The WorldatWork 2019 Spotlight on Sales Compensation (August 19 – 21) attracted nearly 300 attendees across many functions within sales compensation, sales operations, human resources, talent management, and finance.
The Optymyze team – consisting of me, Ryan and Joe (photo left to right) – was on hand during the entire event, providing vital information about sales operations best practices, the leading-edge solutions that technological advances are making possible, and predictions for the future of compensation.
In return, we gained increased visibility into the challenges that sales comp and sales ops departments are facing.
Thank you to the participants who stopped by to share their questions and concerns. Here are some takeaways that my team and I would like to leave you with:
“After talking to many of the participants at the conference, this may be the most important point I can make. In a world filled with comp-calculator SPM, your sales organization needs to go upstream and downstream in order to achieve the desired results. Data management and app development are key to long-term success. Without the necessary treatment, all the information inside your system is simply trapped and cannot generate actionable insights. Put to work inside the right app, data becomes actionable, interactive, timely (in the form of real-time notifications, alerts, reminders, and so on.)”
“We see companies changing comp plans all the time, and reps are always complaining about it. But consider this, sometimes when reps have difficulties reaching their quotas, the true reasons might be out of their control. Many times companies have the data, but cannot extract the insights they need to empower their salespeople to do their job.”
“And the award for the most frequently asked question goes to: ‘Can you handle complexity?’ Yes, it is our bread and butter. Because of the data management and no-code capabilities that differentiate Optymyze, we manage compensation and process complexity easily.”
“As an executive, you can help your company sell more by focusing on these aspects. Imagine the impact on the bottom line. It can be significant.”
“Many of the professionals and executives I met in Chicago indicated that they have issues with their sales data. Upstream errors heavily impact the system. In many cases, reconciliation can be difficult, as the causes of these misalignments can be very complex: from cumbersome processes to not having a single source of truth.”
“Sales organizations that have outgrown their systems are looking for new, better ways to process SPM data.”
“Reporting is another critical area, especially in the financial services industry, where regulation is heavy and always changing. Sales incentives in this industry are under scrutiny and might be limited or eliminated in the next years if found to be encouraging practices that are disloyal towards the customer.”
“Plan design is a pressing need identified in many organizations. Companies are looking for experts to help them strategize about short-term as well as long-term goals and to help create suitable compensation plans. Many mentioned comp plan complexities and the difficulties in tackling it.”
“Many companies that may already have a comp vendor are now searching for quota and/or territory management vendors. This drives home the point about having a holistic, strategic partnership. At Optymyze, we try to address all these needs from the get-go. We know from experience that postponing can create negative consequences for the sales organization. This is just proof to that point. The need for a one-stop-shop for FULL SPM is real and we’re best equipped to bring all of the solutions together.”
“We’ve also identified a real demand for no-code capabilities in the market. Analysts we spoke to want more time to do strategic work instead of sifting through code, which is a time-consuming activity that does not directly translate into business results.”