Managed services for Sales Performance Management (SPM) solutions can help companies unlock their sales potential by providing a range of benefits that can improve the effectiveness and efficiency of their sales operations.
Having a strategic partner to help maximize your SPM solution investment can ensure your compensation plans program is running smoothly and efficiently with periodic environment refreshes and strategic improvements.
Let’s look at some of these benefits together.
- Designated Expertise & Support
One of the key benefits of managed services is that they provide access to a designated team of experts who can help with the ongoing maintenance of the solution. This includes assistance with configuring the software to meet the specific needs of the company, as well as training and support for users. Having a dedicated team ensures consistency and understanding of your incentives program and configuration. This can help ensure that the SPM solution is fully utilized, and that it is providing the maximum value to the organization.
- Optimized Solution Features
Companies can also stay up-to-date with the latest features and functionality of their SPM solution. This is important because SPM solutions are constantly evolving, with new capabilities and features being added on a regular basis. Managed services can help ensure that companies are taking full advantage of these new capabilities, which can help improve the performance of their sales teams.
- Better Data Management
SPM solutions often generate large amounts of data, which can be difficult to manage and analyze. According to a study by IDC, organizations that are able to effectively manage and analyze their data can achieve revenue growth that is four times higher than organizations that struggle with data management. Managed services can help with data management by providing support with data integration, data cleansing, and data analysis. This can help companies gain valuable insights into their sales performance, which can inform decisions and strategies to improve performance.
- Improved Reporting & Analytics
SPM solutions often include a wide range of reports and analytics capabilities, which can provide important information about sales performance. A study by Deloitte found that companies that use advanced analytics in their sales operations experience an average of 7% increase in sales productivity. Managed services can help with reporting and analytics by providing support with report creation, data visualization, and data analysis. This can help companies understand their sales performance and identify areas for improvement.
Managed services is beneficial for sales leaders, compensation admin and HR teams as well. A study by Salesforce found that sales teams that use performance management software see a 15% increase in quota attainment, and a study by Aberdeen Group found that companies that use SPM software have a 17% higher win rate than those that don't. The use of managed services can also lead to a reduction in administrative workload for compensation admin and HR teams, with a study by Nucleus Research finding that companies that use SPM software see a 25% reduction in admin work.
Managed Services not only provides the expertise and deep operational knowledge that keep your SPM program fully optimized, but also brings strategic value even in the most unexpected situations. From expert support and training to data management and analytics, managed services can help companies make the most of their SPM solution and drive sales performance.
Looking to learn more about how our Managed Services offers? Schedule a meeting here with our experts.