The industry leader in providing incentive compensation (ICM) and sales performance management (SPM) solutions, Varicent Software Incorporated, is pleased to announce that Bank of the West has selected Varicent SPM to manage both incentive compensation and sales performance throughout the organization.
Bank of the West, headquartered in San Francisco, offers a full range of business, corporate, personal, trust and international banking services and operates more than 700 branch locations and commercial banking offices in 19 Western and Midwestern states.
"Varicent's solution will provide us with the unique ability to more effectively analyze important compensation and sales performance metrics. We will also use Varicent to improve the accuracy of our forecasts and to create effective sales incentive models that can drive the right behavior and maximize our future performance," said Donald Duggan, Senior Executive Vice President and Chief Information Officer at Bank of the West.
Varicent's SPM solution was chosen by Bank of the West based on its ability to provide:
- A single system for all compensation plan management that easily integrates with all other existing systems
- A lower total cost of ownership than alternative solutions
- In-depth sales analytics to help understand performance, allowing for accurate forecasting and modeling of future plans
- Streamlined administrative processes including the managing and implementing of plan changes, enhanced reporting and inquiry capabilities, managing of pay adjustments and comprehensive security protection
"Bank of the West's adoption of our solution is more evidence that organizations are realizing the positive impact that effective sales performance management systems can have" said Marc Altshuller, Executive Vice President, Worldwide Field Operations, Varicent Software Incorporated. "We are pleased to enter this relationship and proud to add an organization with the reputation of Bank of the West to our growing customer list."