NetSuite Incentive Management - Design A Flexible Sales Commission Process for your business.

NetSuite-Incentive-Management

When it comes to sales, then commissions and incentives act like a power-booster for employees, which propels them to scale even greater heights.

However, this entire process of determining incentives, allocating the right incentive to the right person, and monitoring incentives is a complicated task.

Any organization which is into hardcore sales will be aware that incentive management takes time, resources and if something goes wrong, then it can affect the employees’ morale as well. After all, if that employee has worked hard, and achieved the targets allocated, then they expect the right incentive, at the right time.

Oracle NetSuite understands the importance of incentives in the sales industry and is aware about the inherent challenges which the management faces while providing incentives to the employees.

NetSuite has created a comprehensive model for incentive management, which takes care of all these factors, and provides a flexible, robust, scalable platform for managing incentives for any organization.

Here are some of the advanced features for managing incentives, the NetSuite way:

Centralized & Collaborative Incentives Management Platform

There are several parties involved in designing and implementing an incentive program: Managers, HR, Sales head, management and more. This is the reason NetSuite’s Incentive Management module has devised a flexible platform, which can be used both centrally, collaboratively.

Using a familiar spreadsheet-like environment, all the parties involved in determining and finalizing incentives can work together, and execute the plans. Commission rules can be created, for incentive sales based on period of sales, or total sales as per products can be formulated, and appropriate incentives can be calculated.

Such multiple rules, conditions and options for incentives can be incorporated using NetSuite.

Involve All The Entities For A Fair & Reasonable Incentive Management

Using NetSuite’s Incentive Management module, the organization can treat both employees and partners fairly and reasonably for allocating incentives.

In fact, partners and affiliates can be provided with the same commissions, as the employees, based on uniform parameters such as quantity, profits, volume and more.

The platform is flexible enough to include rules and exceptions as well, depending on the business requirements.

Super Flexible Approval Process

Often, the approval for sales commissions takes days and weeks, delaying the incentive distribution, and creating a rift among deserving employees and partners.

NetSuite’s Incentive Management platform eradicates this issue.

The platform allows numerous ways to quickly approve the incentives, and allows fast rollout of the commission, to make the eligible employees satisfied, and boosting their morale. For example, the management can set a rule for incentive calculation: Either when the invoice is generated, or when the invoice is paid. Based on the pre-selected rules imposed, the incentive will be automatically calculated and rolled out.

The approval process has never been so easy and seamless, before NetSuite.

Advanced Incentives Reporting & Analytics

Sales reps can now predict their incentives and commissions using NetSuite’s advanced reporting and analytics platform. Besides, the management can have a 360 degree view of the incentives delivered, upcoming incentives, and overall health of the sales team.

Consult with Inspirria, and find out more interesting features and advantages of using Oracle NetSuite’s Incentives Management right here.

Date: 
Friday, January 31, 2020

Share this Article