Synygy
Synygy was a private company with its worldwide headquarters in Singapore and its US headquarters in Chester, Pennsylvania, USA. It provided consulting, technology, and outsourcing services related to incentive compensation management[1] and sales performance management,[2][3][4] with a focus on for sales strategy enablement, sales force motivation, sales channel effectiveness, and sales performance insight. The company was founded by Mark A. Stiffler in 1991.[5] Originally named Simulate, it was renamed Synygy in 1997.[6] Synygy was one of the earliest vendors to enter the Incentive Compensation Management (ICM) space, initially in the provision of ICM outsourcing services in 1993, followed by the creation of ICM software products starting in 2002. ICM became the foundation of what is now known as Sales Performance Management.
In 2009, Synygy began using best-in-class, third-party products to deliver its services, and the company exited the software development business. In 2014, Synygy informed its clients that it would be ending support for its software. In 2015, Synygy ceased selling professional services, and by the end of 2015, the company had ceased operations, ending a 25-year run as a successful business.
 | |
| Type | Private |
| Industry | Sales Performance Management Professional Services |
| Services | Consulting, technology, and outsourcing[7] |
| Industries Served | Insurance (Health, Life, Property & Casualty), Banking, Financial Services, Telecommunications, High-Tech, Medical Devices, Pharmaceuticals, Retail, Manufacturing and Distribution |
| Founded | 1991, as Simulate; renamed Synygy in 1997 |
| Website | www.synygy.com |
Clients
Synygy's first three clients were the pharmaceutical companies Schering-Plough, Janssen Pharmaceutica, and Wyeth-Ayerst.[8] During its 25 years in business, Synygy served nearly all industries, including Life Sciences, Manufacturing and Distribution, Retail, Banking, Financial Services, Telecommunications, High-Tech, and Insurance (Health, Life, Property & Casualty).
Synygy targeted companies with complex challenges related to sales data integration and transformation, sales incentive compensation management, quota and objectives setting, territory management, sales workflow process automation, and sales business intelligence and analytics. The company did not sell to governments or smaller companies.
Competitors
Synygy competed with professional services companies that include Accenture, CallidusCloud, Alexander Group, Aon Hewitt, Bain & Company, Better Sales Comp, Boston Consulting Group, Buck, Canidium, Colletti-Fiss, Cygnal Group, Deloitte, KPMG, McKinsey & Company, Mercer, OpenSymmetry, Optymyze, Sibson, Towers Watson, Valitus, and ZS Associates.[9][10][11][12]
Founder
Synygy’s founder holds an undergraduate degree in civil engineering, a master’s degree in management information systems, and a master's degree in business administration, all from the Massachusetts Institute of Technology (MIT).[13] Prior to founding Synygy, Mr. Stiffler was a management consultant at Pugh-Roberts Associates (now PA Consulting) in Cambridge, MA and the Strategic Management Group in Philadelphia.[14] In his book “Performance: Creating The Performance-Driven Organization,” Stiffler challenges assumptions and beliefs about ways to improve performance and discusses how organizations can transform the reactive management of performance to a proactive approach.[15] Stiffler was recognized by Ernst & Young as Entrepreneur of the Year in 2000 for his vision in creating the market for Enterprise Incentive Management (EIM) software.[16]
US Headquarters
Starting in 2005, Synygy’s US headquarters was situated in a Beaux Arts-style building (c. 1918) along the Delaware River.[17] The building once was the Chester Waterside Power Station, which was described by the Historic American Buildings Survey as one of the best-preserved and most monumental early power plants in the United States.[18] The facility, which stopped producing power in 1982, was unoccupied for nearly two decades.
Awards and Recognition
- Gartner SPM Magic Quadrant:[19] Synygy was named a Leader[20] in the inaugural Gartner SPM Magic Quadrant for Sales Performance Management, in 2013.
- Top 25 Companies That Provide the Best Career Opportunities: Based on company review surveys, career site Glassdoor.com compiled a list of the top 25 companies that provide the best career opportunities. Synygy was included in this top 25 list.[21]
- Global Outsourcing 100: Synygy was named to The Global Outsourcing 100 list of top service providers in 2013[22] for the fifth consecutive year by the International Association of Outsourcing Professionals.
- CRM Market Awards: In 2013, Synygy was recognized for a fifth straight year as top vendor[23] in Incentive Management in CRM Magazine’s annual market leadership issue.
- SPM Value Index: Synygy was designated a “Hot” vendor, the highest rating available, in Ventana Research’s 2012 assessment of SPM solutions, for a second year.[24]
- CODiE Award: Synygy won Best Human Capital Management Solution in the Software & Information Industry Association’s 2011 CODiE Awards for Business Software.[25]
- Ventana Research Leadership Awards
- Synygy and client Daiichi Sankyo, Inc. were recognized in 2010 for Leadership in Sales Analytics and Performance,[26] using Synygy’s sales compensation software and plan management services.
- Synygy and client McKesson Provider Technologies were recognized in 2009 for the significant process improvements realized using Synygy’s sales compensation software and plan management services.[27]
- Software Magazine's Software 500: Software Magazine ranked Synygy among the world’s largest software and service providers in its 2010 Software 500.[28]
- Inc. 500 Hall of Fame: Inc. Magazine named Synygy in 2001 to the Inc. 500 Hall of Fame,[29] an award honoring the fastest growing, privately held companies that have been named to the Inc. 500 list five or more times.
- Philadelphia 100 Hall of Fame: For ten years, Synygy was featured in the Philadelphia Business Journal's Philly 100,[30] a list of the fastest growing, privately held companies in the Philadelphia region.
See also
- Sales effectiveness
- Sales management
- Sales operations
- Pay for performance (human resources)
- Performance Management
- Sales Force Automation
- Sales Force Compensation
External links
References
- ↑ Canaday, Henry. "Incentivized to Win". Selling Power Magazine. Retrieved 18 February 2014.
- ↑ Sluis, Sarah. "Sales Management Tools and Trends to Watch: How to transform selling through coaching, collaboration technology, and sales analytics". CRM Magazine. Retrieved 18 February 2014.
- ↑ Smith, Mark. "Beyond Automation. Don't just automate processes: Work on improving their effectiveness". Information Week. Retrieved 18 February 2014.
- ↑ Smith, Mark. "Synygy Simplifies Mobility of Sales Performance Management". Information Management. Retrieved 18 February 2014.
- ↑ Mccarthy, T.J. "Synygy growing sales by selling sales data". Philadelphia Business Journal. Retrieved 18 February 2014.
- ↑ "Company Overview of Synygy, Inc". Businessweek.com. Retrieved 18 February 2014.
- ↑ "Synygy, website". Retrieved 18 February 2014.
- ↑ Mccarthy, T.J. "Synygy growing sales by selling sales data". Philadelphia Business Journal. Retrieved 18 February 2014.
- ↑ "Spotlight on Sales Compensation". World at Work. Retrieved 21 February 2014.
- ↑ "Incentive Systems Product Review: Dangling The Carrot – And Making It Stick!". HR.com, June 12, 2000. Retrieved 21 February 2014.
- ↑ Sluis, Sarah. "Sales Management Tools and Trends to Watch: How to transform selling through coaching, collaboration technology, and sales analytics.". CRM Magazine. Retrieved 18 February 2014.
- ↑ Radding, Alan. "Sales Performance Management Market Heats Up.". Business Finance Magazine, May 25, 2012. Retrieved 18 February 2014.
- ↑ Mccarthy, T.J. "Synygy growing sales by selling sales data". Philadelphia Business Journal. Retrieved 18 February 2014.
- ↑ Furia Smith, Clare. "Bala Cynwyd Firm Finds Rapid Growth In Managing Sales-incentive Pay Synygy Inc., Founded In 1991 As A One-person Operation, Has Evolved To Run Programs For About 40 Large Companies". The Inquirer, August 7, 2000. Retrieved 18 February 2014.
- ↑ Majumdar, Shyamal. "Take the Wide View". Business Standard, May 31, 2006. Retrieved 27 January 2014.
- ↑ Editors. "Synygy CEO Mark A. Stiffler Named Entrepreneur of the Year". The Free Library, June 27, 2000. Retrieved 18 February 2014.
- ↑ "Synygy". Chester Institute for Economic Development, 2005. Retrieved 18 February 2014.
- ↑ "Case History, The Warf at Rivertown" (PDF). Chester Institute for Economic Development, 2005. Retrieved 18 February 2014.
- ↑ "Magic Quadrants: Positioning Technology Players Within a Specific Market". Gartner Research, 2013. Retrieved 18 February 2014.
- ↑ "Synygy Positioned in the Leaders Quadrant of Inaugural Sales Performance Management Report: Advisory Firm's 2013 Assessment Based on Completeness of Vision and Ability to Execute". Yahoo Finance, September 12, 2013. Retrieved 18 February 2014.
- ↑ Giang, Vivian. "The 25 Best Companies To Work For If You Want To Get Promoted Fast". Business Insider, Oct. 6, 2013. Retrieved 18 February 2014.
- ↑ "Synygy Ranks among Service Provider Standouts for Fifth Year". Yahoo Finance, February 19, 2013. Retrieved 18 February 2014.
- ↑ "Small-Business CRM Suite: The Market". CRM Magazine, August 2013. Retrieved 18 February 2014.
- ↑ Johnson, Molly. "Ventana Research Presents the 2012 Value Index for Sales Performance Management: New research helps sales organizations assess and select applications and technology for optimizing revenue and customer relationships". Ventana Research, July 12, 2012. Retrieved 18 February 2014.
- ↑ "2011 CODiE Award Winners List, Business Software Categories". Software & Information Industry Association, 2011. Retrieved 18 February 2014.
- ↑ "Ventana Research 2010 Leadership Awards Recognize Success: Organizations demonstrate innovation and leadership in bringing together people, process, information and technology to achieve spectacular outcomes". Ventana Research, November 10, 2010. Retrieved 18 February 2014.
- ↑ "Ventana Research 2009 Leadership Award Winners Announced: Organizations demonstrate innovation and leadership in bringing together people, process, information and technology to achieve remarkable outcomes". Ventana Research, December 17, 2009. Retrieved 18 February 2014.
- ↑ Desmond, John P. "System Integrators, Outsourcers Gain Again as IT Guards In-House Resources: Revenue Stays Flat". Software Magazine, November, 2010. Retrieved 18 February 2014.
- ↑ "Synygy Named to the Inc. 500 Hall of Fame; Synygy Becomes One of Just a Few Companies in the History of the Inc. 500 to be Listed Five Consecutive Times". Business Wire, October 10, 2001. Retrieved 18 February 2014.
- ↑ "Synygy President and CEO Mark A. Stiffler Elected to Philadelphia 100 Hall of Fame". Business Wire, February 1, 2008. Retrieved 18 February 2014.