Legacy Modernization: The 7 Rs Strategy

Legacy modernization breathes new life into old applications. Threats to security, inefficiencies, and a lack of knowledge and skills are just a few of the issues that arise while maintaining legacy systems. Organizations need to upgrade their business applications and procedures to stay ahead of the competition and help their businesses grow. In fact, the global market for application modernization services is expected to grow at a CAGR of 16.8% to reach a valuation of USD 24.8 billion by 2025 due to the surge in the need for modern infrastructure to enhance business processes, as per a recent report.

Suggested read: Legacy modernization, why is it the right time to opt for?

Modernizing legacy systems helps organizations become more adaptable, effective, and future-ready. Legacy modernization entails a transition to new platforms, infrastructure, architecture, and technologies, and it is an essential aspect for enterprises looking to migrate to the cloud. Here are seven strategies for modernizing legacy systems that enterprises need to be aware of:

Retire 

Retiring involves removing obsolete and unnecessary applications to increase efficiency and performance. Programs with unused features and old components can be removed at a lower cost. This process is cost-effective, rids the organization’s need to start fresh, and makes it easier to optimize its current applications with lower efforts.

Rehost 

Rehosting is a migration tactic that moves applications, software, and data to the cloud with minimum effort. It also ensures faster cloud migration – a crucial objective of many companies eyeing cloud migration. This strategy also termed “lift and shift,” involves redeploying apps to a virtual environment. As the application data is migrated without any changes, the application functions smoothly in the new environment. Rehosting is much faster and allows businesses to make future enhancements with minimal upfront expenses.

Replatform

Re-platforming strategy is similar to rehosting and is often used with DBaaS, SaaS, and IaaS solutions. It refers to transferring old apps almost exactly as-is while changing some aspects to benefit from cloud capabilities. This makes it easy for organizations to maintain the fundamental structure of their applications, which saves the time needed to manage the database.

Re-architect

The re-architecting step enables organizations to fundamentally redesign how applications are designed and built with the help of cloud-native capabilities. Application re-architecting is driven by important business needs that demand scalability and improved efficiency. This strategy has a greater transformation cost, but it enables the optimal utilization of the cloud, resulting in cloud-native benefits and making the application future-proof.

Retain

This strategy comprises identifying and retaining apps that need a lot of work but are crucial to an organization’s operations. Only business-critical applications are retained and migrated due to latency requirements or regulatory difficulties.

Relocate

The relocation approach assists organizations in moving their infrastructure to the cloud without the need for new hardware, adjustments to present workflows, or rewriting of apps. Without purchasing new hardware or altering the present procedures, this strategy entails utilizing the current system and shifting the infrastructure to the cloud. The relocation method is usually used when organizations relocate their infrastructure to the Cloud.

Repurchase

Repurchasing is the strategy by which an existing application is entirely replaced with a SaaS solution that provides the same or comparable functionalities. To replace their current on-premise systems, organizations usually acquire cloud-based software licenses. On-premise systems have certain SaaS substitutes, which offer a rapid, simple, or even automatic data migration option. This approach might not work for custom-built applications.

Suggested read: Preparing your organization for Legacy Modernization

All in all, legacy software modernization can be a complex and time-consuming procedure. Organizations can make a smooth transition to the cloud with the help of a good strategy and teaming up with an experienced and right service provider. Vatsa’s team of experts has helped many client organizations simplify their workflows, processes, and interfaces, enabling them to prosper with the latest technology. For a seamless and successful legacy software modernization, write to us today at contact@vsplc.com.

Six Ways Data Analytics is Transforming the Global Telecom Industry

Data Analytics has taken the world by storm. Every industry across the globe is leveraging its data to make the most of it and unlock new opportunities for growth. The telecom industry is no exception. With the rollout of 5G networks combined with edge computing, the telecom industry has been making headlines.

Many telecom players today use data analytics to optimize their network utilization and services, thereby enhancing their customer experience and security and increasing their revenue. Earlier this year, Oracle and Vodafone, formed a strategic alliance in Europe to support and extend the operator’s OSS(Operations Support Systems) and BSS (Business Support Systems) services, such as CRM and Order Management, on a dedicated cloud platform. Moreover, global data analytics in the telecom market is expected to register a rapid revenue CAGR of 32.75% between 2022 and 2027, according to a recent report by Mordor Intelligence.

Here’s a closer look at some of the top data analytics applications in the telecom industry today:

Network Management and Optimization 

The telecom industry has begun to implement data analytics in order to efficiently monitor and manage networks and plan network growth strategies. Telecom service providers employ real-time data analytics to identify severely congested areas where network traffic is nearing capacity thresholds and to prioritize the rollout of extra capacity. Using real-time data, they may also develop ways for forecasting and preparing for additional capacity in the event of outages.

Suggested read: Enhancing Network Bandwidth with Big Data

Price optimization

The telecom sector is very competitive, and as a result, telecom service providers must determine appropriate prices for their products and services. Using data analytics, telecom operators can get reliable data insights and develop optimal pricing plans based on customers’ responses to various pricing methods, purchasing history, and competitor pricing.

Predictive Analytics

Data analytics supports telecom companies in better understanding their customers’ preferences and demands by appropriately analyzing hundreds of data points and network usage trends. This enables them to address consumer concerns and offer discounts or incentives to retain consumers.

Customer Segmentation

Data analytics enables telecom service providers to classify their consumers according to their behavior, preferences, purchase history, feedback, and more. Customer segmentation enables network providers to offer customized products and services to the right customers at the right time.

Suggested read: Big Data: The Key to Efficient Decision Making

Product Development and Innovation 

Using data analytics, telecom service providers can create new products and services that are personalized to their consumers’ demands. Real-time data gathered from multiple sources can be used to enhance existing products or create new ones.

Preventing Fraud

The global telecom industry loses billions of dollars annually due to frauds involving illegal access, fraudulent profiles, and abuse of credit/debit card information, among others. As a result, telecom service providers deploy various data analytics and machine learning algorithms to detect and prevent fraudulent user behavior. Using data analysis techniques, these systems discover anomalies, report them to analysts as alerts, and enable real-time response to suspicious activities.

There are various advantages to using data analytics in the telecom industry. By offering clear insights into organizational statistics, implementing data analytics can improve overall competency and contribute to enhanced consumer experiences. Data analytics solutions facilitate the transformation of unstructured data into useful insights, enabling data-driven decision-making and enabling the business to maintain a competitive advantage. To learn more about how we can assist you with using data analytics capabilities, contact our experts at contact@vsplc.com

Is Custom Software Development the Right Solution for Enhanced Patient-Centric Care?

The healthcare industry is at the forefront of embracing technology solutions to improve their workflows, and business outcomes, and achieve scalable success. In fact, according to Markets and Markets, the global custom healthcare IT market will grow from USD 326.1 billion in 2021 to USD 821.1 billion by 2026, at a revenue CAGR of 20.3%. As new developments and innovations are emerging in healthcare technology, the rise in the use of custom software comprising a cocktail of technologies cannot be denied.

The primary goal of using custom software is to help healthcare organizations improve patient experience, build a valuable patient-doctor relationship and deliver exceptional service. In the post-pandemic world where patient centricity is the key to success, here’s why every healthcare stakeholder needs to consider building custom software for their business, irrespective of its size or function

Providing Advanced Diagnosis and Superior Patient Care

Custom software solutions have transformed the healthcare sector by providing patients with faster clinical diagnosis, triage, and treatment. Healthcare professionals are using AI-powered technologies to fasten the diagnosis of serious ailments and chronic care management. Additionally, the blend of mobility and custom software development is helping provide superior patient care in the form of appointment scheduling, patient consultations, treatment plans, and more. 

Automation of various business processes is helping to reduce healthcare costs, enhance patient satisfaction, and minimize human errors. Web and mobile applications for prescriptions and accessing other crucial patient information minimize the frequency of incorrect interpretation of a doctor’s instructions. IoT wearables connected to applications such as ECG monitors, glucose trackers, asthma monitors, and fitness bands, have taken preventative healthcare and wellness up a notch. 

Delivering Personalized Care 

Custom health applications enable doctors to better serve the special requirements of their patients while also providing a safety net for at-risk individuals. Such solutions enable doctors and other medical professionals to keep track of patients’ vital signs, keep tabs on their health, and offer individualized care in accordance with their medical needs. This also helps change the course of the treatment plan as necessary and provides proper medication when required for faster recovery. When integrated with precision medicine techniques, AI helps in the identification of the physical composition of patients and produces insights and reasoning through extensive computation, allowing doctors to make more accurate, effective, and efficient decisions.

Suggested read: How Artificial Intelligence can revolutionize the Healthcare industry

Enhancing Interoperability

Integration with different systems, applications, and devices made possible with custom software has opened new doors to healthcare interoperability and healthcare information exchange (HIE). Custom software with automation simplifies complicated healthcare procedures by entirely automating record management and data storage. This also helps to reduce the majority of the paperwork by digitally integrating patients’ medical data and assisting healthcare professionals, staff across departments, and stakeholders themselves in finding a patient’s information in seconds. 

Securing Patient Data and Privacy 

The healthcare industry as a whole collects a tremendous amount of data, and data security is a top priority in this industry. Leveraging custom software solutions helps in securely sharing and integrating data from one department to others in a hospital. To ensure optimal data protection, almost every custom healthcare software nowadays is HIPAA compliant which aids in patient confidentiality and maintains patients’ trust in the healthcare facilities. Custom software enhances the protection of patient information from cyberattacks and information theft.

Suggested read: How to Ensure HIPAA Compliance in Your Website and Mobile Apps

The future of healthcare is data-driven. As the industry embraces more technology solutions, patient care will continue to enhance and soon become accessible to remote areas as well. But the most important advantage of using custom solutions is that it makes the job of healthcare professionals simpler by avoiding potential risks and helps to provide cost-effective treatments. 

Suggested read: Five reasons why organizations should consider custom software development

To know more about how we can develop custom software for your healthcare organizations write to us at contact@vsplc.com or simply fill out the form below, and we’ll get in touch with you.

Four Ways Sales Performance Management (SPM) Keeps Sales Team Productive

In the realm of sales, the buzzword of the moment is Sales Performance Management (SPM), which not only focuses on compensation management but also incorporates software solutions to monitor day-to-day sales activities. Effective sales performance management is a combination of software and management of people that trains the sales team to evaluate data, manage quotas, discover possibilities to improve, and so on. This training helps the sales force be more successful. Through the implementation of SPM systems, companies of all sizes and operating in a wide range of industries are able to improve their sales operations and experience growth at the organizational level. It is anticipated that the size of the global SPM market will increase from USD 1.5 billion in 2020 to USD 3.4 billion by 2026, at a compound annual growth rate (CAGR) of 14.9% during the course of the forecast.

Also read: Why is Sales Performance Management important?

Leading SPM solutions from Varicent enable businesses to scale their digital operations. Through a centralized platform, Varicent delivers critical information, insights, and tools that boost performance, productivity, and revenue for businesses. Ultimately, SPM solutions help sales representatives, sales teams, and organizations improve their sales operations to achieve their business and revenue goals.

Here’s a closer look at how sales performance management helps enhance the employee experience:

Encourages employee training and development

It is essential for every sales representative to adapt to the constantly evolving market and trends. This is even more important now with hybrid and remote working models in place. SPM solutions enable businesses to put together training opportunities for their sales team. Its mobile presence facilitates anywhere, anytime access to the training resources. Additionally, it helps keep track of how sales representatives are doing at every stage of their training, identifies those who are underperforming, and the precise areas that require improvement.

The team benefits from the training by learning new approaches that will be useful in their daily work tasks and by staying current with their skills. However, it helps the sales representatives become subject-matter experts by helping them learn new sales tactics, methods, channels, and so on. All in all, sales training helps improve, maintain, and manage the organization’s sales performance. 

Keeps employees motivated

What keeps a sales team motivated? Though the answer might be subjective to each individual, achieving targets or business goals is a major source of inspiration and engagement for any sales representative. Setting clear expectations further motivates the sales workforce to achieve these goals. The way to do this is by setting sales quotas for each individual or team and implementing processes. Quotas must be set correctly; if they are too high, the sales team will quickly become demotivated, and if they are too low, high commission costs can incur losses to the organization. The right SPM software such as Varicent helps make informed decisions and set realistic sales quotas by accessing real-time data. 

Furthermore, SPM increases transparency with regard to compensation plans. The sellers need to know the compensation amount, the goals, quotas, and key performance indicators (KPIs) aligned with this compensation, the timelines, and everything in between to stay motivated. Sellers are motivated and inspired to keep working hard when variable compensation is transparent.

Enhances team communication 

The expectations for each individual representative, the sales team, and the organization as a whole need to be communicated clearly throughout the workforce. Varicent SPM solutions, with features such as messaging and chatbots, eliminate long email threads and phone conversations and help address and solve common queries instantly and easily. Additionally, the features make it simple to resolve disagreements and misunderstandings. The streamlined communication process creates a positive employee experience and helps facilitate trust between the sales team, management, and the entire organization.

See how Vatsa leveraged SPM solutions to help a US-based healthcare organization align their sales operations with their business goals for multifold growth.

Maintains a positive team culture

Due to SPM’s transparent compensation processes, organizations can avoid over-or underpaying the sales team, resulting in a more focused and motivated workforce. The transparency, streamlined communication, and collaboration provided by the Varicent SPM solutions help build a positive work culture that aligns with the company’s core values. Gamification integrated with SPM also helps celebrate all wins, understand weak spots upon failure, and improve them. This not only helps with talent retention but greatly aids talent acquisition. Overall, fostering a positive work environment is crucial because a skilled, engaged workforce is what drives sales performance and organizational success.

For organizations, sales performance management by Varicent is a blessing as it helps streamline operations, discover new opportunities, develop reports and forecasts, and gain a competitive advantage in the marketplace. It also provides leadership counsel to sales leaders to improve decision-making and enhance strategies. 

Vasta’s sales performance management solution helps optimize your revenue growth, boost efficiency, and implement better planning to provide remarkable performance both internally and externally.

Contact our experts at contact@vsplc.com to learn more.

The Importance of ServiceNow’s Enterprise Service Management in the Hybrid Era

The global pandemic has forced organizations worldwide to adopt a hybrid working model. Even when the workforce was working from the office, enterprise service delivery was a challenge for many organizations since it inevitably involved multiple functions of the organization. In the hybrid working model, this challenge has grown multifold.

When it comes to enterprise service delivery, efficiency, collaboration, and communication are critical factors; but all of this can be achieved with digital transformation initiatives and workflow automation. This is where ServiceNow’s Enterprise Service Management (ESM) is being aggressively adopted by several organizations since it has the ability to connect end-to-end process flows. In fact, ServiceNow has been named a Leader in the Forrester Wave™: Enterprise Service Management (ESM), Q4 2021. 

Organizations are reaping numerous benefits from ServiceNow’s ESM, including increased efficiency, the ability to connect functions, the ability to provide a unified view, and the provision for continuous service level improvement. The following are some of the most significant advantages of ServiceNow’s ESM for enterprises to create, streamline, and support all of their business processes:

Modernizing Service Delivery 

One of the most significant challenges in service delivery is the involvement of multiple functions across the organization. Modernizing service delivery enables organizations to deliver services in a way that unifies functions and eliminates silos. Using low-code tools, organizations are able to improve their systems and workflows continuously. Most importantly, this allows for more transparent service delivery. 

Integration Capabilities 

The ability to seamlessly integrate with third-party applications is a significant benefit of ServiceNow’s ESM. As an organization grows, the functionalities and features of ESM can be added quickly. It is a great way for organizations to get the maximum benefits out of their IT investments.

Suggested Read: Supercharge Your Operational Efficiency with ServiceNow

Enhancing Employee Satisfaction

When dealing with organizational support functions, the last thing employees want is to go from pillar to post in search of services within the organization. Today’s workforce expects personalized, well-informed, and seamless experiences. 

ServiceNow ESM provides employees with connected experiences and all necessary information at their fingertips. A positive employee experience translates into a satisfied, engaged, and loyal workforce. In the new hybrid world, modernizing employee experience ensures easy navigation across information sources and reliable support for a geographically dispersed workforce. 

Empowering Employees 

Faster application development and automation through the use of low code technologies enable employees to meet rising customer demands while increasing productivity. This also leads to them gaining visibility and control over day-to-day operations. Using low code makes it possible for organizations to continue to expand functionalities by leveraging business users for development. This eliminates the need for skilled developers, which are generally in short supply, and makes it possible to scale services quickly, significantly improving their reach. 

Here’s how we helped a Europe-based manufacturing company create a unified service portal using ServiceNow’s Employee Centre Pro module for an enhanced employee experience.

It is clear that the deployment of ServiceNow ESM is bringing transformational benefits to organizations including reduced costs, better transparency, improved employee service delivery, and a satisfied workforce. In these times when the pandemic and the Great Resignation wave are reigning over the world, it is crucial for organizations to remain competitive, offer a positive employee experience, and attract a talented workforce. 

To know more about how we can help you enhance your business outcomes with the help of the ServiceNow platform, reach out to our experts at contact@vsplc.com.

Which is Better Suited For Your Organization – Data Mesh or Data Lake?

How do you manage growing enterprise data volumes while maintaining data quality, consistency, and governance for large-scale analytics? Most organizations seeking solutions wish to evaluate data without passing it through complex ETL processes. Data and analytics have become buzzwords throughout the last decade and beyond. At a high level, it consists of two distinct processes: data storage management, and data analysis. The ever-increasing volume of commercial data has compelled organizations to investigate alternative methods for storing data effectively, safely, and efficiently. Organizations won’t be able to use analytics to gain business insights unless they’ve completed this step. The key is how fast the stored data can be extracted, transformed, and loaded (ETL) for analytics, and we can accelerate the ETL process. This is where the different approaches to data storage become prevalent. 

Here’s a closer look at the journey of enterprise data, including data warehouse, data lake, and the newest solution on the market today – Data Mesh. 

Data Warehouse

A data warehouse centralizes and processes large amounts of data from multiple sources. It has inherent analytics capabilities that allow enterprises to derive business insights. The Data warehouse follows a “schema-on-write” approach where data is extracted, transformed, and loaded (ETL) when storing it. 

Data Lake

Data Lake essentially refers to a data repository where large amounts of structured, unstructured, and semi-structured data could be parked. Data lake centralizes, organizes, and protects data that follows a schema on reading approach meaning data can be structured at query time based on a user’s need. 

Conventionally, a data lake on its own does not have analytics capabilities. The data lake is usually a cloud-based data repository that needs a data analytics engine on top for data processing actions such as indexing, transformation, and querying. 

Data Mesh

Data mesh is a more modern method of enterprise data management that has emerged in recent years. The enterprise data industry defines data mesh as “a shift in a modern distributed architecture that utilizes platform thinking to develop self-service data infrastructure, treating data as the product.”

This is essentially referring to an architecture that supports distributed data. This system makes data accessible to every user as needed based on their access rights. A data mesh allows data to be distributed across multiple databases and need not be centralized in a single storage lake. This means a data mesh architecture can connect various data sources, including data lakes, into a coherent infrastructure.

A comparative view: Data Mesh vs. Data Lake

While considering these enterprise data management systems, it is crucial to understand that it is not a matter of a “one size fits all.” These approaches have pros and cons, and the choice of which enterprise data management system to use is essentially down to the enterprise’s specific needs. 

The terms “data lake” and “data warehouse” are sometimes misused interchangeably. A data lake is a collection of unprocessed data that must be handled as necessary. In contrast, a data warehouse stores data that has been processed for a specific purpose. Simply said, a data lake is selected when advanced analytics capabilities are required. Still, a data warehouse can be implemented when data is necessary for operational purposes, such as in the financial services sector.

Data mesh, however, works on the principle that data will always be distributed. It works very well for organizations that use multiple databases. It has a limitation in that the speed of querying data from a data mesh is limited by its slowest query. 

As different as they are, the data lake and data mesh could be complementary. For organizations that have data distributed across multiple databases yet want to run faster queries, it makes sense to use a data lake platform for analytics within the existing data mesh architecture.

Data mesh ensures data democratization because it supports decentralized data architecture. Equally, the free flow of data across the organization is a byproduct of data lakes. Looking ahead, the goal of enterprises is to become data-driven and ensure systematic access to data across the organization. This space is still evolving and one to watch out for.

Vatsa Solutions has a team of experts in data engineering that has helped multiple businesses harness the power of data and create meaningful insights from it. Reach out to our experts to learn more about the various options available in enterprise data storage and understand which is best suited for your organization.

Cloud Computing: The Next Big Thing in eLearning

Since the beginning of the pandemic, the learning industry’s focus has largely moved to making education available as per the learners’ needs and demands. While cloud platforms have been around since before the pandemic, the last couple of years have seen increased adoption of cloud solutions to make education more accessible. The hybrid and remote learning models combined with digital learning courses have accelerated the use of cloud computing. Since 2020, 75% of schools have planned to operate online, and 98% of universities have moved classes online. 

Suggested Read: Choosing the right Cloud service provider for your business

Cloud technology, with its remote servers, massive data storage, database systems, networking, data analytics, and integration with various technologies, has unlocked the true potential of learning and teaching. 

Educators can conduct learning sessions online via multiple programs, and students can attend the sessions sitting in any corner of the world. With minimal human effort, a decentralized sharing method, better collaboration and communication, and pushing geographical barriers, the cloud has quickly become the most powerful and widely used technology in the learning industry, impacting students, teachers, and staff alike.

Impact on Learners

Cloud has unlocked flexibility and innovative learning experiences for learners today. With centralized data storage accessible remotely, learners can access learning resources easily. With Cloud technology’s ability to adapt to new technology innovations such as AR/VR, AI/ML, and more, it’s possible to conduct science experiments or walk through a historical site using VR goggles with minimal resources, maximum physical safety, and in the comfort of your home. AI capabilities intertwined with the Cloud unlock a plethora of interactive, scalable, immersive learning experiences, have maximum knowledge retention, and a higher completion rate. For instance, ML-based learning makes the content relevant to the learner and helps the user choose their learning style, thus enhancing the learning experience and outcome. Moreover, cloud solutions bring more efficiency to in-person learning, collaboration, and assessment and feedback models.  

Impact on Educators

Educators can develop and modify cloud-based e-learning systems and learning modules based on the learners and as per each learner’s needs. Data modernization with the Cloud provides remote, instant, unbiased, and meaningful feedback and assessment to the learners. Additionally, an AI-driven Cloud helps educators address the weaknesses, setbacks, and areas of improvement the learners face when completing a course.

Data analytics provides deep insight into the learner’s performance and makes it possible to enhance the user’s learning style. Educators can even add new learning materials and administrators’ new features easily and at a much lower cost. For instance, hosting a virtual webinar on the current trending topic in the industry is cost-effective as it makes less use of the physical infrastructure and experts don’t need to relocate to conduct it. Cloud-based systems also limit challenges like crashing the system and make the data available for learners and educators with peace of mind.

Suggested Read: Six ways AI is transforming the EdTech sector

Impact on Organizational Efficiency

Across all industries, the cloud has boosted organizational efficiency and productivity and helped cut down on unnecessary expenses. In the educational sector, in addition to quick-paced, comfort-oriented, innovative learning environments, the Cloud has benefited the administrative, research and development, and many other divergent activities. The pay-as-you-go model is not only cost-effective but also caters to the specific needs of the institution. Unlike legacy systems, the cloud encrypts the data during migration, making the data secure from cyber threats and data breaches. This also helps organizations meet compliance requirements. With appropriate cybersecurity features installed, the sensitive information of the staff and students can’t be accessed without permission.

Final Word

The accelerated adoption of the Cloud is expanding with each passing day as new technical discoveries are made and advances in technology happen. Similarly, the education domain too will witness massive expansion and evolution as organizations leverage cloud technology to its full potential. As the cloud makes learning more accessible and flexible, it will continue to transform learning spaces in a positive manner. The Cloud provides educators and educational organizations with an opportunity to add value to the global learning community and expand their reach. 

To learn more about implementing the cloud for your organization, write to us today at contact@vsplc.com.

Why Is Sales Performance Management (SPM) Important?

Why Is Sales Performance Management (SPM) Important?

In the current economy, most operations can be considered as sales. But the question is, given such an abundance, how can businesses optimize their sales approach? This especially applies to businesses whose trajectory keeps changing directions frequently. Well, that’s what Sales Performance Management (SPM) can help with!

What is Sales Performance Management?

Gartner defines Sales Performance Management as “A suite of operational and analytical functions that automate and unite back-office operational sales processes, and are implemented to improve operational efficiency and effectiveness.”

The target of SPM deployment is to meet business performance measures. Varicent provides industry-leading SPM solutions. An SPM software, such as the one Varicent offers, helps enterprises magnify their digital operations. SPM creates functionality across departments, such as compelling horizontal and vertical communication advantages. It results in desired sales numbers using tactical strategies.

Why is Sales Performance Management Important?

SPM’s core capabilities include

  • Territory Management (TM)
  • Incentive Compensation Management (ICM)
  • Quota Management (QM)
  • Objectives Management (OM)
  • Advanced Analytics
  • Natural Language Processing
  • Gamification
  • Mobile Apps

SPM is helping businesses, large and small, across various sectors improve their sales operations. For example, SPM helped United Rentals to automate calculations, manage adjustments and approvals, build models, and view performance and trends. This enabled them to improve the effectiveness of their compensation programs continuously.

Similarly, owing to SPM, numerous other businesses have witnessed tremendous improvements and growth. Thus, businesses yet to implement SPM tools at their workplace are rushing to reap the benefits. In fact, the global market size for SPM is projected to grow at a Compounded Annual Growth Rate (CAGR) of around 15% between 2020 and 2026.

SPM innovation is a way of sales performance enhancement that brings leaders together. They can overtake the competition irrespective of what they are selling. In a gist, SPM allows sales managers to impact and improve all sales touchpoints. Here’s how sales performance management benefits organizations to streamline processes and scale business: 

What are the Benefits of Sales Performance Management?

Generating Analytics

Long gone are the days of intuitive decisions. Compensation is now proportionate to the performances of the sales force, and the credit goes to SPM. A data-backed analytical system keeps a real-time tap on performances. Gratification is one of the outcomes. Performance stats allow a business to understand the strengths and weaknesses of the sales infrastructure. SPM software today generates exceptional insights to quantify results. Goals are defined and classified in the right manner, backed by purely analyzed data.

Predicting Future Sales

With advanced data capturing, monitoring, and analyzing capabilities, SPM tools help forecast future sales accurately. This helps with employee compensation, business planning and strategizing, and making other business-related decisions more precisely. For instance,  with the help of SPM, MetaCompliance has been able to:

  • Drive greater revenue predictability
  • Eliminate intuition bias within the forecasting process and make data-driven decisions
  • Achieve sales adoption of the product to boost clean data entry and improve forecasting data hygiene
  • Enhance visibility to provide a more accurate view of the pipeline

Enabling Execution

The factors of integration and distribution make a significant impact. However, execution also matches the weightage. There are many boxes to tick here – the compilation of assigned tasks, the balance of on-site task assimilation, setting the numbers right, etc. 

Once the structures across departments are adequately figured out, sales can accelerate. Instruments like gamification to manage and measure sales success are all possible additional SPM components. They help keep sales on course. These components may be and easily connected using an AI-led edge solution to sales quality management created to natively handle the unique needs of IT, sales, and finance.

Bringing in Transparency

SPM puts it all on the table. Daily notifications on the activities support the employees’ updates on everything. It is practically impossible to keep a note of and revise everything, especially with numerous processes operating at once. An SPM software generates real-time notifications and creates utmost transparency. Not only is everyone up to date, but also in check with the timelines. SPM will revamp data structures and standardize the in-house performance with no effect from the external environment.

For example, Colt could instantly identify their mistakes with payments due to real-time notifications provided by the SPM solution by Varicent. Thus, their employees could ensure that they charged customers the correct fees. This helped boost accountability and led to 30% sales team growth.

Here’s how we helped a US-based healthcare and insurance company leverage Varicent’s Sales Performance Management platform (SPM) to streamline its sales operations. 

Summing Up

Sales Performance Management is a boon for organizations, providing them with an edge in sales processes. SPM solutions, like Varicent, have enabled businesses to strategize operations effectively, enhance sales opportunities, and embark on a journey of continuous, sustained growth.

Now that you have understood what SPM is and what benefits you can derive for your business, you might be looking for a robust and agile SPM tool to implement at your workplace. You can check out Vasta’s sales performance management solution that can help you create adaptable strategies and own your revenue growth. Contact our experts at contact@vsplc.com to know more.