Introduction

Motilal Oswal Financial Services, is a renowned name in the financial services sector celebrated for its commitment to excellence and innovation. It has a robust network and a reputation for delivering tailored financial solutions like wealth management, financial planning, risk management, and investment services. By partnering with Incentivate Solutions, Motilal Oswal aims to streamline its sales incentive automation process, improve its sales rep performances, and maintain its competitive edge in the financial services market.

Key Challenges Faced by Motilal Oswal:

1. Manual Processes: Sourcing sales data for disparate systems and applying incentive plan rules in spreadsheets was time-consuming. Furthermore, a mix of quarterly and annual plans added complexity, making the entire process prone to errors and sub-optimal operational efficiency.
2. Simulation: The organization struggled to roll out effective short-term contests, leverage their historical data, simulate, and identify the best possible option in a timely manner.
3. Lack of Visibility: Sales representatives had trouble assessing their performance because they lacked visibility into their sales metrics and associated outcomes.
4. Query Management: As the number of sales representatives grew, there was a corresponding increase in queries, which ultimately led to longer responses.
5. Engagement: The sales team’s motivation and productivity were impacted due to the absence of regular encouragement through stretch goals and contest performances.

Deliverables by Incentivate for Motilal Oswal:

1. Automation of Incentive Schemes: Incentivate will automate the entire process of sourcing input KPIs from upstream sources and configure all the incentive plans for over 4000 advisors across all the existing business units.
2. Modeling: The admin will now be able to simulate any incentive scheme before rollout, enabling them to make informed decisions.
3. Interactive Dashboards: Real-time performance dashboards will provide sales teams comprehensive visibility into performance metrics, facilitating data-driven decision-making.
4. Query Management Platform: The solution will allow sales reps to raise queries directly with their reporting managers and administrators.
5. Regular Nudges: Sales reps will receive daily nudges through various channels, such as WhatsApp, text messages, and Slack.
6. “What If” Calculator: Sales personnel will have access to a simulator enabling them to forecast how increasing their efforts could lead to higher incentives.
7. Gamification: The Incentive Program administrator will be able to launch short-term contests for its salesforce with relevant approvals in hours instead of weeks, as observed in the current setup.

Motilal Oswal’s collaboration with Incentivate highlights its dedication to innovation and operational efficiency. This endeavor is anticipated to bolster the company’s effectiveness, accountability, and employee engagement.