-- Leading financial institution in Hong Kong automates compensation to drive productivity and time-to-market
TORONTO, May 4 /PRNewswire-Asia/ -- Varicent Software, an innovator and provider of incentive compensation and sales performance management (SPM) solutions, today announced its flagship product, Varicent SPM, has been selected by Sun Hung Kai Financial (SHKF) to manage its compensation programs across the organization.
As Hong Kong's leading non-bank financial institution, SHKF boasts a wide variety of offerings such as wealth and asset management, corporate finance, and principal investments, and employs a multi-tiered sales team with numerous product lines. Despite global economic volatility, SHKF has been experiencing ever-increasing growth in the market, especially in the wealth management area, that is exceeding the capacity of its existing support staff. Varicent Software partnered with Beans Factory, a leading provider of e-business solutions and information integration services in Asia, to implement Varicent SPM in order to automate SHKF's compensation processes.
"We knew we needed a solution that was robust enough to handle the complexity of our compensation models, but we didn't want to have to rely on IT services whenever we make changes," said Kevin Tai, Chief Operating Officer, Wealth Management & Brokerage, SHKF. "Varicent SPM gives business users the ability to fully manage the compensation process without requiring deep technical skills, which is a significant improvement in productivity as well as time-to-market."
Varicent SPM was chosen as the solution of choice because of the visibility of critical sales information that it gives to a variety of business roles. Field sales representatives, for example, are able to view their commission statements down to the transaction level, and any dispute resolution processes are fully logged and automated. Sales managers have a complete and in-depth view of team performance in order to maximize sales effectiveness. And executives can get real-time updates about the business through dashboards and reports. Above all, Varicent SPM demonstrated the flexibility to manage not only SHKF's current sales processes, but also the highly anticipated growth in sales volume, sales professionals, and products, which all play a crucial role in compensation and sales performance management.
"SHKF sees this engagement as the beginning of a valuable relationship with Varicent," continued Tai. "Our first step is to automate our incentive compensation processes, but what really impressed us was Varicent SPM's comprehensive capability around territory management, quota planning, and sales analytics. Varicent SPM will help us drive a competitive edge for our sales organization almost immediately."
SHKF's implementation of Varicent SPM will be led by Beans Factory with the assistance of Varicent's services group. "We are very happy to be partnering with both Sun Hung Kai Financial and Beans Factory on this important project," says Marc Altshuller, Executive Vice President, Worldwide Field Operations at Varicent.
About Sun Hung Kai Financial
Sun Hung Kai Financial, is the leading non-bank financial institution in Hong Kong. The Group currently has approximately HK$50 billion in assets under management, custody and/or advice, and more than HK$11 billion of shareholders' equity. Its core areas of focus include wealth management and brokerage, asset management, corporate finance, consumer finance as well as principal investments. Listed on the HKEx (stock code: 86), the Group has an extensive branch and office network in over 60 locations in Hong Kong, Macau, China and Singapore.
About Varicent Software Incorporated
Varicent Software Incorporated delivers the most innovative sales performance management solution addressing the needs of business professionals across the entire enterprise. High performing companies relying on Varicent for better visibility and control of their complex variable compensation programs, automating the assignment of territories, the collection and approval of quotas, and reporting and analyzing sales performance include Waste Management, Linksys by Cisco, Sherwin-Williams, Manpower, Autodesk, Getty Images, Starwood Hotels, Time Customer Service, and many others.
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All other trademarks and company names mentioned are the property of their respective owners.
