7 Signs Your Incentive Process Has Grown Beyond Spreadsheets
Do you still rely on Excel spreadsheets to manage sales incentive calculations for your pharma salesforce? Here are 7 signs you should start thinking about implementing an IC solution instead of spreadsheets for incentive management:
- Payment errors (underpayments & overpayments)
- Payment delays
- Inflexibility to support plan/team/product portfolio changes. Longer implementation time resulting in disconnect between business needs and payment cycles
- Processed data not easily available for downstream analytics and management reporting needs
- Lack of visibility into spreadsheet changes in case multiple stakeholders are responsible for calculation
- Significant back and forth for approvals at different steps
- No access to what-if calculators resulting in misalignment with broader business objectives and lower engagement of the salesforce
All these results in higher cost of ownership and lower satisfaction amongst the sales leadership primarily due to higher shadow accounting opportunity cost, dispute resolution time, attrition rate, and impacts the response time to market events/opportunities.
Implementing an automated sales incentive management solution results in reduced operating expenses and increased net selling time which boosts top-line revenue. The IC solution reduces ambiguity in incentive compensation calculations and improves the reliability of your plans. More importantly, an automated solution creates an environment of trust, reducing attrition rates and boosting salesperson morale. It also provides flexibility to implement new ideas in a timely manner to stay up to date with the dynamic business environment.
Reach out to me in case you would like to learn more about Aurochs Solution Suite - an incentive compensation solution suite designed specifically for the pharmaceutical industry.
- Built-in IC intelligence using a comprehensive business process workflow
- Integrated quality framework
- Pick and choose standard components from a list across modules
- Built-in summary reports and analytics
- Universal output structure
- Integrated iPad friendly field reporting platform
- Built-in industry-specific exceptions
You can also visit our website to learn more - https://www.aurochssolutions.com/