What’s the problem?
We’re a financial institution and we have complex and varied reward schemes across our business and sales teams. Compliance is crucial – payments are heavily regulated.
Our rewards team is under constant pressure from the sales team and the board to deliver accurate, timely payments and information. Excel spreadsheets are not cutting it as a method of recording and administering variable pay. But there’s resistance to change because it’s a familiar technology that we’re skilled in, and it’s cheap to run.
How did Lanshore help?
Lanshore recommended and deployed an automated sales performance management (SPM) solution that centralized our data and provided consistent, reliable means of calculation, approval and payment administration.
How are things now?
The biggest benefit is the improved relationship between the rewards team and their internal customers, the business and the sales team.
There’s no excuse for month-end queries – we have one version of the truth, with a stronger perception of objectivity and widespread trust in the process and system. It’s politically neutral.
SPM automation gives us transparency, historic data for analysis, a consistent and accurate picture with daily updates and a clear understanding of our financial position. For the rewards team, month end comes around without stress, because we know our calculations are accurate. The risk for the business is greatly reduced.
Tell us about the tech
The automated solution is clearly secure, scalable and purpose-designed to handle commissions. It interfaces with other systems, has no manual processes and uses a built-in scheduler for timely action. All the data needed for scheme calculations is stored within one place and we have a robust audit trail when needed. In comparison, our Excel approach wasn’t robust enough.
It’s too easy for errors to creep in, data to be lost or corrupted. It’s unwieldy and difficult to secure across a large business with many users. Data is distributed around the business so it’s impossible to get accurate operational, financial and management reporting.