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Automated Sales Commission Platform Spiff Saves $46M

Spiff is a new business that makes software for sales, finance, and marketing teams to make commission payments simpler and quicker. The company developed software with a simplified design that simplifies editing the payment formula and automates the commission process. Task and team management tools and performance, payroll, and quota reporting schedules are included in the platform. Employees can see exactly how they are paid through the software as well. In addition, customers can download their data from Spiff into a company spreadsheet or integrate spreadsheets they already use into the platform. Customers can customize the software to meet their commission calculation requirements.

The positive impact of Spiff secures

Because it streamlines commission processing and management, this software could potentially have a significant positive impact on businesses and individuals that primarily rely on employees paid a commission, such as travel agencies, real estate brokers, various sales companies, and others. The company asserts that the fully transparent system that allows employees to track their progress in real-time may boost employee motivation. This could be a big selling point because commission-based pay is often unreliable or hard to track, which lowers employee motivation. Additionally, Captivate received 46 million from Accel-led Series B funding last month.

How to work the Spiff Company?

According to the creator and CEO of Spiff, Jeron Paul, commissions are at the core of BI, CRM, HRIS, ERP, and data lake platforms. These systems are not Excel-oriente. These systems are object-oriente. Spiff is, therefore, in an ideal position to connect to these systems, transform the data using syntax similar to Excel, and automate procedures while achieving complicated mathematical and logical modelling. This can handle various arrangements, such as commission structures, team roll-ups, ramps, and transaction splits. Managers can add or remove sales representatives from commission plans. Spiff will automatically update the commission due depending on the sales representative’s dates assigned to a contract.

How Spiff Raises $46M?

Spiff has raised over 60 million in funding in less than a year, revolutionizing commission automation with a new type of software. The new round, led by Lightspeed Ventures Partners, includes investments from Stripes, Salesforce Ventures, Norwest Venture Partners, and all of the original investors. Spiff has raised 68 million in total. Spiff’s Series funding was secured last year, and the company’s flagship product, Spiff Commission Designer, was redesigned to become the first enterprise-grade compensation platform in the sales performance management industry that is easier to use than a spreadsheet. This latest investment comes after Spiff secured its Series funding.

Spiff’s commission process

This money will support Spiff’s restoring confidence in the commission’s procedures. According to Jeron Paul, chief executive officer of Spiff, the past year has been incredible. Our product’s simple goal is: Regain public confidence in the commission’s work. Trustworthy commissions need to result in a noticeable, measurable increase in sales. Reps should be inspired to provide their best effort.

Most importantly, they ought to free finance from the struggles of unending spreadsheets. Salespeople benefit from the peace of mind and motivated insight into their earnings from a smoother commission process. For executives in finance and sales operations, it means holding their noses and relying on a process that has become laborious, error-prone, expensive, and time-consuming.

Deep consolidation with Salesforce and Netsuite

Spiff can build on its market-leading Salesforce.com integration and collaborate with Salesforce even more for Spiff customers by welcoming Salesforce Ventures as an investor. Salesforce.com is used by nearly 70% of Spiff’s customers as its CRM. Spiff recently achieved Built for NetSuite status through a partnership with NetSuite, allowing it to integrate with a growing number of important platforms for its customers. Spiff also announced today that it had released a Spiff frame within the Salesforce.com platform in addition to the funding, allowing customers to view their commissions and calculations in the platform they use the most.

Sales and finance for ending the cold war

The organization’s nemesis and morale-killer are now commission design and management. Sales don’t believe the calculations that go into the commission figures, and reps have little to no access to information about the tasks that will earn them money. Finance teams prioritise the bottom line and generate the firm money, which frequently conflicts with personal objectives. It monopolises the time of the sales and finance teams at the very least, but more often than not, it also demands. Attention of other senior leadership team members. Commission planning has become a burdensome task for most organisations, requiring design, planning, and management through modifications.

Why continues the commission’s apps?

Businesses that deal with the complexities of multiple geographies face this issue more acutely; thousands of global. Salespeople are motivat by their commissions and various plan structures. Companies have been slow to adapt to the outdated method for commissions plan and management. Even though they have experimented with and failed with other emerging technologies. Paul stated that when it comes to commission design, commission spreadsheets and other legacy commission apps continue to control sales and finance teams. It’s time to toss the spreadsheets that have become the commission process’s frayed and worn sweatshirt. Spreadsheets as business tools are in their final days. While spreadsheets will always be fantastic scratchpads, they are terrible platforms for enterprise automation. Similarly, legacy commission software is merely software disguised as professional services.

Investor quotes for supporting

Salesforce with Bill Patterson, EVP of CRM Applications: Spiff is redefining how organisations motivate sales teams by bringing transparency and trust to compensation because sales reps are the cornerstone for restoring firms to grow. We’re excited to be on this growth path with Spiff since. It simplifies the complicated commission process that businesses presently struggle with. The dogfight is a huge unmet need. Spiff not only streamlines the commission process and increases openness and insight into it, but it also significantly improves the working environment for staff members.

Conclusion

We frequently heard from Spiff clients that the company makes them happy by lowering their compensation. Computation mistake rate from 5% to less than 1%. That is math that the finance or sales teams can all agree on. Spiff is the first choice for high-growth businesses due to its user-friendly interface, real-time visibility, and seamless integration into existing systems.

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