Optimizing sales performance is a paramount endeavor for most companies. This case study delves into a multi-product global technology corporation with over 30,000 sellers around the world.
Our client, responsible for global compensation at one of the 5 largest technology companies in the world is responsible for continuously evaluating and adjusting compensation plans to help incentivize sellers and align seller actions to the latest strategic priorities of the company.
For over four years, Nextant has been in a strategic partnership offering comprehensive support for the creation, execution, and evaluation of incentive compensation plans aimed at our clients global sales population. This integral process holds a central role in harmonizing the company's strategic goals, driving motivation within its sales teams, and recognizing outstanding performance based on measurable revenue accomplishments. Nextant's contribution has been instrumental in simplifying and enhancing the intricacies of this planning procedure, encompassing strategic alignment across diverse business groups and priorities.
Our collaborative efforts with our clients are geared to ensure that from planning and analysis to execution, incentive compensation processes for over 30,000 individuals around the world operate smoothly and are geared to support the business adequately. Our team has been particularly focused on the work streams described below.
Year-over-year Improvements and Coordinated Implementation:
Nextant has helped fine-tune and operate a framework for continuous evaluation and improvement of incentive plans. This generally requires analyzing available incentive plans, assessing their alignment to strategic priorities, and helping enable decision-making with high level company executives to adjust or launch new incentive plans based on company strategic priorities.
Analytics Aligned to Business Strategy:
Analyzing incentive plans for this global corporation that includes more than 30 different sales roles and plans requires pulling extensive amounts of data from HR, Finance and Sales systems among others. It also requires applying logic and ensuring that all information is accurately reflected to enable reliable analysis. Nextant has built data models that are focused on helping track and assess budgets, analyze plan performance in alignment with company goals and overall paint an accurate picture that encompasses a complex incentive plan and headcount model with global scale. Building advanced models with Microsoft Power BI interfaces that are easy to use by different levels of executives in our client’s organization has been at the core of what we do with this team.
Incentive Contest Program Execution:
Nextant provided end-to-end support for executing incentive programs, encompassing rule establishment, winner analysis and processing, and the development of program materials and field communications.
We implemented efficient tools that not only saved time for program stakeholders but also enhanced the quality of inputs and outputs throughout processes, resulting in an improved user experience.
RESULTS AND IMPACT:
Through our collaborative efforts, we achieved significant milestones and delivered tangible results:
Designed and implemented over 450 incentive compensation plans for more than 25,000 sellers.
Facilitated over 16 executive meetings to ensure strategic alignment, along with 84 segment and cross-team alignment sessions.
Successfully executed nine incentive programs, managing corporate project management and field communication plans.
Developed and automated 20 BI reports and implemented three Power Apps tools for process automation.
In collaboration with our client, we have not only optimized their sales compensation and incentive plans but also contributed to their overall success in the competitive tech industry. Nextant is committed to continuing our partnership and driving further innovation in sales strategy and execution.