Forma AI poised to grow AI-supported sales compensation management platform

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Can AI help motivate sales teams with creative incentives? Forma AI, Toronto-based Sales Performance Management (SPM) solution provider, says yes. The company, which offers AI-supported SPM platforms, wants to reconsider how to manage and optimize enterprise sales returns. Today, Forma announced that it has raised $ 45 million in Category B funding for marketing and platform development.

Agile, responsive sales organizations have improved their results over the last few years, including next-gen tools like Salesforce, Hubspot, Sage and others. But sales return management – the કેન્દ્ર 1 trillion annual expense center – remains a decades-old hurdle. More than 40 software and services companies have tried to solve this complex problem, but many of the processes required to design, operate, and optimize compensation plans have failed. Extremely stressful teams are still working with spreadsheets, manual tracking and calculations and creating formulas when many of these tasks should be automated.

Forma uses automated workflows to integrate the return process across the organization to bring together finance, HR, sales, sales operations and IT within a single collaboration tool to put everyone in these departments on the same page. This enables better communication to make quicker decisions and achieve goals faster than usual.

Older sales compensation methods stifle growth

Nabil Alazzam, founder and CEO of Forma, told VentureBeat, “The way sales returns have historically been made is completely unscientific.” “As a sales leader, you know that the data is telling you that you are not selling enough product X, and that your sales leader delivering more strategically important projects will be fundamental to the organization’s strategy,” he said. . “So you’ll be back and bring your sales ops team and your sales comp team and say, ‘I want to put together SPIF (Sales Performance Incentive Fund) to run Product X.’ So you have used the composition of the past, you are familiar with this type of composition. Then give that recommendation to your sales apps team and sales conference.

Alazam insisted that these sales compensation management processes are broken. “Companies are trapped doing the same things they always do, which hinders growth and profitability,” he said. Forma uses data-driven tools to bring all components of return management into a single AI-supported platform, eliminating existing process barriers and obstacles. “

Phil Boyer, a crosslink capital partner and startup investor, is one of the most important revenue drivers for a business, according to a media advisory.

“Past efforts to address this issue have gone so far that they have placed an administrative burden on the customer to manage the sales comp,” Boyer said. “Forma eliminates broken and disconnected internal processes and empowers its users to focus on optimizing sales comp using live data as a force multiplier.”

Automated work using arbitrary functions

The company’s platform automates taskwork that extends beyond the scope of traditional incentive return management (ICM) tools and breaks down the sales comp in the basic building blocks of its functions, rules and workflow. These building blocks are then reused to automate redundant tasks to customers in a consistent manner.

Forma manages billions in annual managed commissions for enterprises such as OpenTable, Striker and Autodesk, Alazam said. The company has improved the current cloud spreadsheet paradigm by integrating previously closed incentive processes into a single, high-performance, measurable and flexible environment.

Alzam said the form facilitates high-impact incentives and rapid implementation to promote the best sales team behavior by overcoming obstacles to rigorous, unrelated comp processes. As a result, Forma lays a foundation where high-value return resources spend time promoting better sales behaviors through incentive design – not messing with formula building, he said.

The funding round was led by ACME Capital, which included Crosslink Capital, Golden Ventures, Uncork Capital, Xfund and Gaingels. With 400% revenue growth in 2021 and its rapid enterprise adoption of the revolutionary SPM platform, Forma plans to use the capital to expand its product development and market capabilities to meet the growing demand in the SPM market.

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