Data doesn’t mean much without analytics, and the type of SPIF software you are using can make or break your channel sales incentive rewards programs. Without detailed analytics, how would you measure ROI to even know if your SPIF is working as designed?
There are a ton of advantages to incentivizing your sales channel partners with SPIFs. However, with so many moving parts, SPIF programs can bring chaos to a channel system if not built out and managed properly. Your goal here is to create an effective SPIF program to motivate partners to aggressively sell your products and services. An effective program also includes a clear and transparent system for doling out varying levels of commissions.
Manual calculations on an Excel spreadsheet is a long, painstaking process that is quickly becoming a thing of the past. Although many still rely on antiquated manual methods for data collecting data, the results lack efficiency and accuracy. Why take months to process data when an automated solution will take mere minutes? It’s pretty much a no brainer, right?
In addition to saving you loads of time, an automated solution will improve accuracy of partner claim payouts, remove invalid or duplicate claims and cut labor costs associated with manual SPIF management. Ideally, you will want to implement a centralized digital platform to actively promote, manage and measure the success of your incentives that channel partners can access 24/7.
Here are some added benefits of implementing SPIFF software:
Simplifies the process
SPIFs are a complicated phenomenon in an already complex channel world. Why add to the confusion? Automating the process is the simplest way to manage multiple sales channel partners with varying incentives. Here’s a riddle for you: How long does it take to find and make a change on a spreadsheet? With SPIF software, you can make changes to quotas, goals and incentives in a fraction of the time.
Decreases errors
The last thing you want to hear from your sales channel partners is, “My commission check is short.” Especially after they kicked it in high gear to reach your established goal. Performing manual calculations on a spread sheet brings a greater chance of discrepancies due to human error. Implementing a SaaS for SPIFs will virtually eliminate commission errors.
Around-the-clock access
A digital tool means that channel sales partners will be able to access up-to-date, real-time data 24/7 from any device in any location. This is beneficial for sales channel members who are often away from the office working in the field.
Boost in efficiency, participation and productivity
Who wants to wait for their hard-earned money? Certainly not your sales channel partners. With a SPIF software program, you will be able to accelerate turnaround time of commission payouts, much to the delight of your partners. As a result, you’ll increase mindshare, fulfillment and future SPIF participation from your partners. And once those SPIF commission checks start rolling in, your sales channel partners will surely step up their game to line their pockets with those rewards.
Streamline SPIF management
Organization leaders can easily manage accruals and pricing programs with a digital SPIF tool. A SaaS program also increases transparency and visibility as each channel partner can access their own dashboard to view data related to their earnings. This way, sales channel partners can chart their own progress in real-time, which builds trust among your channel partners.
Real-time audit trail
SPIF software will give you real-time data to track and report analytics of your channel sales partner performance. The centralized audit trail ensures you know every little detail about partners’ historical transactions. Then you can drill down the data to make well-calculated business decisions.