Incentive Compensation Management for Life Sciences Industry
Data-driven insights are the need of the hour to navigate the highly complex pharmaceutical sales environment. Automation of Sales Compensation is mandatory to motivate your sales reps to reach peak performance enabling real-time sales data and transparent compensation plans.
Incentive compensation plans in the pharmaceutical industry tend to be incredibly complex because of the number of variables brought about by the products, segments, and territories. Many pharmaceutical companies maintain around 5 to 8 incentive plans at any given time, while some may even have 40 different plans simultaneously!
In an attempt to incorporate as many performance metrics as available, pharma companies perplex their sales reps regarding the incentive payout criteria.
Sales Compensation challenges of Pharmaceutical Industry at a Glance
- ♦Greater compensation plans depend on variables such as products, segments, territories, and sales rep experience.
- ♦The complexity of compensation plans will continue to increase to make them more fair and effective.
- ♦Pharma companies must keep compensation plans flexible to balance future changes while maintaining simplicity and equity.
The way forward is to automate Incentive Compensation Programs to ensure that the sales rep's motivation is aligned with company expectations and goals. Kennect's future-ready platform helps you do just that.
Kennect can easily integrate with existing ERPs, CRM, and HRMS, creating seamless data streams between the systems and handling multiple hierarchy levels and currencies.
Automate Sales Commission calculations
Do you often find that legacy systems' struggle continues to increase the inaccuracy and calculation error? It's no surprise considering the ever-increasing complexity of compensation plans. Automating incentive compensation takes away the manual overhead and creates a streamlined process for the sales force.
Kennect’s Sales Compensation platform can take over the complicated work of calculating sales commissions allowing you to focus on valued tasks without worrying about calculation errors and making the data audit-ready. Ensure fast and error-free payouts to keep your sales team happy and motivated.
Get actionable insights from real time sales data
Access to actionable insights from historical and real-time data is a game-changer for sales teams. Unlike legacy systems, you can now measure performance like never before and make accurate data-based projections to aid business decision-making.
With an effective automation platform, you can measure real-time data on products, teams, individual reps, territories, or even specific plan components and have it all on one dashboard. With such specific performance insights, you can make instantaneous changes that generate maximum performance from the sales teams.
Seamlessly accommodate variables
Variability of commissions based on plan changes and sales rep and manager position changes is one of the biggest challenges to ICM in the pharmaceutical industry.
Kennect can accommodate variables seamlessly and handle changes to the eligibility criteria and plan changes, whether mid-quarter, mid-semester, or midyear. Managers can also pick out segments of commission payouts in a single statement and review historical data to make better decisions.
Why Choose Kennect?
Kennect’s intuitive ICM platform is easy-to-use, robust, reliable, and accurate. It can help you effectively build, run and automate your incentive compensation programs. With Kennect, you can:
-Take complete control of your incentive management· -Make error-free sales comp calculations·
-Get complete transparency on IC plans·
-Easily communicate changes in IC plans to your sales reps· -Access reports on sales performance·
-Simulate IC plans using accurate data
If you relate to the problem statements mentioned earlier, Let's talk!