Life Sciences
Pharmaceutical, medical device, biotechnology, and other life science organizations need efficient controls to manage data, compensation, reporting, workflow, and planning processes. Without a robust solution to manage sales compensation and performance processes, most companies risk inaccurate data, non-compliance with legislation, flawed compensation plans, and lack of insight into organizational performance.
Challenges
When life science organizations lack a solution to manage sales performance and related sales operations processes, they are unable to:
- design and manage variable compensation components, including incentive plans, rewards, SPIFs, bonuses, and annual contests, and quickly respond to evolving business requirements
- collect and combine transactions, prescriptions, and physician and hospital sales from IMS Health and other data providers, as well as territory and account alignments and other sales performance information from disparate sources
- effectively present sales, compensation, and performance data to salespeople to increase understanding, and provide executives with a high level overview of sales force performance and budget attainments
- efficiently manage processes that involve submitting, routing, reviewing, approving, and communicating sales and performance information across different divisions
- manage sales quotas, budgets, and objectives to ensure alignment with company financial goals
- size and structure sales territories and channels to balance resources and maximize market potential
Capabilities
Synygy’s solution for the life sciences industry enables companies to:
- support all levels of plan complexity for sales representatives, district and area managers, directors, and executives across multiple sales forces and divisions, and adapt plans as necessary to align with market, industry, legislative changes, and FDA regulations
- integrate, validate, and manage historical and current product sales and performance data from a secure, auditable web portal to preserve data integrity, security, and accuracy
- communicate individual, team, product, and organizational performance, including territory rankings, market share, attainments, payment distributions, plan effectiveness, and more through clear, concise reports, analytics, dashboards, analyses, and trigger-based alerts
- automate manual processes, including managing payroll, disputes and inquiries, participants, alignments, hierarchies, inventory, product samples, royalties, and more to ensure accuracy and consistency
- set, adjust, manage, and communicate product and sales force budgets, and individual and team quotas and objectives to reflect sales strategy
- define and optimize equitable sales territories and target channels based on customer concentration, demographics, and sales potential through a single, secure location
Synygy’s solution for the life sciences industry includes:
- Compensation Plan Modeling, Design, and Deployment
- Incentive Compensation and Bonus Management
- Rewards and SPIF Management
- Data Repository and Data Process Management
- Sales Crediting Management
- Reporting and Analytics Needs Assessment and Design
- Budgets and Quotas Management
- Objectives Management
- Territory and Channel Management
- and more
