Sirion saw exponential growth as the company raised $44 Mn as a part of its extended Series C funding round in late 2020. As a consequence, their sales team of about 10 employees in early 2021 rose to more than 75 people within a year. With such rapid expansion, Sirion needed an agile tool like Visdum, to align to these changing needs and empower their Finance & Sales teams.
HQ: Bellevue, Washington
Using Visdum Since: June 2022
Business Category: Contract Lifecycle Management Software
Started in 2012, Sirion is the global leader in AI-powered, enterprise-grade contract lifecycle management software. Sirion’s end-to-end, enterprise-grade CLM solution drives digital transformation across the entire enterprise. Its AI-driven CLM technology is trusted by some of the world’s most successful organizations to manage 5 million+ contracts worth over $450 billion across 70+ countries. Backed by partners like Brookfield Growth, Partners Group, Tiger Global Management, and Peak XV Partners, the startup raised $110 Mn in its Series D round, having raised a total of $182 Mn in funding across multiple funding rounds so far.
With massive expansion within the sales team and a growing off-shore team, Sirion found it challenging to run their sales compensation process via spreadsheets. The sales team went from 10 to 75 reps, now divided across 4 different verticals - Pre-Sales, Sales, Inside Sales and Alliance. Additionally, Sirion hired a RevOps team to work alongside Finance for sales compensation but the responsibilities of data reconciliation and following calculations still fell on the shoulders of the latter.
Sirion also faced the challenge of constant imports and exports needed to keep their Salesforce CRM updated at all times. While their CRM captured sales data, it often didn’t translate to the individual spreadsheets that were being maintained for sales commission calculations. This meant that reps were often left in the dark and ended up spending time shadow accounting.
The RevOps wing took up the responsibility of enabling the sales team while automating and making sales easier for them. The RevOps team was also taking on the responsibility of building a combination of compensation plan structures, including that for the off-shore team for which computation and distribution was an even bigger hassle.
With 4 different teams comprising the sales department and the geographical difference adding to the chaos, the need for a better system only grew. The compensation plan was getting opaque for the reps to follow because of the severe distribution challenges that spreadsheets lead towards. Annual targets and quarterly payouts were also being designed and distributed through these spreadsheets.
In 2022, Sirion successfully adopted the Visdum way of automating sales commissions. This shift empowers their growing sales team and significantly reduces the operational workload for their Finance & Revenue Operations teams.
Sirion had scaled in a way that couldn’t be forced to fit into a spreadsheet and realized the need to move away from the painful, manual process to a more efficient, automated way of managing sales compensation. They needed to ensure transparency to everyone involved in the sales team at different functions and functionality.
Visdum emerged as the best solution for their team as it showcased the ability and agility to evolve along with their growing team. During the evaluation process, Sirion was able to see their data and plans in action and validate the accuracy of their payouts in Visdum. Visdum’s seamless integration with Salesforce also helped Sirion see the value that the platform promised. Sirion completed their comp plan implementation phase on the platform by Quarter 3, 2022 and used the sample data of Quarter 2 for a successful test run that perfectly matched all calculations.
Sirion has successfully automated its entire sales compensation process for 75 reps, enabling transparency and stability, while reducing the operational burden on Finance & RevOps teams.
Sirion, today, runs 15 unique versions of compensation plan structures for their entire sales team. A seamless Salesforce integration ensures that their Finance & RevOps teams don’t have to worry about bad data. All this while their sales representatives get 100% visibility into their comp plans and focus on what they do best - selling!
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