Incentive and Compensation Management Features and Functions
Enterprise incentive management (EIM) and employee compensation management sit between HR, CRM, Accounting, and sales force automation. These applications help sales executives gain perspective on sales performance, business operations, and manage compensation programs. EIM solutions are used to improve sales strategies.
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Application Technology
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Modeling and Strategic Analysis
Modeling and strategic analysis are a subset of pay-for-performance program management tools that allow companies to model, administer, report, and analyze a wide range of metrics by using rules. These filter and calculate information by using "if-then" statements, whereby the "if" contains a Boolean expression that selects objects from the database. "Then" contains formulae that calculate and save new values. These types of filters and rules are superior to more traditional approaches that may involve some hardcoded logic or restrictive predefined compensation models, which limit compensation plans as generic, lowest-common denominator practices. The use of hardcoded logic makes it difficult to reprogram incentive strategies. The absence of modeling capabilities prevents incentive programs from being crafted quickly to meet competitive threats or executive orders. The use of modeling and strategic analysis various compensation plan scenarios to be modeled and projected revenues and each model's costs can be analyzed. This allows only the plans that fit within revenue and cost-of-sales parameters to be deployed. Modeling and strategic analysis allows companies to communicate plan details in order to better align their sales representatives with corporate sales goals. It also allows them to monitor and measure plan effectiveness on an ongoing basis. It also allows companies to adjust their plan components as needed to ensure that quota and revenue targets are achieved.
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Payee Database
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Payee Sub-ledger
A sub-ledger contains detailed transactions, such as invoices, corporate debt, and purchase orders (PO).
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Compensation Plan Administration
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Compensation Calculations
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Views and Reports
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Exception Data Resolution Management
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Security and Compliance
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Integration and Interfacing Requirements
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Employee Compensation Management
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Human Capital Management (HCM) Features and Functions
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