How to Select the Best Sales Performance Management Software for Your Business
Sales Performance Management Software are computer tools that help oversee the process of training and managing employees to improve their sales skills, methods and results. These computer tools help to monitor every part of an employee’s sales endeavour, ensuring the employees get maximum results from their sales exploits. Sales Performance Management Software observe sales practices and compare them to the standard company metrics. These computer software also draws conclusions from the comparisons and making recommendations based on such observations. Sales Performance Management Software makes sure to be involved in every aspect of an organization’s operations. This enables Sales Performance Management Software to gain access to the tiniest of details, so that it can easily detect factors that affect sales performance both positively and negatively. These tools are created to ensure that sales goals are constantly being met in the most effective and efficient ways possible. Sales Performance Management Software make sure to not only focus on employees, but also focus on processes, teams, units, departments and the overall organization.
What are Sales Performance Management Software?
The overall aim of Sales Performance Management Software is to enhance the Sales Performance Management process. These computer applications basically streamline the various activities and processes in the corporate performance management operations, and thereby encourage behaviour that improves sales performance. Another key aspect of Sales Performance Management Software is to educate and motivate salespeople to set achievable goals and satisfy customers. These computer tools help sales people plan effectively for their sales endeavours, making sure there is no room for faults. Tracking of developments in the sales endeavours of employees is also important. The whole process of sales performance management is automated and made easy with the use of these computer applications. Everything from coaching systems to complicated analytics is present, and is particularly useful in this age of data. Sales Performance Management Software are fast seeping into every industry, as companies are beginning to recognize the importance of these computer applications.
What are the Types of Sales Performance Management Software
There are two major types of Sales Performance Management Software, they are:
- On Premise Sales Performance Management Software: This type of Sales Performance Management Software is installed and run on the company’s computers in the premises of the organization. The delivery model of this type of Sales Performance Management Software is such that it is operated on the organization’s in-house server and computing resources. This type of Sales Performance Management Software utilizes the company’s computing infrastructure and needs only a licensed or purchased copy the software from a software vendor. Total control, ease of customization and non-reliance on third-parties are some of the benefits of using this type of Sales Performance Management Software.
- Cloud Based Sales Performance Management Software: This type of Sales Performance Management Software is accessed via the internet. This software is hosted on a third-party server, as opposed to being in the premises of an organization. Cloud based Sales Performance Management Software are located on a provider’s shared cloud computing resources and infrastructure. Scalability, reduced maintenance cost, and increased functionality are some of the major advantages of this type of Sales Performance Management Software.
What are the Features of Sales Performance Management Software
Sales Performance Management Software offer several features to businesses, some of which include Goal Setting, Sales Planning, Commission Calculator, Dashboards, Custom Reporting, Behavior Monitoring, Leaderboards, Workflow Management, Quota Management, Sales Pipeline Management, Sales Forecasting, Sales Analytics, Data Storage, Sales Modelling, Feedback System, Lead Management, Contact Management, Opportunity Management, Calendar Management and Access Control.
- Goal Setting: This feature helps users to create, set and manage sales goals.
- Sales Planning: Planning is important in any endeavour, and this feature helps users to plan and strategize concerning any sales task.
- Commission Calculator: This feature helps with the calculation of commissions from every sale.
- Dashboards: The dashboard feature helps with ease of visibility and helps users to see important information all in one place.
- Custom Reporting: The Custom Reporting feature helps users to see information and data about a specific sale or customer.
- Behavior Monitoring: This monitors the sales behavior of a customer or a sales representative over a specified period of time.
- Leaderboards: This is also known as sales gamification and helps to motivate sales representatives by ranking them according to their sales performances.
- Workflow Management: The workflow management feature helps users to manage their sales workflow and make sure everything is well organized.
- Quota Management: This feature helps to plan, monitor, approve and distribute sales quotas.
- Sales Pipeline Management: The sales pipeline management feature helps suggest the number of orders at different stages of a sales process, and also allows managers allocate resources to them.
- Sales Forecasting: The sales forecasting feature helps predict future sales based on past sales data, trends in the market, leads captured, and macroeconomic factors.
- Sales Analytics: This feature helps analyze data in every sales process and helps draw insight from the analysis.
- Data Storage: These days, we generate tons of data from our everyday interactions, and this is no different in sales; thus this feature helps store data generated from sales activities.
- Sales Modelling: The sales modelling feature helps with the simulation of various sales processes and seeing their real life outcomes.
- Feedback System: Customers’ appraisals and feedbacks are important in sales, and this feature helps to access and manage those.
- Lead Management: The lead management feature helps capture potential leads from various channels, stimulate interest in potential leads and assign resources to leads.
- Contact Management: This feature helps with the management of contact of customers.
- Purchase Order Management: This feature helps monitor each product order /sale and helps adjust the product quantities accordingly.
- Calendar Management: The calendar management feature helps to manage all the sales tasks according to date and time.
- Access Control: This feature helps to restrict control to sensitive information by giving access levels to sales representatives depending on their roles.
What are the Benefits of Sales Performance Management Software
- Improved sales performance in your organization: Sales Performance Management Software help with providing insight into the sales performance of your company, and provide recommendations to improving the performance.
- Improves efficiencies of sales operations: The efficiencies of workflow and sales tasks are improved with the use of Sales Performance Management Software.
- Helps with data and document control: These days, we need to manage and control data, and the use of a Sales Performance Management Software helps with the effective management of data and eliminates the need for paper documents.
- Improves sales representatives’ motivation: The use of a good Sales Performance Management Software will make the job of your sales representatives easy and improve their motivation and job satisfaction.
What are the Latest trends in Sales Performance Management Software
- Mobile Support: Mobile is everything these days, as you need to work on the go anywhere you go; this is one of the major trends to pay attention to in Sales Performance Management Software.
- Artificial Intelligence: Smart Sales Performance Management Software are being developed, and these intelligent Sales Performance Management Software perform better analysis and can make smart changes and learn overtime.
What are the Key Performance Indicators (KPI's) of Sales Performance Management Software
- Operating cost of software: Every organization is always looking to reduce costs, and if the cost of operating your Sales Performance Management Software outweighs its benefits/revenues accruing from it, then it is not worthwhile.
- Security: You will be storing customer’s data and other sales data on your Sales Performance Management Software, so the security of these data is a very important way to measure the performance of your Sales Performance Management Software.
- Reliability: The reliability of your Sales Performance Management Software is a good way to measure the performance of the software.
- Satisfaction/Motivation level of Sales Representatives: The satisfaction and motivation level of your sales representatives is a good indicator of the level of performance of your Sales Performance Management Software.
How to choose the right Sales Performance Management Software
There are several factors to consider when looking to buy Sales Performance Management Software. Some of them are highlighted below:
- Purchasing Cost & Licensing Cost : Cost is a major factor to consider when looking to purchase a Sales Performance Management Software. You have to make sure the cost of the software is not above your budget. The operational cost should also be considered.
- Ease of Use, Features and Functionality: The ease of use, features and functionality should be considered when looking to purchase a Sales Performance Management Software.
- Integration: Other parts of your business are important, so you need a Sales Performance Management Software that can easily integrate with other parts of your business and other software you use, especially the CRM one.
- Scalability: You need to keep in mind the size of your company when looking to purchase a Sales Performance Management Software. The software should also be able to accommodate an increasing number of size.
- Security: Security of information is important in this digital age, and the Sales Performance Management Software you are looking to purchase should be very secure and safe.
- Reliability: The reliability and robustness of a Sales Performance Management Software is an important factor to consider when looking to purchase one, as you do not want a software that will breakdown unexpectedly.
Here are the trending and the top rated Sales Performance Management Software for you to consider in your selection process:
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