Vendor Selection

Smart Tech Inc. has the expertise to help clients select the best vendor for their requirements.

According to the Gartner Group, there are over 10 leading Sales Performance Management (SPM) Solution providers. Vendors have evolved into the SPM space from either Incentive Compensation Management (ICM) systems or Customer Relationship Management (CRM) systems. As a result, the SPM solutions have different approaches to functionality and various models of managed solutions, such as on-premise or on-cloud packages.

Smart Tech Inc. has the knowledge and experience to help clients understand SPM offerings. Under Vendor Management Services we offer
1. Strategic analysis support on Buy versus Build Decision
2. Assist with "High-Level" requirements definition to support RFP process and problem statement definition
3. Facilitate and support Vendor Shortlisting process through demos and scorecard analysis.

Smart Tech Inc. has a robust methodology and "accelerators" to improve the client's vendor selection process. The methodology not only helps clients systematically and efficiently select the appropriate solution, but also incorporates aspects of the current-state analysis to capture relevant data and help crystalize the problem statement. This data is leveraged in our analysis phase for data readiness, automation integration, plan standardization, end user reporting and management dash-boarding. Our experience allows us to accelerate the discovery sessions during SPM implementation using proven methodology and standard best practices.

Smart Tech Inc.'s knowledge of vendors and their implementation practices also allows us to help clients prepare project budgets, develop go-live plans and develop roadmaps for future enhancements and on-going plan updates. These insights help clients create comprehensive and realistic business cases that resonate with their senior management.

Incentive Compensation Plan Design

Smart Tech Inc. has experience with support clients compensation plan design for:

1. Review of compensation plans for potential areas of standardization, automation and process efficiencies
2. Modeling plans to calculate potential pay outs and the impact of changes in compensation variables.
3. Evaluation of compensation plan processes for operational simplification and improved analytics and dashboards.

Incentive compensation is a major investment for companies and salespeople. US Companies spend $200 Billion annually on incentive compensation, approximately the same amount as their expenditure on advertising. The average salesperson earns 40% of their cash compensation from variable based incentive compensation. As a result, incentive compensation plans are critical to drive the right sales force behavior, retain or attract salespeople and ensure appropriate return on investment for the company. Moreover, variable incentive compensation plans are expanding beyond the sales force to other areas of the company, such as sales operation, human capital management and customer service.

From Smart Tech Inc.'s perspective, developing an appropriate incentive compensation plan relies on four concepts:

1. Appropriate to the Role - Different sales (or other roles) may require different compensation plans, which should be tailored to role activities. For example, a "hunter" (e.g., business development or outside sales) may require a different sales compensation plan than a "farmer" (e.g., account management or inside sales). Additional variances in incentive plans may exist for external distribution channels like agents, brokers or re-sellers.

2. Aligned to Corporate Objectives and Culture - As part of plan compensation design, companies must make several key determinations, such as compensation relative to market, differentiated compensation between highest and lowest performers and minimum and maximum compensation levels (e.g., entry level and caps, respectively). Critical corporate objectives, such as increased cross-selling, also need to be incorporated into the compensation plans. For example a bank may build plan components, such as referral incentives, to help drive the corporate objective of further integrating wealth management with their retail business.

3. Visibility to SMART targets - Effective incentive compensation programs provide highly visible links between measurable outcome and compensation payout. Measureable outcomes are typically based on Specific, Measurable, Attainable, Realistic and Timely (SMART) targets.

4. Streamlined Plan Administration - A holistic understanding of the plans and plan components is key to review for areas of standardization that lead to minimized overheads and required behaviors. Moreover, limited reporting regarding plans may allow plans to become cumbersome to manage, with inefficiencies that may compound over time. As a result, sales teams spend an inordinate amount of time in shadow accounting while compensation administration is bogged down with manual adjustments, dispute resolution and inefficient manual processes leading to payment errors. Ideally this can be managed through data integration automation, real time visibility to data, better end user reporting or business analytics dashboards.

Based on the numerous proven clients case studies, we can provide our insight and support for best practices to fit required client and industry specific scenario.

Project and Program Management

Smart Tech provides deep SPM project management expertise to help ensure projects are delivered on-time, on-budget and meet business objectives.

Smart Tech Inc. provides the following project and program management services:

1. Project Management - SPM implementations can be complex undertakings, as they may involve multiple vendors, multiple internal stakeholders and have significant change management ramifications. Smart Tech Inc. leverages its own SALE project management methodology for SPM implementations, which includes best practices for capturing SPM requirements, testing parameters and deployment / training. Moreover, we are versed in the project management methodologies for the major SPM vendors. We have also been successful in adapting client methodologies for SPM projects, allowing clients to maintain consistency with enterprise project management standards while allowing for SPM nuances.

2. Project Recovery - Fast action is the key to avoiding losses associated with SPM project issues. Smart Tech Inc. can help troubled projects get back on track and attain business case benefits. We begin by reviewing of the project's current state to identify the areas in jeopardy. Common areas of concern include scope, resource availability and/or capability, roles and responsibilities, testing, and project monitoring and control. We will present our assessment to the senior leadership team, recognizing the project's accomplishments to date, while calling out the major issues that caused it to veer off track. A corrective plan (typically including revised timelines and resourcing) is provided as part of this presentation. Once the plan is accepted by the organization, our recovery experts can help lead the turnaround initiative.

3. Vendor Management - SPM vendors are typically responsible for deliverables within a project, thus vendor management is a necessary component of project management. Smart Tech Inc. has the experience work on your behalf with vendors to ensure terms and conditions are met. If you already have a PMO in place, Smart Tech can help you add the proper governance necessary to manage your vendors effectively. As the SPM experts, we know the pitfalls and act on your behalf as "the owner's rep" to ensure all parties associated with projects meet their commitments. Managing scope and the contract while applying change management to the process provides the transparency required to achieve success.

Technology and Business Solution Implementations

Smart Tech Inc. helps clients maximize the business value of SPM initiatives through experienced consultants and a robust methodology.

Post Implementation Optimization

Smart Tech Inc's SPM Optimization framework helps clients obtain further operational and strategic benefits from their existing SPM solutions.

Many clients have made significant investments in their SPM platforms. We provide cost effective Post Production Support to assist clients maintain their SPM platforms. Additionally, with relatively minor investment, the SPM platform can be leveraged to drive further operational and strategic benefits.

Our production support model allows for 24/7 support for client specific operational coverage. We maintain our clients SPM platforms, provide for required enhancements and also implement any required compensation plan changes. This dedicated team can also analyze the model and identify potential improvement that can be executed to drive efficiency and effectiveness. Areas of focus are integration automation, plan standardization, end user reporting and management dash-boarding for business analytics.

From an SPM optimization perspective, Smart Tech employs an SPM Optimization framework to help clients identify and assess potential SPM enhancements. Enhancements can range from minor workflow enhancements to incorporating automation and streamlining processing and processes.