In an analyst perspective at the beginning of this year I wrote that sales organizations must step beyond conventional wisdom to generate the best outcomes
In an analyst perspective at the beginning of this year I wrote that sales organizations must step beyond conventional wisdom to generate the best outcomes. One such step is to invest in software that delivers immediate value to manage sales and be efficient in its operations. Our latest research on sales organizations finds that inconsistent execution (53%), scattered information (48%) and limited visibility (42%) are motivating investment to improve sales. At CompCloud, its annual conference, Xactly unveiled advances in its software to help improve the effectiveness and productivity of sales organizations. Spokespeople said the company’s sales compensation products have helped users manage US$10 billion in commissions in the past two years.
To make it easier to access critical information from its applications Xactly now supports the range of mobile devices running native Apple iOS, Android and HTML5 apps. The mobile capabilities enable users to view commission statements, track quota attainment and compare performance to team rankings. Xactly is right to advance its mobile efforts as account managers and management extensively use smartphones and tablets. Our latest research in sales finds that smartphones will be deployed to four out of five (81%) in sales and tablets to three-quarters by the end of 2015.
The company also announced the release of Xactly Quota to help management and analysts allocate quota assignments to teams. By automating the quota process and providing visibility into quota performance this application helps reduce manual effort and potential errors in those tasks. The quota management application can link with Xactly Incent to help users plan sales targets and link potential commissions to payments. They can collaborate in designing and agreeing on quotas, and the comments feature enables direct feedback. Our research finds that quota attainment is the top way to measure overall sales performance, so this feature is likely to please Xactly’s customers and increase sales. After aligning quotas and commissions, the next logical advance would be to help users manage sales forecasts to support progress toward quotas and ultimately commissions. Comparing quotas to forecasts is a top priority for sales teams, according to our research. Xactly’s products can integrate forecasts into its analytics, which is a key first step to assess to quota and potential commission. I have already written that dedicated technology enables successful forecasting.
At the conference I got to review demonstrations of its analytics and benchmarks in Xactly Insights that help provide performance metrics from all the data it collects from its customers. Such measures can be useful: Xactly released a report on performance and quotas showing that 79 percent of sales reps selling software as a service miss their quotas. These insights help provide a guideline to where a company can improve in the design of its quotas which Xactly released a new application but also where it compares in the market to others. Xactly has been able to take the aggregate of its own customers’ metrics in using their products to provide some insightful perspective on a range of compensation and time related sales metrics.
Xactly unveiled Xactly Objectives at its 2013 conference that I covered, and we named it the prestigious 2013 Technology Innovation Award winner for sales. Now the product is fully localized to support Spanish, French, German and other languages. It is easy for managers and sales reps to track progress toward their overall objectives. Having a system to identify overarching sales objectives and link them to sales compensation is important to motivate and guide personnel on a regular basis. The Xactly Objectives can be used anywhere in an organization too, which makes it appealing to any department.
Other improvements outlined at this year’s conference included more comprehensive incentive statements, analytics that can be displayed in any HTML5-compliant Web browser, flexibility in plan rules with lookup tablets and adaptations to credit allocations. Xactly continued focus on satisfying its customers through product improvements have provided it a very high customer retention rate.
Xactly continues to focus on inspiring sales management and operations to making sales more productive and generate higher level of sales. Its software is more appropriate for sales compensation and related processes than CRM or SFA applications and much better than using general-purpose spreadsheets. Our research finds that more than half of sales organizations still use spreadsheets for these purpose and that doing this undermines their ability to manage sales with accurate information. In today’s intensely competitive sales environment, Xactly is positioned to grow. Sales organizations that seek to improve these sales and compensation processes and provide the information that sales teams need both to perform well and be satisfied in their jobs should examine Xactly’s software.