
Organizations frequently offer numerous accesses to the spreadsheet in an attempt to consolidate all activities. While it aids multitasking, the owner remains the only person who comprehends the complex rules/macros/functions. It places too much reliance on a single person, who then becomes a bottleneck, slowing down the overall process. It exacerbates the inefficiency issue by delaying incentive computation and processing. In the end, this diminishes sales rep effectiveness, causes conflicts, and increases staff attrition.
Spreadsheets are restrictive at scale and don’t allow for real-time modifications. Aside from that, they are frequently used for confidential documents, thus even a single mistake can cost you everything. As a result, it is not worth the expense. ElevateHQ is a highly autonomous commission management system that handles everything from quota to payment in real-time.