What is renewal commission in SAP ICM - Incentive and Commission Management (ICM)?

SAP Term: renewal commission

• Component: ICM

• Component Name: Incentive and Commission Management (ICM)

• Description: Incentive and Commission Management Commission paid out in cases where an agent extends a contract running several years and where at least half the original life of the contract has expired for example, a contract with a life of five years is extended after three years for a further five years.

Smart SAP Assistant

• Key Concepts: 
  Renewal commission is a type of commission that is paid to sales representatives when a customer renews their contract with a company. It is a way for companies to reward their sales reps for their hard work and loyalty. The ICM Incentive and Commission Management (ICM) component of SAP helps companies manage their renewal commissions by automating the process and providing visibility into the commission payments. 
  
  How to use it: 
  The ICM Incentive and Commission Management (ICM) component of SAP can be used to manage renewal commissions. It automates the process of calculating and paying out commissions, as well as providing visibility into the commission payments. The ICM also allows companies to set up rules and parameters for how commissions are calculated, such as setting different rates for different types of customers or products. 
  
  Tips & Tricks: 
  When setting up the ICM Incentive and Commission Management (ICM) component of SAP, it is important to ensure that all rules and parameters are set up correctly in order to ensure accurate commission payments. Additionally, it is important to regularly review the commission payments to ensure that they are accurate and up-to-date. 
  
  Related Information: 
  The ICM Incentive and Commission Management (ICM) component of SAP can also be used to manage other types of commissions, such as sales commissions, referral commissions, and more. Additionally, the ICM can be used to manage other types of incentives, such as discounts, rewards, and more.