The life sciences industry is evolving quite a bit with more and more companies focussing 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.
“What-if” calculators help clarify the relationship between sales performance, corresponding performance measures, other plan parameters and final plan earnings.
Many small and medium sized pharmaceutical companies still rely on excel spreadsheets or home-grown script based solutions to manage sales incentive calculations for their salesforce. There are many limitations with these solutions which Aurochs solution suite can help with without breaking the bank. Here is an infographic explaining differences between Aurochs Software and Excel Spreadsheets using various parameters around outcomes, people, process and technology. This is largely applicable for other home grown script based solutions as well.
Christopher Godwin, an expert with 12 years of experience in pharmaceutical domain practice areas like sales force effectiveness, sales force alignment optimization, incentive compensation, business intelligence and analytics has joined the Aurochs Software Advisory Board.
Aurochs Software launches its Quota Setting solution- a self-service module that helps pharmaceutical companies to efficiently set sales targets for their sales force.
Aurochs Software launches its incentive plan health check module
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.
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.
Aurochs Software launched Rep-Eye, a field reporting solution for incentive compensation.
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