Optymyze Improves Sales Compensation Management for Leading Financial Technology Provider
This US-based company is a global provider of financial technology, listed on the NASDAQ Stock Market. It generates billions of dollars in revenue each year by selling hundreds of types of solutions to financial services firms. The company provides technology for diverse business areas such as mobile and online banking, payments, risk management, data analytics and core account processing.
Before working with Optymyze, the company struggled to manage a highly de-centralized sales organization, comprised of ten groups. Each group had a different compensation plan, managed by a different person. Each plan suited the specific needs of the group that used it, depending on the types of services that group sold. In addition, the plans allowed many exceptions, which changed paid compensation on a near real-time basis.
The decentralization of sales compensation management presented a number of problems. The company had no visibility into its total sales compensation expenditures because it was unable to combine the data from ten different plans into one set of results. They were never sure if they were over or under-spending. The company could not provide unified sales compensation reports to management for compliance purposes, and had no way to track and compare sales rep performance across different sales groups.
Optymyze enabled the client to consolidate ten separate compensation plans managed by ten different groups, into one compensation group operating a centralized plan.
Managers can modify dates and percentages tied to compensation payout rules, for example, changing the delivery day of a given project and when the lead sales person will receive the bonus. Optymyze automatically generates the correct compensation.
Optymyze completed the project in approximately six months, according to the client’s tight deadline. The solution supported payroll for 600 representatives and went live in one phase for everyone, proof of a smooth and careful implementation.
Optymyze improved sales compensation management on many fronts, giving the company greater consistency, visibility, and accuracy.
The centralized, automated system allows the company to manage every aspect of sales compensation more efficiently and accurately than the previous manual process. At the same time, the sales organization enjoys all the flexibility it needs, making on-going changes when required and managing the system themselves.
Before using Optymyze, the company could not monitor all the exceptions made in the different sales groups. Each group allowed different kinds of deviations from their compensation plans, so there was no consistency across the organization. They did not realize the extent of these variations – and their impact on sales compensation – until Optymyze gave them visibility across the many separate plans.
Optymyze adapted to the company’s needs in implementing the new platform. The sales groups did not have to sacrifice any of their specific requirements when centralizing their plans. They kept all the detail and complexity they needed in calculating their compensation and now have all the plans automated for the global sales team.
OPTYMYZE IMPROVEMENTS FOR THE CLIENT
- Manage sales comp more efficiently and accurately.
- Centralize plans without sacrificing required detail and complexity.
- Understand impact of plan deviations across the sales organization.
- Automate updates to compensation when plans change.
- Ability to manage the system in-house.