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Home > Incentive Compensation Management > The Failures of Customer Relationship Management Software
The Failures of Customer Relationship Management Software
Customer Relationship Management (CRM) is a company’s strategy for managing their business relationships with customers and potential customers. While Customer Relationship Management is an overall business strategy that involves many different departments, many CRM strategies focus on the sales department and include sales management to motivate sales professionals to go after new customers and improve relations with existing customers. Companies usually use business software and technology to coordinate and automate sales processes as part of a CRM system. CRM software can help many businesses improve their bottom line by increasing sales and automating many sales processes. However, most CRM software solutions focus on analytics, recordkeeping and customer service improvements and spend less time improving the efficiency and motivation of the sales force. While some CRM solutions may include some sales force automation solutions, they can often neglect one very important business process: sales incentive compensation management (ICM). Not including an automated incentive compensation management solution in customer relationship management software is an oversight that can cost companies money and time. While sales force automation can help companies improve the efficiency of sales representatives by letting them track the sales process, having an outdated incentive management process makes them less efficient. When sales personnel don’t have reliable and accurate reports of their sales incentives like quotas, commissions or bonuses, they aren’t as motivated to sell. A company who wants to implement a CRM strategy and improve sales needs to find an incentive compensation technology solution that uses real time sales data to calculate incentive payments. An integrated ICM solution can save businesses money in administrative costs, commission overpayments and disputes, as well as improving sales.