ICM Solutions Reduce Risk and Provide For Better Decisions
All organizations face compliance and regulatory requirements from external and internal stakeholders. Internally your compensation teams may need to have information on hand to justify the amounts paid to sales representatives – a ICM solution provides the tracking capabilities to provide this documentation with ease. ICM solutions help reduce exposure to the risk of falling behind the external regulations such as SOX compliance.
Implementing an ICM solution will give sales managers and executives the ability to dig deeper into historical data and get insights regarding sales performance and effectiveness. With better analytic tool and visual dashboards your organization can optimize territory and quota management.
Stay Ahead of the Curve and reduce your risk. Identify if your compensation plans are inline with expectations. Get a better understanding on whether your overpaying or underpaying commissions. Identify whether sales quotas being met and what territories have high rates of turn-over. With the IBM ICM solution, you can manage your plans and measure efficiency. Provide analytical reports and dashboards to highlight performance indicators, trends, and risk factors to leaders and administrators.
With regulations such as the Sarbanes-Oxley act, Dodd-Frank reforms and Federal Reserve guidelines becoming stricter on how and when incentive compensation is being paid out, organizations must pay attention to risk management and compliance in this area. With a robust ICM solution, you can automate data validation checks, view exception reports, configure necessary checks and balances, and ensure that your company is compliant with all pertinent laws and regulations.
The IBM ICM solution further provides organizations a layer of audit security with a comprehensive audit log wherein administrators can find up-to-the-minute details on all changes made to their solution.
One of the biggest challenges for administrators using manual spreadsheets is the investigation and adjustment of exceptions. In many cases exceptions are not caught in time and result in incorrect metrics and incentives. With the IBM ICM solution, you will have access to exception reports configured to provide you a complete view of your data and your incentive process. Easily detect bad data, missing links, or incorrect results. Set up automated alerts to instantly inform you of exceptions so they can be dealt with immediately.
There are many ICM solutions on the market. The key is to choose one that not only meets your needs today, but also provides a flexible architecture that can evolve as your organization’s needs grow. With constant M&A acitivity, the need for an efficient and scalable solution has never been greater. The IBM ICM solution is industry proven as the fastest and most scalable solution in the marketplace today. With clients with as few as 50 sales reps all the way up to as many as 80,000+, this solution will meet your needs today and into the future.
Flexibility is a well-known characteristic of the IBM ICM solution. Whether you are an insurance company managing vast amounts of agents selling diversified portfolios of products, or any other company with detailed rules around compensation, the open architecture of the IBM ICM system will never restrict you from managing complex plans, hierarchies, or any other business rule applicable to your organization.
Understand whether you are paying sales reps too much or too little. Understand the impact changing sales compensation. These scenarios are difficult to replicate with manual processes and spreadsheets. With the IBM ICM system, you can easily model “What-If?” scenarios and see the results ahead of time. Compare the impact of scenarios side by side with any number of combinations to determine the right path forward.