A recent survey of over 6000 management, engagement and incentivization professionals found that 70% of companies use spreadsheets and custom internal solutions to gain insights into their channel base and 60% admitted they used untrustworthy and incomplete data.
To add salt to the wound Forrester found that due to manual or disparate IT systems high-tech companies may overpay channel partner incentives by as much as 15%.
To find out how your company can grab the reins of the great shift towards the channel by developing a robust digital system to store, monitor and incentivize behaviors, check out our Ultimate Guide to Harnessing Technology in The Channel.
When spreadsheets and in-house software are used, data integrity becomes a major stumbling block. Making reports on incomplete, sketchy data inevitably leads to incomplete, sketchy reporting. Inaccurate reporting causes inadvisable decisions, generating unnecessary costs and throwing strategy off course.
A jazzy new model
Out of the haze a new model steps in. In the same way that ERP was developed for sell-direct models, this spunky new model manages, engages and incentivizes the channel, encompassing:
- Channel Data: data collection, aggregation and enrichment from a wide range of sources.
- Gross margin: data and transaction validation, valuation, rebates and incentive management, inventory tracking and revenue processing
- Sales performance: tracking and calculating sales, commission splits and territory management
- Opportunity: deal registration, partner communication and flow of information
- Engagement and Incentivization: harness a partner base, drive loyalty and incentivize particularly advantageous behaviors.
Cloud-based technology like Fielo enables companies to create complex engagement architecture, including tired rule systems, gamification elements, reward catalogs and automated incentives. All of these lead to improvements in performance and greater ROI.
Advanced technology seamlessly integrates all areas of the model while data is made accessible to interested parties whenever they need it. That means full visibility and transparency for vendors.
Creating cloud-based digital programs means that large amounts of accurate data can be collected, stored and automatically sorted which in turn means accurate reports, evidence-based decisions, improved engagement and incentives strategy and increased profit.
Digital software also means stakeholders can get real-time statistics and reports on engagement and incentive program performance which enables them to make continual, incremental tweaks and improvements to the program while it’s in motion.
To find out more about the benefits of cloud-based technology, download our free guide now!