Forma
Overview
Forma.ai is a company that specializes in sales performance management software, leveraging AI to optimize and automate sales compensation processes. Their platform integrates sales planning, incentive compensation, and performance management into a single, comprehensive solution, enabling enterprises to streamline operations, reduce costs, and drive revenue growth.
Industry: Software
Ideal Customer Profiles: Forma.ai's ideal customers are large enterprises and Fortune 500 companies that require complex sales compensation management solutions. These organizations typically have extensive sales teams and need to optimize their incentive compensation plans to drive revenue and performance.
Website: forma.ai
LinkedIn: http://linkedin.com/company/forma-ai
Products
Sales Performance Management Platform
Forma.ai's platform integrates AI to automate and optimize sales compensation processes, providing a comprehensive solution for managing incentive compensation, sales planning, and performance management.
Features
End-to-End Sales Comp Automation
Description: The platform automates the entire sales compensation process, from planning to execution, reducing manual operations and increasing efficiency.
Benefit: Users benefit from reduced administrative time and costs, allowing them to focus on strategic decision-making.
AI-Driven Optimization
Description: AI models are used to optimize sales compensation plans, predicting the impact of changes and ensuring plans are aligned with revenue goals.
Benefit: This feature helps users maximize revenue by aligning sales incentives with business objectives.
Automated Rule Configuration
Description: The platform allows users to configure compensation rules using AI, eliminating the need for manual setup and reducing errors.
Benefit: Users can quickly implement changes and ensure accuracy in compensation calculations.
Centralized Sales Performance Management
Description: The platform consolidates all sales performance data, enabling integrated planning and execution across various sales components.
Benefit: This feature provides a holistic view of sales performance, facilitating better decision-making and strategy alignment.
Performance Reporting and Forecasting
Description: The platform offers advanced reporting tools to track performance and forecast compensation spend, ensuring financial accuracy and compliance.
Benefit: Users gain insights into sales performance and can confidently manage compensation budgets.
Incentive Compensation Management Software
Forma.ai's ICM software automates complex compensation processes, providing flexibility and reducing the need for technical expertise.
Features
Automated ICM Workflow
Description: The software automates incentive compensation management tasks, reducing manual intervention and increasing scalability.
Benefit: Users can focus on strategic initiatives rather than operational tasks, improving overall efficiency.
Comprehensive Visibility and Control
Description: The platform provides full visibility into all changes and processes, allowing for streamlined management and oversight.
Benefit: This feature ensures transparency and control over the compensation process, reducing errors and disputes.
Robust Data Management
Description: The software includes extensive data management capabilities, allowing integration from various data sources and ensuring data accuracy.
Benefit: Users benefit from reliable data inputs, leading to accurate compensation calculations and reporting.
End-to-End Workflow Automation
Description: The platform automates workflows for all sales compensation processes, from basic to complex tasks.
Benefit: This feature reduces administrative burden and ensures consistent and accurate compensation processing.
Data-Driven Decision Making
Description: The software provides performance reporting tools to support data-driven decisions and ensure sales reps understand their compensation plans.
Benefit: Users can optimize sales strategies and improve rep engagement and performance.
Data Integrations and Management
Forma.ai offers extensive data integration capabilities, allowing seamless data flow from multiple sources to support sales compensation processes.
Features
Extensive Pre-Built Integrations
Description: The platform supports over 200 pre-built integrations, enabling seamless data flow from various enterprise systems.
Benefit: Users can easily connect their existing systems, ensuring accurate and timely data for compensation processes.
Advanced ETL Capabilities
Description: The platform includes ETL capabilities to transform and validate data, ensuring it is ready for compensation processing.
Benefit: Users benefit from clean and accurate data, reducing errors in compensation calculations.
Unconstrained Data Sourcing
Description: The platform can ingest and manipulate data from unlimited sources, providing flexibility in data management.
Benefit: Users can integrate diverse data sources, supporting comprehensive compensation analysis and reporting.
Traceability and Auditability
Description: The platform offers a consolidated data model that ensures traceability and auditability across all compensation processes.
Benefit: Users can maintain compliance and transparency, reducing the risk of errors and disputes.
Enterprise-Grade Processing Power
Description: The platform's calculation engine and data model are designed to handle large volumes of data and transactions efficiently.
Benefit: Users can rely on the platform for high-performance processing, supporting large-scale compensation operations.
Sales Compensation Planning
Forma.ai's platform allows for dynamic and agile sales compensation planning, enabling rapid adjustments and optimization of compensation plans.
Features
Rapid Plan Design and Deployment
Description: The platform enables quick design and deployment of compensation plans, reducing the time required for planning and execution.
Benefit: Users can respond swiftly to market changes, ensuring compensation plans remain competitive and effective.
Revenue-Optimized Comp Plans
Description: The platform uses AI models and benchmarks to design compensation plans that maximize revenue capture.
Benefit: Users can increase revenue by aligning compensation plans with business objectives and market opportunities.
Integrated SPM Functions
Description: The platform integrates all sales performance management functions, enabling seamless transition from planning to execution.
Benefit: Users benefit from a unified approach to sales compensation, improving coordination and efficiency.
Flexible Rule Creation
Description: The platform allows users to create and run compensation rules without technical expertise, using a user-friendly interface.
Benefit: Users can quickly implement and adjust compensation plans, ensuring they meet evolving business needs.
Instant Modeling and Deployment
Description: The platform supports instant modeling and deployment of compensation changes, facilitating continuous strategy execution.
Benefit: Users can test and implement changes rapidly, maintaining alignment with strategic goals.
Human Resources Solutions
Forma.ai provides HR teams with tools to manage compensation strategies, ensuring compliance and enhancing employee experience.
Features
Unified Compensation Strategy Platform
Description: The platform integrates machine learning, modeling, and analytics to support the design and rollout of effective incentive plans.
Benefit: HR teams can develop strategies that drive performance and enhance employee satisfaction.
Compliance and Governance
Description: The platform includes controls to ensure compliance with local and international regulations, providing predictability in compensation processes.
Benefit: HR teams can manage compensation with confidence, reducing the risk of non-compliance.
Seamless HRIS Integration
Description: The platform integrates with HRIS and payroll systems, streamlining payroll processes and reducing errors.
Benefit: HR teams can ensure accurate and timely compensation, building trust with employees.
Customized Dashboards
Description: The platform provides dashboards tailored to different roles, helping team members understand their impact on business strategy.
Benefit: HR teams can communicate compensation effectively, enhancing transparency and motivation.
Audit Trails and Security
Description: The platform tracks all changes and provides audit logs, ensuring security and compliance in compensation processes.
Benefit: HR teams can maintain high standards of compliance and security, protecting sensitive compensation data.
Quantitative Benefits
"Med device company plans sales comp 400% faster and eliminates payout errors by 16%"
"Forma.ai saves Procom >$1M and helps scale ICM process with 33% less resources"
"By optimizing our entire sales comp operation with Forma, our revenue has grown significantly, while reducing costs by 94%."
"4x Faster to build, test, and deploy incentive plans"
"90% reduction in administrative time"
"over 95% of users of an ICM platform do not use it for comp planning, having to resort to modeling plans in excel, and bouncing between different stakeholders in long email chains."
Testimonials
"Forma.ai provides flexibility like no one else in the category. With their real-time modeling, I can apply any idea I have against last year's data to see how much it would cost and what it could actually achieve."
Dr. Robert Bieshaar, Sr. Director, Worldwide Incentive Compensation at Autodesk
"What is amazing about Forma.ai is that internally, we don't need the skills to configure a comp tool or our data – Forma.ai's automation helps us do this and turnaround changes much faster than we would ever be able to with any other ICM platform."
Sales Compensation Leader at Fortune 500 medical device company
"Forma.ai has significantly cut down the time and resources required for processing the team's commissions."
Darrious Duffin, Director, Sales Ops and Service Delivery at Ritter Communications
"By optimizing our entire sales comp operation with Forma, our revenue has grown significantly, while reducing costs by 94%."
Jenny Alblasser, Sales Comp Manager at Stryker
"What is amazing about Forma.ai is that we don't need the skills to configure a comp tool or our data — Forma.ai's automation helps us do this and turnaround changes much faster than we would ever be able to with any other ICM platform."
Suzanne Shadgett, Senior Financial Executive at Stryker
Customer Stories
Autodesk
Problem: Legacy ICM system was not flexible enough
Value Add: Forma.ai provided flexibility and real-time modeling capabilities
Outcome: Autodesk can now apply any idea against last year's data to see cost and potential achievements
Fortune 500 medical device company
Problem: Slow turnaround for sales compensation changes
Value Add: Forma.ai's automation helped configure comp tool and data without requiring internal skills
Outcome: The company plans sales comp 400% faster and eliminates payout errors by 16%
Procom
Problem: Inefficient ICM process
Value Add: Forma.ai optimized the ICM process
Outcome: Saved over $1M and helped scale ICM process with 33% less resources
Ritter Communications
Problem: Time-consuming commission processing
Value Add: Forma.ai provided seamless ICM automation
Outcome: Significantly cut down the time and resources required for processing the team's commissions
Stryker
Problem: Inefficient sales compensation operations
Value Add: Forma optimized the entire sales comp operation
Outcome: Revenue has grown significantly, while reducing costs by 94%
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