Item: Varicent
Rating: 10
Author: Verified User

Use Cases and Deployment Scope

We use Varicent to compute periodic payout due to our vendors who are engaged with our organization in a referral capacity. These vendors receive a percentage of the revenue generated on referral business. Payout computation involves complex calculations as vendors receive a commission on each transaction (brokerage). Before Varicent, it was a time taking and tedious process even though the number of payees was comparatively very less at that time.

Pros and Cons

A solid system which is free of bugs and the flexibility it provides to make changes
Great support (multiple channels of support, i.e. Relationship Manager, Customer and Tech Support, Expert Session)
Education and Training Program

There is not much to dislike, but if I have to - there is more that they can do with training and education programs
Making it more user-friendly. Tools are complex to use and there is a learning curve to it - they have kept on improving upon this. So, I would say keep up the good work!

Return on Investment

Internal/operational efficiencies - it has helped us save countless hours which we previously used to devote to comp computations.
Transparency - our internal teams, leadership and vendors have access

Usability

They have a great system and they are continuously improving it to make it even better. They assisted us in setting up our model which has hundreds of payees/vendors (and it is expanding). Their customer support helps to keep the model up-to-date and provides necessary assistance to make any changes in the model. They have various education programs (such as How-To videos, live sessions, expert assistance) to help us hone our skills and make the learning process easy.

Exceptional Examples of Varicent Support

A couple of months ago, some significant changes were required in our Presenter's Structured reports. We set up some time with experts to look into it. The meeting was set up for 2 hours but the changes needed took more than 3 hours. The expert was happy to go beyond his scheduled time to ensure that he resolve all the issues on the same day and that we would not have to wait for another meeting.

Scalability

As I said earlier, it's a great system and they are continuously improving upon it as well. It is more than capable to handle huge data. It is easy to make changes in it if you know your way around the system. They provide various training materials to educate and learn navigation around the tool.

Key Insights

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

Likelihood to Recommend

Before Varicent, it was a time taking and tedious process even though number of payees were comparatively very less at that time. Varicent makes a whole comp computation process very easy.

Great experience!

Overall Satisfaction with Varicent Incentive Compensation Management