Real-Time CRM Dashboard Provides Instant Compensation Visibility
BOSTON, MA, DCI CRM CONFERENCE,—June 18, 2003—NetLedger, Inc., makers of Oracle® Small Business Suite, today announced Sales Compensation Manager, an advanced module that allows mid-sized businesses to design, track and pay sales commission plans. The new functionality is the first and only integrated incentive-based sales compensation system for the mid-market. It gives small and mid-sized companies an easy-to-use-tool to address the challenges of creating and maintaining complex multi-tiered commission plans, including calculating sales compensation based on a myriad of criteria such as quota, product quantity, service item, and even ad hoc "spiffs." Processing commission payments through financial approval and adjustment cycles can also be automated within the system. NetLedger's new Sales Compensation Manager also provides real-time commission visibility to sales professionals to reward and motivate them. The Oracle Small Business Suite name is used under license from Oracle Corporation (NASDAQ: ORCL). Further details on the new commission module can be seen at www.netsuite.co.uk/midmarketleader.com.
The new Sales Compensation Manager is included in NetCRM, the company's integrated CRM offering. NetSuite—which integrates the front-office functionality of NetCRM with the back-office functionality of NetLedger Advanced Accounting—allows finance to automatically process commission payments with a single click thanks to the payroll integration capabilities offered.
"There are two things that drive sales teams: booking orders, and getting paid for booking orders. NetSuite is the only mid-market product that automates these two key processes," said Zach Nelson, CEO of NetLedger. "To date, only million-dollar solutions could manage complex commission processes; now customers can get this Fortune 500 feature for $50 per month."
Nearly all businesses that sell a product or service have an incentive-based compensation program for their sales organisation. However, it is a constant challenge to set up the complex calculation rules for these programs and maintain them across both the sales and finance departments of a business. As importantly, sales reps typically have no idea what they will actually be paid until they look at their commission check months after they close a sale.
Now with Sales Compensation Manager available in NetCRM and NetSuite, commission programs can be managed centrally, providing real-time visibility to all stakeholders across the organisation. Executives, sales managers, and finance managers alike, can manage compensation rules within commission schedules in a familiar spreadsheet-like interface. These schedules allow commission formulas to represent a flat rate or be scaled progressively based on percent of quota, quantity or sale amount of product sold, service item sold or simply sales within a given period. Commission schedules are then rolled up into complete commission plans—plans can include multiple rules and enforce effective dates when assigned to sales professionals. This multi-tiered roll-up approach handles complexity with ease and allows for maximum flexibility in sales compensation formulas to keep up with the dynamic needs of mid-sized businesses.
Not only does the Sales Compensation Manager functionality in NetCRM and NetSuite streamline the process of administering and calculating commissions, but it also helps motivate sales teams. Each sales representative's Real-time CRM Dashboard is automatically updated with commission totals the moment an order is placed, allowing reps instant gratification. In addition, NetCRM’s Forecast Editor will display projected commissions based on forecast, further motivating sales reps to close deals in a timely fashion. Detailed reporting and commission statements allow mangers to easily view and approve sales compensation payments for their teams.
Sales Compensation Manager also calculates managerial commissions from sales reps up to VPs of sales. Over-and under-compensations (due to invoice changes) are both handled by providing credit/debit towards the next pay cycle. Manual over-rides are also available during the commission approval process.
Pricing and AvailabilityAvailable later this summer, Sales Compensation Manager will be included at no additional charge to customers who purchase NetCRM or NetSuite.
For more information about NetSuite please visit www.netsuite.co.uk.
NOTE: NetSuite and the NetSuite logo are service marks of NetSuite Inc. Third-party trademarks mentioned are the property of their respective owners.