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Could AI help motivate sales teams with creative incentives? Forma AI, a Toronto-based sales performance management (SPM) solution provider, says yes. The company, which offers an AI-supported SPM platform, wants enterprises to rethink the way sales compensation is managed and optimized. Today, Forma announced it has raised $45 million in series B funding for expanding marketing and development of the platform.
Agile, responsive sales organizations have improved their results in the last few years with the inclusion of next-gen tools such as Salesforce, Hubspot, Sage and others. But sales compensation management – a $1 trillion annual cost center – remains a decades-old bottleneck. More than 40 software and services companies have tried to solve this complex problem, yet the many processes required to design, administer and optimize compensation plans are broken. Over-stressed teams are still working with spreadsheets, manual tracking and calculations, and building formulas when many of these functions should be automated.
Forma uses automated workflows to unite the compensation process across an organization to bring finance, HR, sales, sales operations and IT together within a single collaboration tool to put everybody in these departments on the same page. This enables better communication for making quicker decisions and goals attained faster th...