Life Sciences Industry

Maximizing Sales Performance in Life Sciences with Sales Performance Management Solutions

Life Sciences
Sales Performance Management
Incentive Compensation Management

Sales Performance Management solutions automate sales processes, enhance visibility & accuracy, increase productivity, motivate sales employees & improve decision-making. Kennect provides state-of-the-art solutions for the life sciences industry with its no-code capabilities.


‘What keeps reps motivated?’ is a question that has a lot of nuances. On the face of it, it seems like a straightforward question. Most sales leaders would tell you that ‘Incentives’ are the most significant motivating factor for sales reps. It is easy to understand why- the more revenue your reps bring in, the more money they will earn as incentives. 

However, most sales leaders need to mention that it is not just incentives but good Incentive Compensation Management that drives reps to optimal performance. A missed decimal point in your data could be a minor inconvenience and a colossal nightmare at worst.

This is especially true for life sciences, where complex calculations and massive data sets make it even harder to compensate reps. Add a comprehensive set of products and territories to this, making it almost impossible for sales leaders to carry out this daunting process accurately!

Another challenge that looms over the industry is that it faces both slow-to-no-growth markets and burgeoning investment-hungry markets like biopharma, gene therapy, and cell therapy. Sales need to adapt to these binaries. Therefore, restructuring is crucial at this point. 

But how do you attempt to transform models that have been in the picture for as long as you can remember? The solution- start with the basics. Rethink Sales Comp!

Complex sales processes and products - With an increasing number of financial products and services being offered, the sales process has become more complex, making it challenging for sales employees to keep up with the latest products and services.
Dispersed sales force - Many financial institutions have a large, dispersed sales force, and managing and motivating them is challenging.
Inaccurate sales forecasting - Financial institutions rely on accurate sales forecasting to make informed decisions, but the lack of real-time data makes it challenging to achieve
accurate forecasts.
Lack of transparency and visibility - With traditional compensation management methods, it's challenging to provide real-time visibility into the sales team's performance, making it
difficult to make data-driven decisions.
To address these challenges, financial services companies are choosing SPM solutions designed to help manage the sales force effectively and improve sales forecasting accuracy. These solutions include:
Automation of sales processes - SPM solutions automate the sales process, making it easier for sales employees to keep up with the latest products and services.
Enhanced visibility and transparency - With real-time data and reporting, SPM solutions provide better visibility into the sales team's performance, allowing financial institutions tomake data-driven decisions.
Improved sales forecasting accuracy - SPM solutions make it easier to achieve accurate sales forecasting providing financial institutions with better insights into future business growth

The implementation of SPM solutions in the life sciences industry brings numerous benefits, including:

  1. Increased sales productivity - Automating the sales process and providing real-time visibility into sales performance leads to increased sales productivity.
  2. Improved sales employee motivation - With accurate and real-time data, sales employees are better motivated, knowing that their performance is being accurately tracked and rewarded.
  3. Increased operational efficiency - Automating the sales process and improving visibility into the sales team's performance leads to increased operational efficiency.
  4. Better data-driven decision-making - Life sciences companies can make better decisions, leading to improved business growth.

How Kennect works

Kennect is a state-of-the-art SPM solution designed specifically for the life sciences industry. With its automated approach, Kennect helps life sciences companies streamline their sales processes and improve forecasting accuracy. 

Our solution integrates with existing systems and provides real-time visibility into the sales team's performance, allowing life sciences companies to make data-driven decisions. 

With its no-code capabilities, Kennect makes it easy for life sciences companies to implement and manage complex sales processes and incentive compensation plans.

Choose automation with Kennect for your sales comp. Our technology-driven solution minimizes human input. This means that your sales comp team can remove the manual, repetitive task work and instead do what matters the most.