Sales planning and execution is of critical importance to companies who desire to maintain a competitive edge in today’s business world. Organizations want their sales teams to elevate performance, maximize effectiveness, increase productivity, and, of course, boost the bottom line.
With these as the primary goals of any sales team, an effective sales performance management function has become necessary and valuable to any team. According to a Gartner report, the software part of the market is expected to grow to $1.54 billion by 2019.
At the same time, less than 5% of companies who are using at least a single SPM solution have implemented the complete functionality of SPM. Organizations today have to make sure their leveraging functions that are twofold: leveraging business goals and increasing revenue.
Towards this goal, there are 5 critical tools that sales managers should implement:
#1 Customer relationship management [CRM]
A CRM system allows organizations to effectively manage relationships and data in one central location.
#2 Configure price quote [CPQ]
CPQ helps companies effectively and accurately manage inventory across multiple spectrums.
#3 Enterprise resource planning [ERP]
ERP offers organizations an integrated application for business management and office function automation.
#4 Human capital management [HCM]
Payroll, onboarding, offboarding, performance reviews, and benefits are made easier with HCM software.
#5 Incentive compensation management [ICM]
ICM software automates administrative tasks, reduces costs, and boosts visibility of sales performance.