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Follow UsPUNE, INDIA: Synygy India, provider of sales performance management solution plans to come up with new technologies, and next generation sales compensation software products. These would be industry-first to some extent, says Chetan Shah, MD, Synygy India.
In an exclusive interactive with Pratima Harigunani of CyberMedia News, Shah talks about the trends and opportunities in the sales compensation solutions industry. Excerpts:
CMN: How is the ICM (Incentive Compensation Management) market shaping up? Have you attacked or plan to target any new verticals besides life sciences and financial services?
Chetan Shah: ICM is starting to gain more visibility and strategic importance as companies are looking at sales compensation programs to help with sales strategy execution.
Beyond lifesciences, insurance vertical we have an eye on improving effectiveness of sales compensation management. In addition, Synygy is actively targeting telecommunications, banking, high-tech, medical devices, selected business services, and selected manufacturing sectors.
Synygy has already acquired clients in each of the above verticals and has been successful in quickly delivering solutions with average implementation timeline being three to six months, which is 50 per cent faster than other providers in the industry.
With Sarbanes-Oxley Act (SOX) of 2002 and other compliance requirements, more and more companies are taking a closer look at their sales compensation processes for direct and indirect sales forces, and identifying areas of improvements.
CMN: Besides incentive, quotas, compensation management, any possibilities of exploring a wider gamut of HR spectrum?
CS: Outside of the incentive compensation, quotas, and objectives, we are focusing primarily on sales operations management functions.
CMN: How is the Rs 50 crore investment (earmarked for India) working out?
CS: We are on track with planned strategy and have invested as we had earmarked.
CMN: How has the ICM market evolved in terms of new and emerging markets geographically? Have you witnessed any footprint expansion for Synygy on these lines?
CS: The US is by far the leader in acceptance of the ICM market space. Europe is a distant second. Companies in Europe are taking a first step of looking at sales compensation as a strategic tool and revising their commission schemes for sales forces as current percentage of commissions of total salary is too low in many industries.
Besides, the US and Europe, other markets have not yet fully embraced ICM and we are not concentrating on any another emerging market except India for now.
CMN: What can we expect from Synygy’s drawing board next year?
CS: We are steadily increasing our headcount to 250 to 280 next year. We are coming up with new technologies, and next-generation sales compensation software products. These would be industry-first to some extent.