user activity, Varicent solutions help organizations to more adequately meet audit and compliance requirements. Access to data is restricted by user rights and modifications to compensation processes are logged along with timestamps. With expansive audit trails of changes and events, organizations can more
Eliminating slow, costly and manual administrative processes help ... user activity, Varicent solutions help organizations to more adequately ...
VaricentTM Incentive Compensation Management Increase accuracy, reduce costs and drive sales performance Data Sheet Incentive Compensation Management 2 © Copyright VaricentTM 2020 Varicent solutions help simplify incentive compensation management for organizations by increased accuracy, reduced costs and higher sales performance. Compensation administration costs are significantly reduced with the automation of commission calculations. Eliminating slow, costly and manual administrative processes help minimize calculation errors that lead to commission overpayments and payment disputes. With Varicent, sales professionals have extensive visibility into their pay, which can significantly reduce the time and effort spent on reconciling commissions. Sales representatives also receive embedded analytics that help them gain insight into their own performance. Compensation administrators can implement new plans more efficiently to respond to new business imperatives. Analysts are able to model and better understand the financial impact of incentive programs prior to rollout for more accurate cost management and forecasting. With a detailed view of the entire compensation plan portfolio along with tracking capabilities, organizations are able to have more control over sales compensation administration, as well as meet audit requirements. Business Benefits · Reduce commission overpayments · Reduce cost of managing commissions · Align sales teams with corporate objectives Highlights · Extensive automation from data collection to commission statements · Graphical compensation plan design · Prebuilt plan components and process lists · Diverse view of commissions, MBOs, and rewards · Plan modeling and forecasting · Personalized compensation plan documents · Streamline plan management and rollout · Expansive audit log An extensive solution for incentive 3 compensation management © Copyright VaricentTM 2020 Automating compensation Varicent automates the entire compensation process including data collection, compensation calculation and commission statement distribution. By collecting data from sources including existing systems, databases and PDFs, Varicent provides a single, more accurate view of data to calculate commissions. The solution's flexible and scalable calculation engine can perform the calculations necessary to match your compensation plans and definitions. Organizations can improve performance while significantly reducing costs errors and wasted time. More accurate payout results By eliminating the need to manually manage splits, reassignments and other exceptions, Varicent improves the accuracy, auditability and visibility in compensation management. Compensation teams can dramatically increase their productivity as the solution automates the process of identifying exceptions and calculates commissions accordingly. As a result, organizations are able to validate payouts, reducing commission overpayments and disputes. Detailed commission statements Varicent delivers personalized commission statements that provide payment details down to the transaction level for tracked payees. Up-to-date performance data and what-if calculators also enable sales representatives to understand their rankings and earning potential, gaining more motivation to close sales. With extensive visibility into their pay and performance, salespeople spend less time on shadow accounting and launching payment inquiries and have more time to sell. Rapid deployment Implementation costs can be dramatically reduced by using Varicent rapid deployment model. With a robust pre-configured model of compensation plans, processes, connectors, and reporting templates, organizations can greatly accelerate the deployment of incentive programs. Since this pre-built model is 4 based on tried and tested implementations and experience, users are able to use industry best practices in compensation plan design. © Copyright VaricentTM 2020 Owned by business users Varicent enables business users to create, modify and implement compensation plans to drive desired sales behavior. Compensation analysts are able to define calculation rules without requiring IT knowledge or coding skills. Rules are also displayed graphically to allow for easier navigation through even the most complex plans and are reusable across incentive programs. With Varicent, compensation teams can implement virtually any compensation plan they need. Robust plan modeling Compensation analysts have the ability to model compensation plans in order to understand the financial impact of changes. Using historical or other base data, users can test the effectiveness of compensation plans against multiple scenarios. Modeled results can be evaluated from multiple perspectives including the expected payout change on the business and on specific sales individuals. With the ability to more accurately forecast commission payouts, organizations can better budget for sales compensation costs, manage target total compensation for sales representatives and assess plan effectiveness. Governance and compliance By providing a single view of the compensation plan portfolio and tracking all user activity, Varicent solutions help organizations to more adequately meet audit and compliance requirements. Access to data is restricted by user rights and modifications to compensation processes are logged along with timestamps. With expansive audit trails of changes and events, organizations can more accurately trace commission payment back to the source. 5 © Copyright VaricentTM 2020 Figure 1: Sales and Compensation Dashboard Grow, retain and satisfy customers Transform financial processes · Align sales resources with corporate strategy · Enable new kinds of plans and objectives that drive how clients are sold and serviced · Deploy territory structures and coverage models to support evolving customer needs · Gain insight to sales effectiveness · Model compensation plans before rollout to understand and optimize its impact on the business · Create more accurate forecasting and accruals · Reduce manual intervention and errors Increase operational efficiency Manage risk, fraud & regulatory compliance · Meet business and regulatory needs for · Reduce related compensation, territory and controls and auditability into the quota cycle times compensation process · Deliver detailed, personalized incentive · Provide program and process reporting statements and reports to improve · Improve program governance understanding and decision making 6 · Leverage workflow for Sales Performance Management processes, including inquiries and disputes · Ensure process scalability and flexibility © Copyright VaricentTM 2020 About VaricentTM Varicent helps clients accurately track, manage, and report on sales processes through the industry-leading Sales Performance Management (SPM) solution. Established in 2005, Varicent innovated the SPM software industry by developing business tools for Incentive Compensation, Territory, Quota, and Channel Management. With Varicent's augmented intelligence-powered platform, customers realize bottom-line efficiencies and top-line results through sales dashboards and models for better decision making at all levels of the business. For more information To learn more about Varicent's solutions, contact your Varicent sales representative or visit: www.varicent.com © Copyright Varicent 2020 VaricentTM Canada: 4711 Yonge St., Suite 300 Toronto, ON Canada M2N 6K8 March 2020 Varicent and the Varicent logo are trademarks of Varicent. Other product and service names might be trademarks of Varicent or other companies. 7 © Copyright VaricentTM 2020 www.varicent.comAdobe PDF Library 15.0 Adobe InDesign 15.0 (Macintosh)