Automating Incentives and Reporting for a New-Age Appliance Manufacturer
Our client, a leading figure in the consumer electronics industry, focuses on delivering innovative and energy-efficient fans and mixer grinders. With a commitment to excellence, they have recognized the need to refine its primary distribution strategies in retail and manufacturing. Their mission is to create innovative, energy-efficient, and sustainable appliances that improve the quality of life for consumers while contributing to a greener planet.
Automating Incentives and Reporting for a New-Age Appliance Manufacturer
Our client, a leading figure in the consumer electronics industry, focuses on delivering innovative and energy-efficient fans and mixer grinders. With a commitment to excellence, they have recognized the need to refine its primary distribution strategies in retail and manufacturing. Their mission is to create innovative, energy-efficient, and sustainable appliances that improve the quality of life for consumers while contributing to a greener planet.
SITUATION
- The household appliance manufacturer used spreadsheets to manage their sales compensation programs.
- The sales compensation program was somewhat complicated, with points or marks assigned for meeting targets across different KPIs.
- The compensation plan rules converted these marks into a monetary value, considering thresholds, accelerators, and decelerators based on individual and team performance.
- The geographically distributed salesforce and complex compensation structure led the field force to raise many queries within management.
APPROACH
- The team held meetings to identify challenges and grasp our client’s business priorities.
- After agreeing on the project scope, we devised a plan to tweak existing processes by configuring workflows. This enabled the sales team to acknowledge their performance and reduce the manager’s overhead.
- The next goal was to enable administrators to run simulations and assess their impact on salesperson performance and earnings to set up contests/schemes.
- We utilized an agile approach to implement changes smoothly, ensuring flexibility throughout the process.
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OUTCOME
- Sales representatives can access incentives based on various Key Performance Indicators (KPIs), including reach, primary and secondary volume, revenue, and collections.
- Insights and stretch goals keep the field reps motivated and engaged on a day-to-day basis.
- The substantial improvement in operational efficiency yielded an extra 40 hours per month for focusing on value-added activities.
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PROBLEM
- Manual processes mandated that managers approve payouts, which resulted in significant delays, frustrated representatives, and posed risks to employee retention.
- The manual handling of incentive calculations and approval processes added unnecessary complexity to sales operations, impeded efficiency, and potentially affected overall sales performance.
- Sales reps lacked personalized dashboards, making it hard to track performance effectively. They needed tailored tracking to assess progress and optimize strategies impacting their sales outcomes.
SOLUTION
- We implemented a cloud-based sales incentive management system to provide daily performance updates for the field.
- It consisted of configuring incentive calculation rules, ensuring daily processing, and empowering the field to have visibility in compensation.
- Next, we introduced a customized dashboard accessible to managers and sales reps, which provides quick insights into ongoing performance and nudges them with stretch goals.
- Set up a query management system for the field to raise disputes using handheld devices with hierarchy-based routing and escalations wherever needed.
CONCLUSION
Through this partnership with Incentivate, the organization successfully streamlined its sales compensation process, reducing delays in incentive processing. Incentivate implemented a tailored cloud-based sales incentive system for daily updates, dashboards with personalized insights, and a query management system to free up sales bandwidth. These initiatives have enhanced operational efficiency and morale within the sales teams, leading to better retention rates.
