During a time of economic uncertainty, when budgets are being heavily scrutinized and your accounting team is reviewing expenses with a fine-tooth comb, it’s important to take a look at the tools in your tech stack and understand what value they are providing the company.
After taking a hard look at the software that your company uses, there may be many specialized applications that are only serving one specific purpose, and don’t provide any additional value beyond that. These are tools that make sense to either consolidate with other platforms in your tech stack or eliminate completely.
However, as highly specialized as commission management software can be, there is a case to be made over the broad range of features many of these solutions offer that serve multiple functions. In fact, many commission management solutions, including Core Commissions, provide multi-faceted value that ensures cost-efficiency, maximizes ROI, and reduces the need for redundant tools.
Capabilities Beyond Commissions:
Data Consolidation:
Even as your organization may be looking to reduce redundant tools within your tech stack, it is likely that you will still have multiple applications that your organization uses to track and manage different sets of data. While generally used specifically for consolidating data for the purpose of calculating incentive payments, this standout capability can be applied to merge different data sources together for whatever purpose you may need. This feature in itself makes commission management solutions an extremely valuable tool to have in your toolkit.
With a system as flexible as Core’s, you can leverage our data consolidation features to streamline other facets of your business outside of commissions, such as:
- Providing a Single Source of Truth: Within an organization, you often have sales, finance, and HR teams rely on different systems that track overlapping metrics. For example, you may have both your sales and finance teams tracking revenue generated; and you may have both HR and sales teams tracking employee seniority and job responsibilities.
By using the data consolidation features, and the overall flexibility of Core’s platform, you can provide each team with the data they need to perform many of their everyday functions. This ensures that everyone is working with the same sets of data, allowing for better communication across teams.
Additionally, customizable user permissions can make you feel confident that each team only has access to the data needed to perform their job function.
- Forecasting and What-If Scenario Planning: With all of your most important business data consolidated in one system, it makes it easier to produce accurate forecasting.
Comprehensive Reporting:
A commission management solution’s reporting features aren’t just useful for tracking incentive payments; they can also be customized to produce reports that detail other areas of your business. Because they pull data from different systems like your CRM, payroll, and ERP, you can easily use these reporting tools to spot trends or track performance, to get a clearer picture of what’s happening across the organization. Whether you need to track ROI, identify high-performing sales teams, or reconcile profit and loss statements, the same reporting tools available in Core that provide clarity among sales teams can be repurposed to inform broader strategic initiatives throughout your company.
Automating Workflows:
One of the many benefits of a commission management solution is the ability to automate incentive compensation workflows that require sales reps and managers to review and approve incentive pay before it moves to the admin to be processed. These workflows are easily setup within Core, where you can define exactly what steps you want to be involved in the workflow and who should be responsible for each step.
This feature can easily cross-over to other facets of the business such as department budget requests and approvals, or employee reviews. At the basic functional level, these tools merely provide automation to cut down on back and forth between teams. It also provides a clear documented trail of who approved what and when.
Stretch Your Software Budget Further with Commission Tools That Do More
When a single platform can replace a patchwork of spreadsheets, reporting tools, and disconnected applications, it quickly becomes a smart investment. Core Commissions is built to do exactly that. While it’s designed to handle the complexity of incentive compensation, the platform is incredibly flexible and can support processes well beyond just commissions.
In times of uncertainty, it’s always wise to reevaluate expenses and cut tools that aren’t delivering value. However, commission management software, especially one as capable as Core, proves its worth by doing more than just calculating payouts. Core’s robust features can be used across departments for better data management, detailed reporting, and streamlined workflow automation, making it a powerful tool for your entire organization.
Schedule a demo to see how Core can deliver for your organization’s most complex operational processes.