A commission administrator sits down to run commissions for the quarter. Where do they start? With data. It’s just a matter of tracking down all of that data they need to calculate commissions for each payee.
The stats and numbers an administrator uses to determine commission payouts come from a number of different sources. Depending on where an organization reports sales numbers and other relevant metrics, it could be almost anywhere.
When you implement commission software, you should be able to relax about commission management challenges.
Tracking down all of that data is just part of a commission administrator’s job. In our more than 15 years on the job, we’ve found this data all over the place. But we’ll take a look at a few of the most common sources for commission data.
Excel Docs
Probably the most prevalent method for tracking commission data is through an Excel spreadsheet. For many companies, this might be where they start managing commissions. However, over time, companies that grow will need a better solution.
Rather than calculating in Excel, a practice that often causes errors, Core pulls commission data into a powerful application. Even if you choose to continue using Excel to store that data, it can easily be imported into Core for calculation.
CRM
Around 65 percent of sales professionals use a customer relationship management system or a CRM. The tool gives them the power to report sales and store other data about clients. It’s an application with the capacity to store a wealth of valuable information. That includes intel on commissions.
Thanks to Core’s integration process, organizations have the option to connect their CRM to our application. This allows Core to communicate directly with the CRM and pull just the data needed for commissions. We do this by building a custom integration with an ETL module. It completely automates the data collection part of commission management.
Paper Statements
Many businesses still deal with paper records. That could be because third parties send statements in this format. Other times, reps track sales through handwritten notes that later become paper statements. Whatever the case, these documents require conversion so that they may be used in commission calculations.
This process drains time and resources from any team. Luckily, Core offers Managed Services which fully covers this task. Our talented and experienced administrators will convert your paper statements and input the data into Core for you.
Other Business Software
All types of data get incorporated into commission calculations, depending on how incentives are rewarded. If any of that data is stored in business applications or software, Core can integrate it.
We’d be happy to show you how Core Commissions makes commission data collection so much easier. Contact us for more information or schedule a free demo with us. Let’s simplify commission management for you today!