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Incentive Compensation
Admin

Management by Objective (MBO)

Your company’s work can become a lot more efficient and smoother, with the help of MBO. Read this blog to learn more about Management by Objectives.

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Aurochs Safety Checklist
Incentive Operations
marketing

Safety & Hygiene Essentials for Incentive Operations

There are Safety and Hygiene essentials that should be implemented at both the strategic and tactical levels to increase the overall efficacy of your sales incentive operations administration. These Safety and Hygiene standards contribute to lower operating costs, higher net selling time, and increased top-line revenue, as well as affecting the overall plan and its capacity to accomplish strategic business goals.

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Incentive Plan
Incentive Compensation
marketing

How do you know your Incentive Plan is working?

Effective Incentive Compensation Program Management helps the organization to improve the topline, salesforce engagement and reduce attrition of top performers. Read this blog to understand how your incentive plan is working.

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Incentive Compensation
marketing

Management by Objective (MBO)

Your company’s work can become a lot more efficient and smoother, with the help of MBO. Read this blog to learn more about Management by Objectives.

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Clinical Testing
marketing

Evolution of Clinical Trials – Part III

Continuing with our analysis of clinical trials, in this blog we have focused on two important aspects of this area i.e the enrollment rates, covering the reasons for the change in the share of enrollments in particular therapeutic areas over the decade and its trends in recent years. Another important aspect is the status of trials being conducted in a particular therapeutic area with the reasons for changes that occurred.

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Clinical Testing
marketing

Clinical Trials: Profound Insight into Top 5 Therapeutic Areas

Clinical Trials have evolved over time in many aspects. The extensive use of modern tools available has helped in increasing the rate at which the trials are being conducted in recent years. There have been an evolution in the techniques being used and the major areas of focus. Where the major focus used to be only Oncology, Respirology etc., now researchers have increased the range of trials and infiltrated into new Therapeutic areas. The Blog gives us insight into the top 5 such Therapeutic areas which were in the limelight over the past decade.

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CMS
marketing

Open Payments – A critical cog that ties Healthcare manufacturers with providers

Open Payments, managed by the Centers for Medicare & Medicaid Services (CMS) is a national disclosure program that promotes a more transparent and accountable health care system. Open Payments houses a publicly accessible database of payments that reporting entities, including drug and medical device companies, make to covered recipients like physicians and Teaching Hospitals. These payments may include consulting fees, research grants, travel reimbursements, and payments made from the industry to medical practitioners.

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Clinical Testing
marketing

Clinical Trials and their Evolution

Clinical trials are organized exploration studies to decide if a clinical treatment, device, or system is suitable and safe to be applied to humans. This blog focuses on the overall change in the scenario of the clinical trials space since the beginning of the previous decade (2010-2020) and insights from the past three years(2017-2020). Additionally, there is some light shed on the major changes happening in different therapeutic areas, no of trials, enrollment rates, and distribution of trials across countries.

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Life Sciences Organization
marketing

5 Innovative Sales Contests Ideas for Life Sciences Organizations

Sales contests are a go-to tactic for sales managers because these work the best. Excellent sales contest ideas can motivate your sales reps to reach unparalleled heights. Read on to find the best 5 proven innovative sales contests ideas for running and incentivizing your next sales competition.

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Compensation Plans
marketing

Why Your Sales Incentive Program Isn’t Working

Incentive plans have the potential to raise morale and increase job satisfaction, thereby increasing your business’ sales growth and profit. However, some sales incentives do not work. This article will walk you through the reasons why sales incentive programs fail and how you can solve these problems.

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Advantages and Disadvantages
marketing

Sales Forecasting

In this article, we will tell you about sales forecasting. It covers the meaning, uses, types, advantages and disadvantages of sales forecasting.

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Sales Quota Types
marketing

5 types of sales quotas every sales operations personnel should know

Sales quotas help you to ensure that you are on track to meet your sales goal. If set sales quotas are unrealistic then it demoralizes the team and even discourages the top-performing reps. It is necessary to set realistic sales quotas that motivate your team and that’s where knowing different types of sales quotas become important.

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Quota Fairness
Suruchi Kadam

How to set volume-based sales quotas? (Part III)

As a part of the last blog of the series we focus on Quota fairness using percentage volume growth. Each out of the 3 metrics indicate has different takeaways and is useful in setting up fair and achievable quotas for the salesforce.

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Quota Fairness
Suruchi Kadam

How to set volume-based sales quotas? (Part II)

Evaluation of quota fairness for your salesforce is a must. Unfair and achievable quotas can lead to higher attrition and loss of revenue for the organization. A fair but challenging quota is the best way to steer your organization towards a steep growth path. This blog highlights how absolute volume growth can be used to test the fairness of a quota set for your field.

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Quota Fairness
Suruchi Kadam

How to set volume-based sales quotas? (Part I)

Quota setting is one of the standard tasks associated with IC planning in the pharma industry. A fair but challenging quota is the best way to steer your organization towards a steep growth path with a motivated field force in the driver’s seat. This series of blogs check the fairness of a quota set using different types/forms of Product volume(actual, absolute, and growth) as the criteria.

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Incentive Compensation
Amit Jain

7 Benefits Of Effective Roster Management

Are you still using excel spreadsheets to manage your employee/sales roster? Have you ever wondered about the complexities you are handling manually and the time you are spending behind it? The roster has evolved from being an employee management mechanism to a critical cog driving commercial excellence/sales operations processes like scheduling, sales force sizing, call planning, alignment, and incentive compensation management decisions.
Through this article you will get to know all about the Roster management system, it’s benefits like eligibility, operations, agility, communication and much more and things to consider for effective roster management.

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AWS Athena
Sujeet Pillai

Build a real-time data lake with AWS Lambda, Redshift and Athena

The analysis of prescription, claims trends, estimate market sizes, develop go-to-market strategies and construct target lists need the pre-commercialization healthcare organizations to adopt data stores & data warehouses making the data environment chaotic. On the contrary, commercialized healthcare organizations have activity, sample requests, quick starts, patient assistance programmes etc into play resulting in a less chaotic situation but a high volume of data. This blog speaks about the AWS ecosystem that provides a wide variety of services & tools to build a data lake or data warehouse that can quickly integrate new data sources, store, cleanse and quality-check incoming data in a configurable manner can make the difference between smooth commercialization and chaos.

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Commercial Excellence
Amit Jain

MBO (Management by Objectives) as a strategic tool

Management by objectives (MBO); strategic model with clear objectives agreed to by management and employees with an aim to improve the organization’s performance. They are also known as management by results (MBR) and were first popularized by Peter Drucker in his 1954 book, “The Practice of Management”

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IC
Sumeet Shah

A guide to increase ROI of your Incentive Compensation Solution

Over 80% of manual incentive calculations have errors that translate into a dollar impact for the organization. A lot of it can be attributed to use of excel workbooks or legacy solutions that are inflexibile & too tedious to manage. This blog focuses on key metrics you should track while implementing an incentive compensation solution. Diligent efforts to track these metrics and associated benefits can significantly increase the RoI of your implementation and reduce ongoing operational costs.

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Coronavirus
Amit Jain

Kenneth Pieh on approaching challenges in medical devices during this pandemic

The coronavirus pandemic has impacted the entire life sciences industry and all of them are striving hard to cope up with these difficult circumstances in their own way. IC landscape is no different and has not been spared by any of these challenges either. Covid has instigated social distancing and virtual meetings to be the new normal limiting the in-person access. This resulted into changing dynamics within the sales operations team across different industries. While talking about all these aspects, Kenneth Pieh shares his perspective on the changing and evolving trends in the incentive compensation management space.

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Change Management
Amit Jain

Is making changes to your IC solution stressful?

Almost 70% of change initiatives fail and less than 1/3rd achieve clear success. A lot of it can be attributed to inflexibility & rigidity of existing incentive compensation solutions to adapt to change and resistance from stakeholders because of painful past change management experiences. Change management failures also result in introduction of parallel tools and rise in manual processes. This blog speaks about the need for sales organizations to look at new age out-of-the-box, no-code solutions that can be an effective partner to the sales operations team, adapt rapidly to ever-changing needs and automate new processes that are introduced over time.

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Business Intelligence
Amit Jain

Has time come to change the way you manage your sales incentives?

Sales Operations / Commercial Excellence plays a critical role in any organization as they draw insights from the unstructured and unorganized information to improve the overall ROI and efficacy of sales & marketing spend. Inflexibility & rigidity of their existing incentive compensation system has been a major hurdle in this process. This leads to increased dependence on solution providers and impedes the overall outlook towards changing existing IC ecosystem. This blog speaks about similar challenges and the desired state one should try to achieve.

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Coronavirus
Sumeet Shah

10 Incentive plan adjustment ideas to deal with a pandemic

We have lived through these unprecedented times of a global pandemic and are now approaching the planning period for the next fiscal. After the rude shock that everyone experienced, it is imperative for businesses to appropriately react from a future standpoint. Sales reps are now getting more worried of their pay checks over catching an infection. What is your organization planning to do about it? Here is a list of options to choose from now that we are past the hiccups and have a grasp of the magnitude of the situation.

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Sales incentive payout curves
Commercial Excellence
Amit Jain

Different types of sales incentive payout curves explained

During a highly fluid and uncertain global business situation it’s imperative for businesses to design their payout curves right. Basis of the nature of business and markets we operate in there are different types of curves that do justify every sales reps performance. This article walks you through different types of payout curves and helps you choose the best one for your business.

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design incentive payout curve
IC plan design
Amit Jain

How to design your incentive payout curve?

A traditional incentive payout curve delivers different payout amounts for performance between minimum (threshold) level of performance and excellence (“superior” or “stretch”) level of performance. Usually, a curve is designed with additional elements such as threshold, target slope, excellent slopes and Cap to pay out 100% of an employee’s incentive opportunity on achieving the target. This article walks you through on ways of accounting these elements while designing your payout curve right.

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life science industry
Analytics
marketing

Press Release 2020/09/08 – Aurochs Solutions launches operations & analytics support services for the life sciences industry

Aurochs Solutions recently launched an array of services in the operations & analytics domain targeted at the life sciences industry. It has expanded its offerings to several new services & is now positioned to be a holistic partner that supports quota modelling, segmentation, targeting and many other analytics & operational needs of the commercial operations group.

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structure of incentive
Incentives
mazhar_ansari

Structure of incentive payout curve

Designing a payout curve is one of the most important steps to ensure that the incentive plan is aligned to broader corporate goals and has enough potential to entice salespeople to sell more by incorporating understanding of the selling process and competitive environment. This article walks you through the fundamentals of payout curves and the elements associated with it.

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Highly Intuitive Self-Managed Sales Target Setting Tool
Sales Quota Setting
marketing

Aurochs Software Launches Highly Intuitive Self-Managed Sales Target Setting Tool for the Healthcare Industry

Aurochs has newly launched a tool that allows creation and analyzing quotas which is easier and more precise. An integrated business workflow helps organizations establish the most business-appropriate quota methodology, model different factor influence, and supervise quota setting cycle to make sure that everything is being done in accordance with corporate guidance.

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Audit and Compliance
marketing

Aurochs Software successfully completes SOC 2 Type II Audit

Aurochs Software, a leading name in sales incentive management solutions for the healthcare industry, recently announced that it has successfully completed the Service Organization Control (SOC) 2 Type II, demonstrating compliance to strict information security, availability, and confidentiality standards.

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Management By Objective
Amit Jain

How to effectively design and manage MBOs / KSOs?

Management by Objectives is a management strategy which helps in alignment of broader corporate objectives by cascading down higher strategic goals to individual level goals depending on their function and expectations from their role. This approach was most prevalent for higher level roles

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identify unfair sales quotas
Quota Setting
Amit Jain

How to identify unfair sales quotas?

Why sales organizations around the world use sales quota achievement as a primary performance metric? It is because sales quotas can help provide visibility to the salesforce on the target that needs to be hit and align the sales force to broader business objectives. In addition, quota achievement

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Sales force effectiveness
Amit Jain

Better sales call preparation ensues high performance

No plan no result! It’s always good to plan your sales meetings beforehand to get most out of them. Pre-call preparation includes many aspects from the introduction to presentation to handling objections to closing. A simple pre-call homework ensures high closure rate besides maximizing the use of limited face to face sale time.

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Market potential
Quota Setting
Amit Jain

Various market potential markers to be used during sales quota setting?

The life sciences industry is evolving quite a bit with more and more companies focusing on the research and commercialization of specialty drugs. These new product launches at times are in relatively newer areas and always brings in too many uncertainties with them. Despite of thorough market research using epidemiology techniques and availability of sophisticated forecasting tools/methodologies, it is often difficult to predict how a newer product is going to do in any particular market.

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Incentive Sales Compensation
Amit Jain

How to organize your IC Operations?

For any incentive compensation (IC) program to be successful, a skilled team is required with right mix of technology, process and business expertise. It is very important for this team to understand the importance of quality and build a strategy to incorporate appropriate quality framework into broader operational paradigm.

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Incentive Compensation
Amit Jain

How to effectively estimate the cost of an inefficient / manual incentive management system?

Several factors needs consideration when justifying investment into an incentive compensation solution as they may have impact on the selling time, motivation etc. Aurochs has created a standard model for calculating cost of using an ineffective incentive compensation management system which you can tweak to your business situation. Use it to estimate the cost impact of using an inefficient IC system and build your business case for implementing an industry standard solution around it.

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Audit and Compliance
Amit Jain

11 ways to address key compliance guidelines while managing sales incentives

SOX and it’s equivalents (EFPIA code) require companies to establish, document and adhere to internal financial controls and proactively report on any gaps. The primary objective of compliance is to increase financial transparency and accountability by assigning responsibility to executive leadership and board members.

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sales plan
Incentive Compensation Plan
Amit Jain

When is it important to consider changes to your sales incentive plan?

Sales incentive compensation plans, like any other business strategy evolve in accordance with changing needs of the business. If this evolution does not happen at the correct time, it leads to a significant financial implication in terms of lost opportunities. Therefore it is very important to identify the correct time to review the IC plan.

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incentive ops
IC Operations
Amit Jain

Infographic – How healthy is your incentive operations?

Incentive Compensation plan operational strategy needs to be reviewed regularly. Many companies rely on excel spreadsheets or home-grown script based solutions to manage their salesforce incentive compensation programs. These solutions are generally preferred because of familiarity and perception of control without necessarily understanding the associated limitations.

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Do & Don't
Goal Setting
Amit Jain

Do’s and don’ts to consider while setting sales quotas?

Every incentive cycle, sales leadership and the operations teams face a difficult job of setting fair but challenging quotas. As a company, you want your sales team to meet their quotas but also push the envelope to achieve growth. Quotas play a big role in motivating sales reps to achieve broader strategic business objectives.

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Adjustments
Amit Jain

Do you constantly worry about managing incentive process exceptions? (Part 2)

Are IC exceptions slowing down and complicating your IC process? Is your current IC system only meet the basic needs while exceptions usually are managed with the help of manual processes and adjustments? This blogpost talks about some of the commonly seen exceptions in the pharmaceutical industry that your IC system should be able to handle out-of-the-box.

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Exception, Territory Mapping
Amit Jain

Do you constantly worry about managing incentive process exceptions? (Part 1)

Are IC exceptions slowing down and complicating your IC process? Is your current IC system only meet the basic needs while exceptions usually are managed with the help of manual processes and adjustments? This blogpost talks about some of the commonly seen exceptions in the pharmaceutical industry that your IC system should be able to handle out-of-the-box.

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How to improve the accuracy of your sales incentive payouts?

How does one think about quality and the processes that should be developed to ensure error-free deliverables. What thought processes must we use to ensure our processes can prevent errors upfront and if some errors still get through, what processes can we build to capture them?

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