Mahindra Finance ha ottenuto una riduzione degli errori del 98%.

The Challenge

Mahindra Finance, a leading player in the banking, home finance, and financial services industry, employs over 20,000 sales representatives across India.

These sales representatives, known as Direct Sales Teams (DSTs), are critical to the company's success.

However, managing their commissions and incentives was fraught with challenges, leading to widespread dissatisfaction and inefficiencies.

‍

• Fragmented Data Systems: Data dispersed across multiple platforms, resulting in data retrieval issues, inefficiencies, and frequent data loss.
• Complex Data Integration: Integrating data from diverse sources was complex and error-prone, leading to delays in incentive calculations.
• Multiple Incentive Schemes: Numerous schemes tailored to different regions required frequent updates and manual adjustments, increasing errors.
• Exception Handling: Unique exceptions in different regions complicated standardization, requiring significant manual interventions.
• Recalculation and Transparency: Time-consuming recalculations due to cheque clearances and audit requirements were prone to errors and lacked transparency.
• Employee Dissatisfaction: Delays and inaccuracies in incentive payments led to decreased morale and productivity among sales representatives.

‍

The Solution

Recognizing the need for a transformative solution, Mahindra Finance partnered with Xoxoday (also known as Giift), a leading provider of incentive management solutions. The implementation process was meticulously planned and executed, involving several key steps:

‍

• Centralized Data Platform: Consolidated all data sources into a single, centralized platform using Xoxoday’s robust data integration capabilities.
• Automated Data Processing: Automated the processing of large volumes of data with accuracy and speed, minimizing manual interventions.
• Real-time Incentive Calculation: Enabled real-time calculation of incentives based on predefined rules and schemes, ensuring timely and accurate payments.
• Customizable Scheme Management: Provided flexibility to easily update and manage various incentive schemes across different regions and product lines.
• Enhanced Transparency: Offered a transparent system where sales representatives could track their performance and incentive calculations in real-time.
• Advanced Exception Handling: Developed algorithms to handle exceptions and outliers, reducing the need for manual adjustments and improving accuracy.

‍

The Results

The automation of the sales commission process with Xoxoday led to substantial improvements across various metrics:

‍

• Incentive Qualifiers: Increased by over 25%, ensuring more representatives received their due rewards.
• Error Reduction: Reduced calculation errors by over 98%, enhancing accuracy and reliability.
• Processing Speed: Improved incentive processing speed by over 99%, with payments made within hours instead of days.
• Employee Satisfaction: Boosted employee morale and productivity, with a 30% increase in sales performance.
• Operational Efficiency: Streamlined operations, reducing the time spent on incentive management by 40%.
• Audit Compliance: Achieved full compliance with audit requirements, reducing the risk of regulatory issues and fines.

‍

Conclusione

By automating the sales commission process with Xoxoday, Mahindra Finance significantly transformed its incentive management system.

The integration of advanced data handling, real-time processing, and enhanced transparency not only improved operational efficiency but also boosted employee satisfaction and productivity. This case study underscores the critical role of automation and digital solutions in managing complex financial processes, positioning Mahindra Finance as a leader in leveraging technology for business excellence.