Customer Relationship Management (CRM)
CRM is a corporate management system implemented throughout an entire company that manages the interactions between clients, customers and sales professionals in order to maximize profits. CRM systems are meant to synchronize many different business processes such as ICM.
Enterprise Incentive Management (EIM)
EIM involves the way enterprises manage their incentive programs in order to align sales team performance with overall corporate objectives by using sales targets. This term is often used interchangeably with ICM and SPM.
Incentive Compensation Management (ICM)
ICM is a process of managing sales incentives such as per-sale commissions and bonuses. ICM solutions can include a simple flat commission rate for sales or incentive compensation rates that are dependent on meeting quotas, seniority in the sales team, and activities other than sales or type of product sold. ICM is a more focused and newer term than EIM, although market analysts sometimes use it interchangeably.
Return On Investment (ROI)
ROI is a business term used to evaluate the efficiency of an investment. For example, Glocent represents a significant return on the initial investment by saving companies money in sales commission overpayments, administrative costs and payroll errors.
Revenue Generating Units (RGUs)
RGUs are a measurement system that combines products and services into one unit for efficiently generating and tracking sales data. Glocent can use RGUs instead of specific product designations in order to calculate sales incentive compensation in a whole new way.
Sarbanes-Oxley Act (SOX)
The U.S. Federal government passed the SOX Act in 2002 after the corporate accounting scandals involving corporations such as Enron, WorldCom and Tyco International. The SOX Act requires publically traded companies to produce detailed internal auditing documents annually. Glocent is 100% compliant with the Sarbanes-Oxley Act by accurately generating reports on incentive compensation activities within your company.
Sales Transaction Intelligence (STI)
Compiled raw sales transaction data containing minute, yet critical, information that should be included in every sales strategy. Glocent uniquely collects and evaluates STI to ensure that clients develop informed sales objectives, strategies and incentives.
Sales Performance Management (SPM)
SPM is a management process for the performance of a sales team, including setting corporate-wide sales incentives, standards, quotas and objectives. Although more of an overall sales management process, this term is often used interchangeably with EIM or ICM.
Web-Based IT Solution
A web-based IT solution is a software program that is accessible by different users on any computer in any location by using a simple web browser such as Internet Explorer. Glocent is a web-based solution where users can be authorized to access different aspects of the application such as system configurations or reports.