Accelerating revenue boils down to keeping pace with change. If you’re a new or fast-growing company, it’s likely that your business changes every day. You’re probably figuring things out as you go, including social media, the company org chart, business processes, and more. Still, if you can’t get to opportunities before your competition, you lose out.
In the case of Splunk Inc., rapid change was all they knew. Soaring demand for Splunk’s real-time operational intelligence software was great for company growth, but it meant trouble for their existing incentive compensation management processes.
It’s one thing to manage compensation in spreadsheets when you’ve a team of a few dozen. That simply can’t scale when you grow to 180 sales reps, managers and engineers—let alone when you have 30 compensation plans to accommodate your complex selling structure.
As you likely know, inefficient business processes often result in missed opportunities.
Sales reps that lack visibility into their deals and commissions waste hours on shadow accounting. And management struggles to know how to handle split commissions in a way that motivated their team and met forecasts. (Any given deal at Splunk, for example, affected 50-60 reps!)
But probably like you, Splunk thought there must be a better way. They wondered:
What if we could improve sales performance while enhancing business efficiency—at the same time pace of our growth?
For Splunk, the answer was an automated incentive compensation tool (Xactly Incent). It was simple and easy to use. With pre-set rules, Splunk can automatically calculate the right compensation per person, per deal—while simplifying their compensation plans.
Splunk’s sales reps now sell more strategically. Managers can also quickly introduce SPIFFs and accelerators to drive sales of select products and services, with reps being able to easily see how much extra they can accrue in commissions for their efforts.
Are you in the same boat? If you could benefit from:
- Reduced admin
- Fewer commission disputes
- Improved expense forecasting and strategic sales reporting
- An audit trail on all communications and transactions
… Then you might want to check out Splunk’s full story to learn more.
The truth is, you may not know what you need to do to match your business growth and be more efficient — but you’ll have a much better idea when you can drill down into your data, and get the information that you need.