Discover the benefits that a flexible and transparent incentive compensation management system brings to the Life Sciences industry.
Is your organization struggling with compensation management and reporting being it time-consuming and error-prone?
Are you having difficulties in terms of gaining a single view of your entire salesforce performance and distribution channels?
Are you still working on spreadsheets all those data used in the incentive management process?
Whether you are part of the commercial, finance or HR function of your organization, you can probably relate to some, if not all, of the above-mentioned concerns. And hence, you’ll probably agree that following a static, manual process hinders the culture of continuous development based on company’s vision, values and strategy.
Many of our customers face the need to have greater visibility into sales performance at all levels of the organization from a sales rep to management and executives. It is our belief that in order to tackle these concerns, better governance and auditability enabling them to monitor overall performance at all levels of the organization, is of essence.
Ongoing territory management changes, new plans of action and constant reorganizations push for a single view across all levels of the organization. When you need to plan and distribute sales targets efficiently, as well as motivate your team at the same time, what you need is a user-friendly system that enables desired sales behavior and drives performance.
How to overcome the challenges:
An incentive compensation management solution that is scalable, will allow you to solve complex issues and follow constant changes. A flexible tool that can be administered and parameterized by business users limits the need for use of IT or other dedicated resources.
A specialized incentive calculation application has the flexibility to address all of organization’s incentive compensation requirements and strategies timely and with high quality, allowing you to enable all parts of the organization simultaneously as well as drive desired performance.
A tool that has the ability to provide the various stakeholders within the Organization with a continuous flow of information rather than snapshots, empower the user and make room for adjustments and adaptation to changes in the environment.
When your ultimate goal is to enforce alignment with company’s strategic objectives (KPIs, sales targets, etc.) and promote desirable behaviors, you need a flexible and accurate incentive bonus scheme management tool.
Many compensation management systems integrate with performance management software to incorporate employee performance data into compensation decisions. Some compensation management products offered as part of a suite, may also include sales compensation capabilities.
Sales Performance Management (SPM) involves observing sales practices, comparing to metrics, drawing conclusions, and then implementing changes for advancement and motivating sales reps to perform at the best of their abilities. As part of SPM, incentive management has a lot more to offer in terms of enabling salesforce.
But now, through a specialized incentive calculation application with an integrated reporting functionality embedded, all levels of the organization may have on-demand visibility into sales performance, and be able to monitor attainment and effectiveness of incentive programs.
Organization’s management team will be able to monitor overall performance at all levels of the organization. Interactive performance dashboards allow for drilling down to view an individual’s performance to identify training and coaching opportunities, and drive improved sales performance.
About Aqurance and this blog
With broad experience and deep knowledge within the Pharmaceutical environment, Aqurance helps global organizations to excel in Salesforce Effectiveness, adopt Digital Marketing Solutions and utilize Data Insights. Located in London, Athens and Istanbul, we’re fully certified in state-of-the-art cloud based solutions. We’ve been named among “Top 100 Europe Most Innovative Companies” and “Technology Fastest Growing Organizations” by prestigious institutions such as Inc.com, Deloitte, Red Herring etc.