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CRMIT Solutions is a leader in transforming businesses with cloud based Customer Experience (CX) solutions on sales, service, marketing & social cloud. Recognized amongst CIOReveiw’s "20 Most Promising Cloud Computing Companies”


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Incentive Compensation in Retail Industry

incentive_compensationThe retail landscape is increasingly dominated by stores. But the headlong rise of e-commerce has put extreme pressure on retailers to become more efficient, and to justify their bricks and mortar existence to customers. Retailers are recognizing that traditional retail needs to be retooled and their key differentiator could be that employee standing in the store.

Employee motivation is probably the most important single manageable factor for success and profitability of all the facets of store retailing. There are almost as many effective ways of motivating employees as there are ways of enticing customers into a store but money is generally the greatest motivator of all.

Retailers offer incentive compensation plans to promote employee motivation. These plans are tailored to the unique situation of each store.

Some of the factors used by retailers while building a compensation plan for a store are

  • Y-O-Y growth ($$$)
  • Y-O-Y growth percentage (%)
  • Achievement against target ($$$ – A grid of growth $ against various bonus %)
  • Achievement against target (% – A grid of growth % against various bonus %)
  • Inflation
  • Seasonality
  • Store factors (Age of the Store, Store Hierarchy, Geography)
  • Non comparability against last year performance (New Store, Store Expansion, Store Relocation, Cannibalization against new store)
  • Employee role, grade/band, salary etc.

While measuring achievement, Targets are usually the store turnover or the profitability or a combination of both. It is better if the plans are simple. However, simplicity itself cannot be given excessive consideration since it is necessary to cover every major measurable factor.

The master data required to build and roll up compensation plans is either defined at the Incentive compensation platform or flows to the platform from upstream systems along with achievement (turnover, profitability) details.

Master data is typically validated by financial controllers and relevant entities before getting fed for compensation consideration.

Incentive compensation platforms help in performing calculations using set of complex rules and the final rates and amounts are dispatched to payroll department for validation before they are broadcasted to the stores.

Store employees access these details through employee portals or other methods setup for them.

Compensation platform facilitates regular reviews of performance against compensation plans to stimulate store level efforts. Data is archived to facilitate audit.

The installation of an effective incentive plan is the foundation of a successful motivational compensation program. To optimize results retailers should regularly nourish and promote the program and a regular review would make sure it is still working to expectations.

About CRMIT Solutions:

CRMIT Solutions is a leader in transforming businesses with cloud based Customer Experience (CX) solutions on sales, service, marketing & social cloud.

oracle_specialized_sales_cloudCRMIT Solutions has achieved OPN Specialized status for Oracle Sales Cloud –Oracle Recognizes CRMIT Solutions for Expertise in Implementing Oracle Sales Cloud. CRMIT Solutions Offers A Host of Solutions on Oracle Sales Cloud, Including Consulting, Sales Planning, Social Sales, Customer Data Enrichment, Field Sales Automation, User Adoption, Training, Health Checks and Testing.

CRMIT Solutions deliver a Fixed Scope Implementation offering for Oracle Sales Cloud to fast track sales productivity. Fixed Scope Offering leverages Oracle best practices and agile approach for fast track implementation of Oracle Sales Cloud – Go Live in less than 4 weeks. It drives sales productivity through higher win rates, forecast accuracy, and lead conversion.

Inputs
C.A.Mohammed
Consulting – CX/CRM Industry Solutions
CRMIT Solutions

 


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Telephony Integration  – A smarter way to make and receive calls inside Oracle CRM

CTI for Oracle CRMEnhance your customer interaction, service and satisfaction with CRM++ Computer Telephony Integration for Oracle CRM

Are you still manually dialing telephone numbers, looking up contacts and capturing telephone call information by hand? Moreover which sounds better? “Who is this?” or “Thank you for calling us Mark!” Clearly, the latter.

In business, every call you make and receive counts. Too much information is lost because it is not extracted effectively from phone calls and thus the sales people miss huge opportunities to get strong insights about who they are calling. So it is indeed very important equipping your sales reps and agents with the right resources –  tools and information to interact with your customers.

Your CRM is where data lives and the more data in the CRM the more insight and power you have as a business. So it makes sense that when your telephone rings, your CRM knows about it, who it is, who they spoke to, and how long they spoke. A perfect sync between your CRM and the phone system is just what you need so you can stop juggling and start managing your calls smartly from CRM.

Integrating Call/Contact Center Telephony Infrastructure with your CRM (Customer Relationship Management) software gives you tools to manage customer connections in real time. The advantages of this integration is robust  communication management include accurate information logging, reduced data loss, increased employee efficiency and speed and more.

Why CRM++ Computer Telephony Integration?

So what do you get being a CRM++ Computer Telephony Integration enabled organization?  Or maybe a better question is, “Why would I integrate my telephony system with Oracle CRM, and what is the end objective?”

The #1 reason why an organization implements Computer Telephony Integration within their CRM system is to reduce  costs, improve productivity levels and seamlessly manage customer interactions.  The idea is to create efficiencies within the system that allow the organization to maximize the time of a user spent helping the customer and to minimize the amount of time spent searching or entering data into the system.  How does Computer Telephony Integration do that?  To answer that question, let’s talk about the various benefits associated with Computer Telephony Integration and explain how they help your users:

Computer Telephony Integration with Oracle CRM

CRM++ Computer Telephony Integration enables you to optimise your investment in your Oracle CRM and Telephone infrastructure, providing a seamless telephony integration with Oracle CRM delivered in a cost effective and user friendly manner.

CRM++ Computer Telephony Integration framework offers a direct access to extended telephony functions that enable a comprehensive call center or contact center solution. Based on a Telephony Application Programming Interface CRM++ CTI Framework directly integrates various telephony solutions with Oracle Cloud Platform.

CRM++ Computer Telephony Integration framework provides unifying access to contact center functionalities including both Inbound (screen pop-up) and Click-to-Dial (outbound integration) functions. Inbound integration enables display relevant information about the caller (360° customer view) to the agent as they answer the phone – name, address, outstanding orders or cases. The Click-to-Dial (outbound call) feature helps one-click phone calling functions, capture the call notes, resolution type and call reasons with built-in Call Wrap Up feature.

Features

  • Inbound and click-to-dial action call handling
  • Automatic call wrap-up
  • Caller ID & multiple call support
  • Customer interaction screen to record and track a series of ongoing customer activities
  • Support for multiple sites with different telephone systems
  • Support for both Voice Over IP (VOIP) and standard telephone systems
  • Customizable user preferences
  • Call history and missed call logging

Benefits 

  • Comprehensive CRM platform with unified screen-based telephony
  • Streamlined telephony activity within your business
  • Improved customer relationships, service levels and customer satisfaction
  • Increased telephone call efficiency
  • Manage Service Request life cycle, submission – follow-up – closure
  • Personalized telephone interaction – identifying callers automatically
  • Increased business productivity
  • Improved reporting & collaborative activity management

Thus CRM++ Computer Telephony Integration helps you increase first call resolution, decrease average handle time and reduces cost-per-call, thereby improving customer satisfaction.

Available on Oracle Marketplace

Oracle_Cloud_Marketplace

CRM++ Computer Telephony Integration is also available on Oracle Cloud Marketplace helps which provides Oracle Cloud customers find the best applications to meet their needs through an easily searchable interface.

CRM++Computer Telephony Integration is listed along with the relevant details to help customers determine their value for their organizations, including user ratings and reviews.

Gaining and maintaining a competitive advantage in your industry is never easy. Leverage  CTI technology to take a step in the right direction. Your agents, company and customers will benefit as a result.

About CRMIT Solutions

CRMIT Solutions is constantly focusing on two areas in product development – bringing unique , innovative CX/CRM cloud solutions to the market and continuing to expand out-of-box integration. As more and more businesses move towards an IP based telephony system, having tight integration between telephone systems and CRM is critical to improving productivity and a better end user experience.


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Can Remote Device Monitoring benefit Field Service organizations?

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How to deliver a knock-your-socks-off customer experience (CX) during Field Service?
Does Customer Service experience ensure winning your customers for rather longer tenure than anticipated? In a non-creepy style, of course.

Today’s field service management apps are not only limited to resource tracking. Location is great to know, but it’s just the beginning of what needs to be accomplished out on the front line.

To start with, field service organizations want more sophisticated workflow functions and richer customer engagement capabilities. However, even these more advanced features react more than anticipated. To become more productive, save more money, and even create new revenue streams, mobile field service management solutions need to become more proactive and preventive.

What is Field Service Automation Space?
Integrated enhanced customer support channels has brought up Mobility, Cloud and IoT (Internet Of Things) together. Internet expansion is moving far beyond desktops and local area networks (LANs) to remote field service assets that rely on mobility and the cloud, from heavy industry field equipment to sensitive medical devices.

The age of collaboration has been expected for some time now within the service. Despite the proliferation of mobile devices and virtual communities, organizations still find it difficult to coordinate processes which aren’t owned by a dedicated stakeholder, communicate information to disparate teams, or collaborate with the intelligence captured from customers and equipment in the field.

Adopting a Customer Service, not-my-Job attitude, disconnected resources are a few of the major challenges faced by top players as well, and hence ending up losing an Opportunity.

How? See next;

Scenario 1: Field Service at Cross Roads
Today’s field service organization is reactive and heavily dependent on the customer waving the red flag. They wait for the equipment user to recognize there’s a problem and call in with a complaint.

The clock is ticking!!!1

Scenario 2: Remote Monitoring Boosting the CX
A more proactive system would utilize sensor and remote monitoring instead of the customer’s eyes and ears. 1.1So, the increased integration of machine to machine (M2M) technology is providing the field service industry with an excellent opportunity to offer new services and increase revenue, while enhancing the overall quality of the customer experience.

Take Away…
Implementing customer-centered thinking in an organization is all about making your customers a central organizational value that guides behaviors and decision making. Valuing customer experience is about changing your process, sure, but it goes even deeper: It’s about changing attitudes.

Obvious benefits of location technology and data-capture devices include rapid service provisioning and better routing and scheduling, which helps shorten time windows for service appointments. It always helps to provide actionable insights on facilitating collaboration and hence, information exchange between the field service team and the contact center.

Adding to the momentum is that connecting a multitude of devices is becoming increasingly affordable. I personally feel that the added M2M intelligence, results in faster issue resolution, less downtime, and added customer value. And satisfied customers are the key to recurring revenue streams and positive referrals.

What if next time, I receive certain notification stating that my voice controlled house lighting system has been noticed facing few performance issues due to certain device drivers, and I just need to confirm an appointment with the concerned team at my convenience, or even better that the issue is resolved remotely and details have been dispatched.

Huh…I can’t ask anything better as I didn’t even get the chance to face the issue and it got fixed. This time, I conclude the thread with a new-age formula;

Understanding your Customer + Engaging your Customer = Navigating with your ‘WoW Customers’

Customers are delighted & in control, now more than ever !!!

About CRMIT Solutions

CRMIT Solutions is a leader in transforming businesses with cloud based Customer Experience (CX) solutions on sales, service, marketing & social cloud. CRMIT Solutions is committed to providing customers with the best service in the industry. Everything we do – every order, every delivery, every service, every offering – centers on the satisfaction of our customers, and making them more efficient at what they do.Achievements

Gaurav Bhardwaj
Lead Consultant – CRM/CX
CRMIT Solutions Pvt. Ltd., India