How to Use Varicent for Your Business and Sales?
What is Varicent?
The powerful B2B software of the Varicent platform is designed to change the way businesses operate and optimize sales. It can be great for improving the revenue processes. Your company’s sales management can become more strategic when it comes to the incentives and payment options. Since the re-launch in 2019, Varicent grows to be the internationally acclaimed platform for businesses that intend to optimize all the sales processes within and outside their infrastructure.
Management of Sales Teams
To make it simple, the Varicent software helps to reveal the hidden resources and optimize the processes of the business when it comes to sales performance management (SPM). The platform offers the tools covering everything related to SPM – from the sales plans and managing the sales teams to making sure each salesperson’s performance is consistent with the larger company priorities. It gives businesses an architecture to build the sales performance management from scratch.
Sales teams can check their quarter bonuses and manage their sales. So instead of managing numerous spreadsheets and disconnected tools, businesses can use Varicent to automate multiple tasks at once. Check how people on Reddit are excited about the use of Varicent.
Insights and Analytics
Flexibility is one of Varicent’s main advantages. The platform grows with the business. You can upscale it with the growing difficulty that comes with larger sales teams and more complex payment processes. But that is not more that just SPM. Varicent customers can also get the insights and analytics in a detailed way to optimize their sales team’s actions in real-time. Imagine the assistant that gives your sales team interesting analytics and useful insights via one tool integrated to your corporate software. Dunder Mifflin’s employees would love to use this software, for sure!
Varicent’s popularity isn’t just all about its technical options and analytics tools. It is a partner in driving businesses’ highest potential sales and creating the long-term success.
The Main Features
Sales Performance Management (SPM)
Varicent’s Sales Performance Management tool is built to improve the whole sales cycle. It handles sophisticated calculations (incentive pricing and allocation of quotas) without the risk of human errors. Thanks to the Varicent API integrated to the corporate software, sales managers can schedule the compensation plans that inspire their teams to sell more. The analytics module of the platform shows the real-time date so the teams can react faster to the volatile market trends.
Incentive Compensation Management (ICM)
The Incentive Compensation Management module focuses on the most powerful motivation for sales teams – accurate and transparent compensations. Varicent is proactive in calculating incentives. It is essential for building the credibility of sales teams. It offers performance analytics where sales reps can view how they’re doing at any given time. Besides, it’s scalable when the companies expand, that is why Varicent can take on even more users and complex commission models.
Territory and Quota Management
When using Varicent’s territory and quota management, sales teams can plans their expenditures more wisely. This software helps managers to assign territories and quotas by filtering their geography or customer categories. Varicent also provides dynamic quota settings so the sales goals can adapt as the markets change. In such a way, you can keep the team engaged and more effective.
Advanced Analytics and Insights
The data can be a very powerful weapon in the right hands of sales representatives. With the Varicent’s analytics tools, businesses can unlock their true potential. When you have the forecasts and reports, companies are in a position to see how sales have been done.
Integration Options
Varicent works with many other CRM and financial tools with the better fit with the organization’s technologies. This integration streamlines the data flow and helps align all the sales representatives with the real-time sales performance tracking.
Pros of Varicent:
- Effective automation that saves time of your employees;
- Real-Time analytics to support the sales team’s compliance;
- Scalability along with your business;
- Customizable options to meet certain business objectives for every company or team;
- User-friendly and competent customer support;
Cons of Varicent:
- The learning curve is rather long-term;
- Large setup cost for small teams;
- Experts need to troubleshooting and maintain this software;
- Limited concurrent processes during calculation peaks;
- Lack of pricing clarity because Varicent individually charges each sales team after consulting the business;
Varicent Uses – Who May Benefit?
Varicent is the right choice for businesses who heavily depend on the sales performance. Varicent is a must-have tool for the medium-sized and large companies in financial, telecommunication, insurance, and technology sectors. Such businesses have large sales teams with complex incentive plans and they may use the Varicent platform for optimizing your compensation, accuracy and administrative tasks.
Sales executives and operational teams are the most important Varicent customers. With automated processes and in-depth data, sales managers can effectively manage the results and keep teams on target with company objectives; operations teams save time with the elimination of repetitive calculations and paperwork.
Also, Human Resources departments can use Varicent to create and administer competitive compensation schemes to motivate employees and choose the best talents according to the rating of earned bonuses.
Varicent can be also useful for financial analysts and executives who need to make the financial decisions on the real-time data. The platform’s predictive analytics helps to make such decisions without emotions but with cold-blooded.
How to Use Varicent?
Begin with a free demo after discussing the terms with the Varicent’s team. This test will help to understand how the platform can help your company’s unique sales process and objectives. After getting a feel for what your company requires, the Varicent team will walk you through the setting roles, salary, and KPIs. Basically they help to build a new business model customized right for you.
Varicent will also send their customers a lot of materials to you could train your team through documentation, videos, and workshops. They help to arrange the sessions for the sales teams, managers, and administrators to explain the platform’s user interface, features, and workflow. After completing the course the team can comfortably use Varicent’s dashboard, their analytics and reporting tools.
After learning the basic features and getting the corporate Varicent login, your team can automate such tasks as the incentive calculation and quota settings using the Sales Performance Management (SPM) module. Specify commissions and let Varicent calculate the complicated incentive math. Their automation-focused system minimizes the amount of manual labor and helps sales managers to think about the strategy rather than figures.
You can also create your incentive models in ICM module. You can set up the system to offer commissions, bonuses and other performance-based bonuses in tiers. Sales reps will get the information about the real-time earnings reports.
Varicent’s statistics helps to get valuable insights. Sales performance is easy to track down the reporting options allowing leaders to observe trends and make changes. Predictive analytics tools include the instruments of forecasted sales to help executives reveal the unnecessary processes that waste the company’s time, funds and resources.
Use Varicent with your CRM, ERP or accounting platform on various platforms – from corporate PCs to mobile apps. Such integration keeps the sales teams aligned. The data accuracy is increased with a clear picture of the company.
We recommend you check the tutorial materials on their YouTube channel. Do not forget to watch and subscribe if you are one Varicent customers!
Non-Transparent Varicent Pricing Policy
We have already said that the pricing policy of Varicent is non-transparent. Basically, they decide how much to charge you per month or year after analyzing the requirements of your business and sales team in particular.
We could find the information even about the approximate fees the Varicent team asks for their platform and support services. To get a detailed estimation and pricing offer, you should request for the first consultation via the special form.
This approach is honest but it would be great to understand at least the minimum amount of funds they ask for the access to the API and all the tools that come with the full Varicent software package.
Top 3 Varicent Competitors
Xactly Incent is a cloud-based tool that automates incentive compensation management. It gives you the instant access to compensation reports, so sales teams can see how much they are earning and how they are doing right now. The platform analytics gives organizations insights to create the effective incentive plans for boosting the business. Xactly Incent can be easily connected to other CRM/ERP platforms to ensure the data consistency across them. Scalability is the reason why it’s perfect for companies of all types – from startups to Fortune 1000’s, who want to automate their compensation system for sales teams.
Anaplan is a cloud-based planning tool that supports all business activities including the sales performance management. With its help, the tool can simulate complex sales scenarios, assign quotas and control territories. Anaplan’s real-time data also helps to plan the sales tactics to customize the processes according to the market’s dynamic nature. It’s easy to use and flexible.
CaptivateIQ is a cutting-edge sales commission software that helps to setup and operate complex commission schemes. It comes with a simple user interface that helps companies create, trial, and roll out commission structures without knowing any coding skills. The system also provides instant access to commission data so sales agents can monitor their earnings and productivity. Thanks to the CaptivateIQ’s flexibility and scalability, this software can be ideal for organizations large and small that want to automate their commissions and inspire their sales staff.
We also recommend you checking our Seamless AI review that may also help your business to run smoothly.
Frequently Asked Questions
Does Varicent have an in-built mobile app?
No, Varicent doesn’t yet have a native mobile app. However, its web app can be used on mobile devices on iOS and Android. Varicent’s interface on mobile devices lets you see insights, view dashboards, and make changes in real time. There isn’t a dedicated app for that, but Varicent’s good browser-based experience makes it easy to navigate on mobile devices with the essential remote access.
What is Varicent used for?
Varicent is used to check and optimize the sales performance and incentive payments. The software integrates into the corporate system to automate the sophisticated computations, territory management and salary administration. It is a necessary platform for the U.S. sales reps. It also delivers powerful analytics tools to analyze the sales graphics and give the executive teams real-time insights, performance data, and data-driven decisions. Varicent’s tools are essential for the sales-based companies looking how to optimize sales efficiency and increase revenue.
Does IBM own Varicent?
No, IBM doesn’t own Varicent today. IBM acquired Varicent in 2012, but in 2019 Varicent re-launched a new company under this brand. This transition let Varicent to focus on the products and customers’ requirements to deliver the new features and user experience. Since then, Varicent has been a leading software for B2B clients and sales teams at the Sales Performance Management market. IBM couldn’t offer Varicent to anyone else but their strategic partners. Luckily, we’ve got many benefits when Varicent become available for every sales business.
Which companies use Varicent?
You can check the list of current Varicent partners on their official website. Most Varicent customers come from the sectors of financial, telecom, insurance and tech businesses. Major U.S. brands like ServiceNow use Varicent to help keep their complicated sales compensation packages and sales pipelines running smoothly. Varicent’s flexibility and scalability is perfect for large companies who want to boost the performance of their sales teams.
Conclusion
Varicent is a great B2B customer-focusing platform with the tools that help the sales teams to boost their performance. Hopefully, you enjoyed reading our software guide and will follow us in the future. We will try to do our best to deliver the most interesting guides and reviews for tech-savvy fans!
