Leading financial institution in Hong Kong automates compensation to
drive productivity and time-to-market
TORONTO, May 4 /PRNewswire/ -- 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
"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.
(C)2009 Varicent Software. All rights reserved. Varicent and Varicent SPM
are trademarks of Varicent Software Incorporated.
All other trademarks and company names mentioned are the property of
their respective owners.
Contact: Brian Hartlen
For further information:
For further information: Brian Hartlen, Varicent Software,
+1-416-987-1241, email@example.com Web Site: http://www.varicent.com