With Varicent ICM, our compensation process is a competitive differentiator. We now design and analyse the most sophisticated variable compensation programs.
March 26, 2021
With Varicent ICM, our compensation process is a competitive differentiator. We now design and analyse the most sophisticated variable compensation programs.
Score 9 out of 10
Vetted Review
Verified User
Overall Satisfaction with Varicent Incentive Compensation Management
Varicent ICM is used in the organization to compute Sales Commissions for Sales Payees (Colt Employees) as well as Partner Sales.
It is being used accross departments - primarily Finance and HR.Following business problems are addressed by Varicent ICM in my organization:-
- One-stop solution related to all sales commission queries via inquiry module
- ICM Simplicity and Robustness allows to implement complex business requirement as part of yearly commission plan strategy changes with ease
- Helps define sales targets as part of yearly target planning excercise
- Discovery Dashboard feature caters high level commission information to management to watch-out for deviations and behavioural trends in commission plan for its timely check and future improvement
- Easy Calc build method to implement complex business logic like , ew component quota management, component credits, attainment, payout factor and finally payouts
- Implementation of new component : ACV-GAM and IBR-GAM implemented in 2020 covers all detailed above
- Ease of building and editing Presenter reports with vast features for report customization
- like Commission Summary Statement for Payees and Partners
- New features like Discovery Dashboard, Symon AI, Health Dashboard enhanced overall product scalability and usage
- Regular customer interaction from Varicent Customer Success Manager wherein customer is updated on new product offerings, supports on bundled features usage like data purging, webinars and issue resolution if any in particular
- Always prompt ticket response from Varicent Support towards ticket resolution
- Ask Expert Time feature allows customer to interact with Varicent Representative directly on guidance required on implementation or understanding Varicent features
- To add multiple clacs in one-shot for index rebuild operation in Scheduler
- Currently, option allows adding one calc/table at a time
- In health Dashboard, if clacs and tables should also reflect current index fragmentation level so that timely actions can be taken on model health
- More visually appearing feature could be added in Presenter Report for designing like smooth headers row, or shade feature, different fore-colour for different at attributes or tuples level, grouping and un-grouping records on attribute values etc.
- To incorporate facility to migrate maintenance plan (index regenerate/rebuild) created within Scheduler in one model to migrate to other models
- Migration to v10 from v9 has increased admin application usage simply because of ease of access, as v10 is web based while those version prior to v10 were non web-based. All this with no additional cost.
- For the last 3 years tenure in the organisation, with Varicent I never observed incorrect commission computed because of calculation error
- Our belief and consistent Varicent Support had always helped implement new compensation plan strategy without any glitch
- Sales Productivity has improved as they don't have to spend time emailing compensation queries or concerns related are readily addressed on PayeeWeb Reports
In Feb 2020, post migrating to v10 from v9, the overall calc completions time has increased considerably.
Colt Customer Success Manager's and Varicent representatives support is commendable especially in identifying root-case and proposed solution post which calc completion time came back to normal.
This helped business operations with adequate window to carry out business operation changes received almost daily.
Colt Customer Success Manager's and Varicent representatives support is commendable especially in identifying root-case and proposed solution post which calc completion time came back to normal.
This helped business operations with adequate window to carry out business operation changes received almost daily.
- Create internal/operational efficiencies
- Enhance decision making
- Drive innovation
- Improve compliance & risk management
- Product roadmap and future vision
- Strong consulting partnership
- Product functionality and performance
Varicent Feature Ratings
Using Varicent Incentive Compensation Management
750 - Sales, Partner Sales, Finance and HR
2 -
•Undertake development tasks in Varicent
•Timely delivery of all enhancement / bug fix requests related to commission system on Varicent
•Work directly with business/end users to analyse and design solution for business requirements.
•Understanding business requirements and translating them into technical design (High level / Low Level), developing and implementing the technical solution thus designed, interacting and coordinating with necessary teams, and ensuring high quality delivery within the assigned timeframes.
•Develop and Test new plans configuration in Varicent
•Develop Test cases/scnearios to vet development logic
•Develop webforms/ presenter reports as per requirements
•Gain understanding on Sales commission processes(Sales Employee & Partner) and configure any changes in commission plan within Varicent.
•Support User Account Management (Creation/Changes)
•Engaging with Vendor for IR, Upgrades, and Various feature requests.
•Assessing /evaluating impact on Commission system arising out of any change in source/target system
- Monthly Commission Statements accessed by Payees Sales and Partner Sales
- Other Finance Support Teams access various Commission Reports
- Usage by HR function in sales person new joiner, leaver, legal query etc
- NA
- NA
- NA
- Discovery Dashboard feature to cater high level commission information to management on compensation plan parameter behaviours
- New Inquiry Module
- Symon AI and Scenarios
- Forecasting
Evaluating Varicent Incentive Compensation Management and Competitors
- Product Features
- Product Usability
- Strong consulting partnership
- Product functionality and performance
Varicent Incentive Compensation Management Implementation
- Implemented in-house
Change management was minimal - NA
- NA
- NA
- NA
Varicent Incentive Compensation Management Training
- Online training
Would say some training is required for professionals using it for Customization or implementing new development.
No. Would recommend everyone to enrol for training prior usage.
No. Would recommend everyone to enrol for training prior usage.
Configuring Varicent Incentive Compensation Management
Some - we have done small customizations to the interface - NA
No - we have not done any custom code
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 |
Using Varicent Incentive Compensation Management
| Pros | Cons |
|---|---|
Like to use Relatively simple Easy to use Well integrated Consistent Quick to learn Convenient Feel confident using Familiar | None |
- Building CALCULATION
- Building Presenter Report
- Scheduling Jobs
- WorkFlow Manager
- Pulse Reports
- Web Forms
Yes, but I don't use it
Varicent Incentive Compensation Management Reliability
Integrating Varicent Incentive Compensation Management
- NA
- NA
- NA
NA
- NA
- NA
- NA
NA
- File import/export
- Single Signon
- API (e.g. SOAP or REST)
NA
Relationship with Varicent
Upgrading Varicent Incentive Compensation Management
Yes - NA
- Health Dashboard
- Selective Period Purging
- Even lesser calc completion time than current
- Fast navigation
- Presenter Reports to be visually more appealing