As per Axtria research and our experience working with life sciences companies, approximately 50% of organizations still use Excel spreadsheets or other manual home-grown systems for incentive compensation (IC) design and operations. Most field reps who are impacted by this method are dissatisfied with the output. Excel or other manual tools result in longer processing times, quality control issues, as well as the need for higher IT and administrative staffing to handle very manual processes.
There is a clear need for standardized and automated incentive program. A standard global incentive plan can bring transparency with several benefits. It not only improves the sales operations but also brings behavioral changes, thus increased representative motivation, retention, and sales by leveraging and implementing best practices across global regions.
Our client, one of the world's largest life sciences companies with diversified operations into animal and human health, wanted to drive field force effectiveness, standardize its operations on a modern, enterprise-grade platform that align compensation strategies and implements best sales incentive programs, globally.
Axtria’s partnership with the client resulted in transforming their operating model through global planning with localized execution to derives the best of both worlds. The shared vision for global implementation helped improved operational efficiency by reducing overall operating costs and by reallocating investment into value-adding and essential new capabilities. It also increased insight generation, active decision support, and innovation at the speed of business.
Read this illustration to know how Axtria transformed the incentive compensation operations for our client to be successful, globally.
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