Optymyze Helps Data Giant Increase Agility, Accuracy
for Sarbanes-Oxley compliance
Rapid Dispute Resolution
including automated missing-transaction queries
replacing inefficient manual processing
Through steady growth – including several mergers – over its nearly two centuries of existence, a publicly traded data and analytics company had blossomed into a globe-spanning firm, serving 90% of the Fortune 500 with insightful and incisive business data.
However, with that global reach came some challenges – chiefly, an assortment of disparate business processes and systems for sales performance management (SPM), which led to persistent delays and confusion in salesperson payouts.
As you’d expect from a company in this industry, senior management was intimately familiar with both the importance and the difficulty of managing large quantities of data, making it digestible, and tracking its dissemination. With its existing solution unable to fulfill its needs, the company turned to Optymyze for assistance.
The company’s legacy SPM methodology consisted of an amalgamation of online sales compensation tools, complicated Excel sheets, and an existing software partner – a convoluted, inflexible, and costly system that was failing to provide adequate compliance and auditing information.
For one particularly noteworthy example, take the company’s original reconciliation process. It consisted of a single person emailing an enormous, unwieldy Excel sheet to an entire country worth of sales reps, then receiving a horde of replies addressing all the inaccuracies in the spreadsheet – followed by adjusting and resending it accordingly.
With all those errors to correct, salespeople were spending nearly as much time doing shadow accounting as they were on making sales and generating revenue. Meanwhile, administrators were unable to focus on the big picture due to spending so much of their time performing manual calculations and dealing with disputes.
Moreover, these legacy methodologies were putting pressure on the company to stay consistent with its Sarbanes-Oxley compliance; doing so was highly complicated and resource-intensive.
With those more immediate concerns at the forefront, sales coaching and strategic positioning fell by the wayside, preventing the sales team from taking full advantage of its resources. These inefficiencies were starting to impact morale, so it was clear that change couldn’t come quickly enough.
Partnering with Optymyze freed our client’s decision makers, program managers, and business liaisons to work on higher-level strategic initiatives rather than the day-to-day operations of sales compensation. In fact, the United Kingdom’s compensation manager had so much time liberated by the new system, he was able to incorporate all the company’s reps in Ireland to his responsibilities.
Meanwhile, automated daily performance updates meant that salespeople no longer needed to waste time trying to ensure the accuracy of their pay, giving them more time to focus on making sales.
Newly simplified reporting lightened the company’s Sarbanes-Oxley and audit compliance burden, making those tasks easier and more efficient with workflows introduced by Optymyze. These improved methods reduced risk and improved privacy controls.
All these advances made their value apparent immediately, but the company realized longer-term benefits as well.
For instance, with parameterized compensation plans managed by Optymyze, plan changes now require minimal effort to implement. And when the firm divested a multinational department and added an entirely new continental workstream, the agility of the platform made those seemingly mammoth adjustments manageable and hassle-free.
It doesn’t end there, either. We’ve collaborated further on improved plan documentation, more consistent internal communications, and roadmaps for even more process automation – as well as more business-specific tools, like sophisticated what-if calculators for the sales force.
With the transformational value offered by Optymyze already making itself evident, the two companies are working on widening the scope of their engagement and building a foundation for long-term success across the globe.