Powerfull, Flexible SPM environment, delivered by a passionate team of professionals
Updated October 27, 2021
Powerfull, Flexible SPM environment, delivered by a passionate team of professionals
Score 9 out of 10
Vetted Review
Verified User
Overall Satisfaction with Varicent Incentive Compensation Management
[Varicent Incentive Compensation Management is] currently used within Business Market domain, where we support both Sales (internal) and Partners (external) compensations. Our IT landscape is highly complex and has many moving pieces in order to reduce legacy systems and we want to reduce our IT spent and enable business to be able to manage systems themselves in order to be more efficient and effective. From a business perspective we wanted to increase the adoption rate within Sales of the compensation plans by using functionalities in reporting and forecasting. By using Varicent we have been paying correct and on time for three years in a row.
- Flexibility - Varicent is not template based. You can implement the model specifically for your organisation.
- Scalability - Since it is not stick to templates you are able to expand the model for other domains as well.
- Reporting - Several ways of reporting are possible and each has their own benefit/purpose.
- Strong/Powerfull Calculation Engine delivering fast results/speed to insight
- User Interface is minimized to what you need and is not showing off all the functions it can "also" do
- Strong audittrail
- Appears to be almost unlimited in what you are able to create
- Workflow Management works fine, but it is not on same "level" with rest of product.
- Inquiry Mangement works fine, but it is not on same "level" with rest of product.
- 95% reduction of calculation time
- 3125% increase of logins
- 50% reduction of Admins
- Reduction of Plan implementation by 3 months
- Speed to insight increased from weekly to daily
When we implemented our model, everything was fine untill we crossed the year. We had issues in truncate loading the data after is was "frozen" for payout. The issue had to do with the design of our specific compensations model. The team was eager to help and together we redesigned the part of our model and implemented it. Varicent does not consider you as a client, you are part of the family. They are always there to help, think with you etc. etc.
Before we had Varicent [Incentive Compensation Management], we had Beqom. It was an on premise model with customizations, limiting our future plans. We had several vendors over for a discussion and invited them to proof their platform by delivering a POC. Varicent was the only vendor actually delivering the POC on our written scenario in several days and by using Varicent, showing that our scenario had an error in expected outcomes.
Do you think Varicent delivers good value for the price?
Yes
Are you happy with Varicent's feature set?
Yes
Did Varicent live up to sales and marketing promises?
Yes
Did implementation of Varicent go as expected?
Yes
Would you buy Varicent again?
Yes
Varicent Feature Ratings
Using Varicent Incentive Compensation Management
385 - 1 Super Admin
2 Business Admins
1 Business Analist
1 Finance Analist
Rest are payees/salesreps and/or Sales Managers
2 Business Admins
1 Business Analist
1 Finance Analist
Rest are payees/salesreps and/or Sales Managers
3 - 1 Super Admin and 2 Business Admins.
Skill level is standard excel and know how to navigate a website.
For innovation/development and looking for expanding the model you need a brain that is good at data modelling (what is the source data, what is the expected output and how do I get there)
Skill level is standard excel and know how to navigate a website.
For innovation/development and looking for expanding the model you need a brain that is good at data modelling (what is the source data, what is the expected output and how do I get there)
- Compensations of Sales
- Compensations of Business Partners
- Territory Management
- Automation of processes
- The level of automation was unexpected. All manual work for our compensation plan is down to 0%, except for supporting hierarchy changes.
- Data Discovery Dashboards are great for many, many purposes (reporting, admin education)
- Automating more manual processes outside of compensations domain
- Centralize communication within the system
Evaluating Varicent Incentive Compensation Management and Competitors
Yes - Beqom (on premise)
- Price
- Product Features
- Product Usability
- Product Reputation
Only vendor that was able to deliver a POC on short term
We took a very long time for our selection process. Longlist to shortlist and from shortlist to POCs etc.
Only thing I would change is speed up this process. On the content I would not make any change. We have been very, very detailed and did not "just" make our decision.
Only thing I would change is speed up this process. On the content I would not make any change. We have been very, very detailed and did not "just" make our decision.
Varicent Incentive Compensation Management Implementation
- Implemented in-house
- Third-party professional services
Our initial model for Sales was implemented together with the vendor.
Our second model for Partners was implemented together with Cognizant.
Our thrid model for a different domain was implemented together with Cognizant.
Our second model for Partners was implemented together with Cognizant.
Our thrid model for a different domain was implemented together with Cognizant.
Yes - Discovery - Design - Building
Discovery:
Many discussions/meetings to make sure we are all on the same page regarding our data, processes etc. etc.
In other words: WHAT do we need
Design:
When the WHAT is known, the next phase is the "HOW".
When all that is known and done... building is least of the time spent on the implementation.
Discovery:
Many discussions/meetings to make sure we are all on the same page regarding our data, processes etc. etc.
In other words: WHAT do we need
Design:
When the WHAT is known, the next phase is the "HOW".
When all that is known and done... building is least of the time spent on the implementation.
Change management was a small part of the implementation and was well-handled - - Don't just think about what you need today. Also consider what you might need in the future.
- Aks the vendor for best practices in order to get highest flexibility for future changes.
- Aks the vendor for best practices in order to get highest flexibility for future changes.
- None that I can remember
Varicent Incentive Compensation Management Training
- Online training
- in-person training
- no training
Many new features have been implemented since our first training.
If you understand your model, all these new functions can be learned easily by just trying them out and ask a support question here and there.
If you understand your model, all these new functions can be learned easily by just trying them out and ask a support question here and there.
Configuring Varicent Incentive Compensation Management
Think about how you would like to manage your compensations.
Do you require yearly changes on the same basics? The consider a more "table driven" approach, where you can configurate the way the model works, based on configurations stored in tables (instead of building more calcs).
Do you require yearly changes on the same basics? The consider a more "table driven" approach, where you can configurate the way the model works, based on configurations stored in tables (instead of building more calcs).
No - we have not done any customization to the interface
Some - we have added small pieces of custom code - Very easy. You have an Admin option to import an "external tool". That can be Python for example.
We used it to clean up some data before putting it in the tables (adding unique ID for example)
We used it to clean up some data before putting it in the tables (adding unique ID for example)
I don't see how customization is required when the application itself is allready very wide regarding how to get things done.
Varicent Incentive Compensation Management Support
| Pros | Cons |
|---|---|
Quick Resolution Good followup Knowledgeable team Problems get solved Kept well informed No escalation required Immediate help available Support understands my problem Support cares about my success Quick Initial Response | None |
No, we have standard support.
I am not even sure premium is offered, but if it is... i would not know the difference from current "standard".
I am not even sure premium is offered, but if it is... i would not know the difference from current "standard".
Yes - It was replied on fast. Team asked for a quick call with screen sharing to make sure we are all on same page.
Then they reproduced it and all their findings went to the development team.
All steps of the way I knew about the status, who was my point of contact etc.
Then they reproduced it and all their findings went to the development team.
All steps of the way I knew about the status, who was my point of contact etc.
Using Varicent Incentive Compensation Management
| Pros | Cons |
|---|---|
Like to use Relatively simple Easy to use Technical support not required Well integrated Consistent Quick to learn Convenient Feel confident using Familiar | None |
- Composer
- Managing data
- Data Discovery
- Navigation
- Workflows
Yes, but I don't use it
Varicent Incentive Compensation Management Reliability
Integrating Varicent Incentive Compensation Management
- Salesforce
We are pulling many tables from our Salesforce environment to be able to report compensations with a daily refresh rate.
It was not that hard, you can either use the built-in API and schedule the import... or you can go with an external tool like Python inside ICM and restrict the API a bit more to reduce data being pulled. We are also sending data back from ICM into Salesforce.
It was not that hard, you can either use the built-in API and schedule the import... or you can go with an external tool like Python inside ICM and restrict the API a bit more to reduce data being pulled. We are also sending data back from ICM into Salesforce.
- No
Not having any ideas to do that at the moment.
- File import/export
- Single Signon
- API (e.g. SOAP or REST)
No that I can think off.
Think wider then just integrating Varicent for 1 specific purpose.
Relationship with Varicent
Varicent is there to help you, so make sure your business issue is transparent.
Upgrading Varicent Incentive Compensation Management
Yes - We have several upgrades during the year, since it is a Cloud application
- Data Discovery
- Ask Varicent Assistent
- New UI for Admins
- Inquiry process
- Workflows