In the bustling world of Finance, financial software provider Finastra faced multiple sales performance management (SPM) challenges. Their Revenue Operations team was burdened with complex processes and commission structures that hindered efficiency and sales team motivation. A powerful incentive compensation management (ICM) solution, Xactly Incent, emerged to transform their SPM processes. Learn how in this blog post.
Risky Challenges in Sales Performance Management
Finastra’s Revenue Operations team struggled with intricate commission structures that resulted in confusion and inefficiencies. Their sales representatives were unaware of how their commissions were calculated and which opportunities held the most potential for success. Manual calculations on spreadsheets consumed valuable time, introduced errors, and left less room for strategic activities. The team knew the cost of doing things manually was introducing unnecessary risk to the organization. It was evident that a transformative solution was needed.
A Strategic Partner in Xactly Incent
Enter Xactly Incent, an ICM solution that caught the attention of Kayley Ansell, the Director of Operations at Finastra. With Xactly by their side, the Revenue Operations team gained access to real-time insights and powerful sales compensation data. Kayley, armed with this newfound superpower, embraced her role as a strategic partner to the Sales team—a critical goal for any Revenue Operations leader.
Powerful Gains with Xactly Incent
With Xactly Incent driving their SPM transformation, Finastra's Revenue Operations team reaped powerful gains, including:
- Increased Quota Attainment: By motivating its Sales team to achieve higher quota attainment through clear visibility into quotas and incentives.
- Increased Customer Value and Higher Quality Deals: By introducing plans that steered their team in the right direction and drove consistent increase in average term length over the years. Special incentives, aligned with base plans, accelerated the conversion from legacy products to newer, more strategic offerings, resulting in a leaner operation and increased customer value.
- Data-Driven Decision Making: Incent's 18 years of accessible commission data became Finastra’s guiding light, empowering them to make informed decisions for future success.
- Retaining Top Talent: By ingeniously structuring their commission plans to reward both high achievers and tenure/loyalty.
- Automated Efficiency: By automating the once-manual commission calculation process, the team was able to step into a world of efficiency and effectiveness, while also reducing errors and saving time.
What’s Next for Finastra and Xactly Incent
While Finastra has already witnessed significant improvements with Xactly Incent, they remain committed to continuous enhancement. Now the team is focused on integrating Xactly Incent with Salesforce and Workday to achieve greater efficiency and data synergy across teams and systems.
With Xactly Incent, Finastra transformed their SPM and ICM processes and uncovered a path to growth, revenue, and success. If you're ready to make data-driven decision-making and efficient operations a priority at your organization, contact us so we can show you how.