In today’s times, companies engage a wide variety of workforce for sale of their products and services – including a mix of their own employees as well as external agencies. Over the last few years, there has been a steady rise in the contractual and temporary workforce, with companies looking at expanding their ‘feet on street’ workforce. While this model works well, one of the challenges that comes up is during the calculation of incentives or sales commission for these employees. There are numerous (and complicated) payout structures, variance in schemes and a lot of data that needs to be processed every month.
Often, these computations are done on spreadsheets – this is not only time consuming and cumbersome, but also error prone. There are common instances of excess payouts leading to monetary losses; or less payouts that lead to unsatisfied salesforce. Both scenarios can be devastating for organizations.
Forward-looking companies do adopt a certain degree of automation to streamline this process. However, the computation logic is hard-wired in to the IT systems, resulting in inflexibility, which becomes a challenge when a new scheme is to be introduced or a new agency on-boarded. Also, with all these changes and complexity, documentation & traceability of calculations, and hence, auditability of the process becomes a challenge.
To address these, Delhi based ACT21 Softwares has launched iNCENTIVO, powered by ACTICO’s industry leading decision automation technology. This is a one-of-its-kind comprehensive solution to administer and manage incentives & commissions. With this solution, compensation professionals can track the sales team’s performance and manage incentive definitions, set sales quotas and quickly implement changes in response to market changes. iNCENTIVO can be seamlessly integrated with existing IT environment & core business applications, including downstream applications such as accounts-payable or payroll system for disbursement and financial accounting. The system has process-driven workflows and controls in place to efficiently manage and monitor payouts. The system also maintains the complete audit log of all user activities, inputs as well as outputs for audit and compliance purposes.
Speaking on the launch of this new solution, Pankaj Gupta, Founder & CEO, ACT21 Softwares, said “With this launch, we are trying to address a key pain point for any organization, which employs a sizeable salesforce. In the near term, our focus will be financial institutions including Banks and NBFCs. In medium to long term, we aim to venture into new industry segments such as pharmaceuticals and retail. iNCENTIVO is uniquely positioned to be the go-to solution in the area of incentive payout calculation and will enable these organizations to transform their variable compensation processes”.
Added Ajit Shah, Managing Director, APAC, Middle East and Africa, ACTICO “iNCENTIVO is powered by our decision automation technology and provides a flexible and scalable solution for management of commissions and incentives. Our low code automation platform enables our partners, such as ACT21 Softwares to build intelligent solutions to increase business efficiency and tackle specific industry problems with a high ROI and quick payback period for clients.”
There are two kinds of pricing options available for iNCENTIVO, so as to cater to diverse customer requirements and ensure that the product is equally lucrative for both large as well as small firms. Companies can either license the technology or opt for an annual subscription.