Xactly Incent has increased transparency and empowered our sales team to understand how they are getting paid and structure the deals in a way that’s beneficial to themselves and to Finastra.
Xactly met up with Kayley Ansell, Director of Operations at Finastra, a leading financial software provider, to discuss how Xactly Incent has helped the organization drive more revenue, motivate its sales team, and improve the efficacy of the RevOps team. She told us how having the right data immediately available allowed her to be a powerful strategic advisor within her organization.
Problems Prior to Xactly
Before implementing Xactly Incent, Finastra was facing significant challenges in its Sales Performance Management process– it was labor-intensive, prone to human errors, and reduced visibility and transparency for its sales team. Specifically, they were faced with:
- Complex Plans: Finastra wanted to overhaul its sales plans by simplifying sales structures and driving behavior that would be a win for the company and sales team.
- Lack of visibility: Sales representatives had limited visibility into how their commissions were calculated and which opportunities would lead to the best deal for themselves and Finastra, as well as ultimately providing the best customer outcomes.
- Manual calculations: Commissions were calculated manually on spreadsheets, leading to errors and inefficiencies.
- Time-consuming: The entire commission calculation process was time-consuming, involving data verification and manual rule application.
The team knew the cost of doing things manually and not changing their process was introducing unnecessary risk to the organization.
Introducing Xactly Incent
After implementing Xactly, Kayley Ansell and her team immediately saw results, including being more informed about sales data and the most impactful sales plan structures. Having this data at her fingertips allowed her to work more effectively with the sales team–a goal any RevOps leader will tell you is critical to success. Ansell shared her thoughts on the specific skill set needed to thrive in her role.
You need to be a certain type of person to thrive working with salespeople. Having the right technology helps you build your personal brand as a strategic partner while amplifying your voice. Having the data from Xactly’s platform at my fingertips has allowed me to communicate where we are, where we need to be, and how we can get there.
With Xactly Incent, Finastra was able to overcome many of its SPM challenges and achieved the following benefits:
1. Higher Quality Deals
Sales representatives gained access to a user-friendly platform where they could view their sales data, commissions, targets, and attainment all in one place. Kayley highlighted that, "Xactly Incent has increased transparency and empowered our sales team to understand how they are getting paid and structure the deals in a way that’s beneficial to themselves and to Finastra. Our commission plans encouraged our team to focus on deals that benefited the organization in the long run."
2. Plans that Drive the Right Behavior
Ansell shared, “Changes to Finastra’s base plans such as +/- multipliers on committed term length have seen our average term length increase year on year for the past four years. This continued focus on a single lever slowly guides us in the desired direction, providing consistent and reliable outcomes and helps to keep the sales community on track.”
The introduction of special incentives to complement the base plan helps Finastra to bring about more rapid in-year change. For example, when sunsetting a legacy product, conversions to newer products that offer customers more long-term strategic value can be expedited by compensating more generously for sales of the newer product. The additional cost of compensation is offset against the reduced ongoing maintenance of the obsolete product, resulting in a leaner operation overall.
3. Data-Driven Decision Making
With accurate and accessible commission data, Finastra's sales team could challenge calculations and engage in meaningful discussions about commission structures. The team fostered collaboration and continuous improvement through data-driven discussions.
4. Improved Quota Attainment
By providing sales representatives with clear visibility into their quotas and incentives, Finastra motivated its team to achieve higher quota attainment. Kayley shared, "Sales representatives started to understand the impact of different commission clauses on their earnings, leading to more strategic sales efforts." Pulling these levers within the plan structure has brought out the competitive nature of the sales team and increased motivation to hit and beat their numbers quickly.
5. Retention of Top Talent
Finastra's commission plans not only rewarded high achievers but also encouraged tenure and loyalty. Kayley shared, "We structured our plans in a way that rewarded our salespeople for staying with the company longer. It’s important to set up plans that help you retain your top performers that deliver results for your company.”
6. Automated Commission Calculations
Xactly Incent automated the commission calculation process, eliminating the need for manual work and the risk of errors. Ansell emphasized, "Xactly Incent has streamlined our operations, saving us valuable time to focus on more strategic activities."
The Future of Finastra & Xactly Incent
While Finastra has already seen significant improvements in its SPM processes with Xactly Incent, the company recognizes that there is still room for further enhancement. The team is actively working to integrate Xactly with Salesforce and Workday to achieve even greater efficiency and data synergy across their teams and systems.
Finastra's journey with Xactly Incent is a testament to the transformative power of a modern SPM platform. By automating processes, enhancing visibility, and incentivizing its sales team, Finastra has not only improved its bottom line but also positioned itself for continued growth and success in a dynamic industry. With a focus on data-driven decision-making and efficiency, Finastra is poised to thrive in the years ahead, supported by its partnership with Xactly.
Your team can also enjoy the benefits described in Finastra’s story! Learn more about Xactly Incent today.