Monex’s sales teams leverage Everstage's dashboards to reach peak performance

The Challenge

Team Monex was facing time constraints and payout visibility issues with spreadsheets due to the complexity of their commission plans.

Toral Parikh, Head of Revenue Operations at Monex was tasked to single-handedly provide commission statements to all of the commissioned teams such as Sales, Dealers, Digital Client Services, Partnerships and Options. Toral had to manage commissions right from inception to working with Finance and Accounting teams to process payments.

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As the teams started to grow and diverse commission plans began to come into play, it became really difficult for one person to handle all of the commissions in addition to several other responsibilities at the company. Toral recounts the challenges faced in the pre-Everstage era— juggling multiple commission plans, potential for human errors in Excel spreadsheets, and the inevitable exceptions that cropped up regularly. The vision to get commission software was clear: automate the commission plans to save time, eliminate errors, and scale the process seamlessly.

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The decision to partner with Everstage was fortified by the team’s deep understanding of Monex’s existing CRM, providing a smooth transition and a powerful proof of concept during the evaluation process. Knowing the complexity of the plans that Toral had helped build and create spreadsheets for, seeing the automated commission reports was a game-changer.

“The way our data quickly turned into an automated piece of software was impressive. I could literally click a button and see all the commissions. The team came back with more efficient solutions to improve our processes instead of just duplicating it. It was one of the biggest reasons why Everstage is the partner I want to work with.”

Toral Parikh

Head of Revenue Operations

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The Solution

Monex uses Everstage to  automate their commission process, and provide payout visibility to their commissioned teams.

Consultation throughout implementation

The implementation for Monex took place in two phases. The first phase involved integrating with their CRM-linked commission plan. The second phase was kicked off by a change in the sales management, prompting the implementation of a whole new commission plan with its own set of complexities. Popular for its in-house unified implementation and support, team Everstage was quickly able to switch gears, provide expertise through consultation, and get Monex’s new commission plan up and running on time.

“Everstage did a really great job of tying in with our CRM and setting up a complex commission plan that worked flawlessly. When we had a change in our sales management, a new commission plan with its own complexities had to be implemented. Team Everstage was able to pivot very quickly for us despite internal challenges from our end.”

Toral Parikh

Head of Revenue Operations

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The support from Everstage extended beyond implementation, bridging communication platforms, offering continuous assistance, and fostering a collaborative partnership. Everstage not only delivered a powerful commission automation solution but stood as a reliable ally.

“The support that I continue to get today is a really wonderful experience for me because I was swamped and the team helped alleviate so much of the work. So, it was very telling of what Everstage was able to do for us and so quickly.”

Toral Parikh

Head of Revenue Operations

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Routine tasks simplified

Toral has been using Everstage for over a year to process commissions. Everstage is built with ease of use and intuitiveness in mind. Every single workflow and action is automated very carefully to provide commission administrators comfort in using the tool themselves without having to depend on a support representative or the IT team.

“I feel super confident in the product and my ability to use it and help our salespeople benefit from it. With respect to daily tasks and responsibility, it has made my life so much easier. Before I push the submit button to our Finance team, all problems are ironed out and questions answered.”

Toral Parikh

Head of Revenue Operations

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BI-powered dashboarding and reporting

Monex has been efficiently leveraging Everstage’s advanced dashboarding and reporting module. Toral builds dashboards and generates reports to get a good sight of performance, the revenue brought in and commissions paid out. The custom dashboards have also been a great advantage for the salespeople to have a much deeper, clearer understanding of their performance. 

“Dashboards motivate our salespeople to earn that little bit extra by increasing the revenue. They have been looking at the dashboards everyday. We have several revenue bands for which they can earn different percentages, and now they can see where they are and what they could be making if they  push their revenue limit just over.”

Toral Parikh

Head of Revenue Operations

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The Result

Monex now has significant time-savings and drives the desired behaviors of their commissioned teams.

Time-savings with Everstage

At Monex, the commission process runs twice in a month. The first one is for the accruals to share with the Finance and Accounting departments with the goal of getting the accrual as close to the actual as possible. The other for deriving the final payout numbers. Everstage has been able to free a huge chunk of Toral’s time. She can now look for efficiencies in other areas that she has undertaken for the company.

“Between running the accruals and the actual commissions for payment, I save around 70% of my time each month. Many pending tasks have now floated to the top and I'm in the middle of working on other revenue operations concerns that can really move the company forward.”

Toral Parikh

Head of Revenue Operations

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Trust in commission accuracy

Monex did a side-by-side comparison of their manual calculations and Everstage to find that they could identify discrepancies with ease and understand the root cause behind it. Monex has been able to quickly rectify any discrepancies in their back-end as well as address payee concerns with clarity. Toral can really drill down into the problem instead of searching lines and lines of data to find where the mistake could have been.

“Commissions being calculated in the Everstage were more accurate. It was eye-opening. I trust the numbers now on the platform. Payees can pinpoint exactly where their issue is instead of just reporting that something isn’t right.”

Toral Parikh

Head of Revenue Operations

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100% payee engagement on Everstage

Monex found dashboards to be a critical and vital tool to improve sales numbers from a revenue standpoint. Everstage’s dashboards offer insights into revenue, commission payouts, therefore motivating sales teams to push their limits for higher earnings. The shift from sending statements to salespeople to them diving into the details of their commissions empowered them with visibility and clarity. The increased engagement from the payees, with daily interactions on the platform, showcasing a cultural shift towards proactive commission management.

“Salespeople are viewing how they can get their percentage up higher or get into the next revenue band. I see and hear it in conversations. The team recognizes Everstage as a source of really good information for them and therefore drives their behaviors.”

Toral Parikh

Head of Revenue Operations