Business performance management
The importance of an efficient business performance management
Currently, performance management is a reason for dissatisfaction in many companies, which leads in most cases to have no effect, or even negative, on the efficiency of the organization. Specifically, and according to a McKinsey study, only 29% of employees fully agree that the performance evaluations they receive are fair and accurate.
That is why the objective of every company is to create a positive work environment that helps improve the performance and experience of employees. Furthermore, studies show that organizations that manage to create this kind of motivating and fair environment at work become 21% more profitable thanks to a highly engaged sales force.
The key to achieving efficiency in performance management lies in adopting the appropriate tool that supports the manager or sales manager, and allows them to carry out much more accurate, transparent and fair reviews. Thanks to the emergence of new technologies such as Data Analytics and Business Intelligence, the path to more efficient performance management is easier than before.
Thanks to the new possibilities offered by these new tools, it is possible to build a specific solution that helps us manage the objectives and incentive plans of employees. Thus simplifying and streamlining the efforts and resources that this type of activity generally entails.
Advantages and functionalities
Some of the functionalities and advantages that this type of solution could bring to organizations and pharmaceutical laboratories are:
- Definition of Objectives: Definition, distribution, automatic loading and calculation through simulations of objectives at any level.
- Full Coverage: Coverage of objectives and qualitative and quantitative incentives, management of sales indicators, etc.
- Comprehensive Management: Definition, visualization and comprehensive monitoring of objectives and incentives.
- Incentive Management: Calculation and management of incentives, publication of compensation plans, etc.
- Analytics: Powerful analytics engine to analyze incentives and targets at any business role and cluster level.
- Intuitive visualization: Intuitive dashboards to facilitate the understanding of the information.
Business performance management systems
In addition to the functionalities mentioned above, other of the many advantages that business performance management and monitoring systems can bring to organizations are:
The benefits of translating information into visual dashboards
Throughout the year, companies will collect a large amount of data that must be turned into useful information and insights for representatives and the company itself in order to analyze it and detect areas for improvement.
That is why a good management system should facilitate the presentation and conversion of this information into visual and intuitive dashboards, so that companies can articulate and make decisions in an easier and more agile way.
Adaptation to business requirements at any level
Companies face a wide range of circumstances when managing the commercial area and its sales representatives, such as: sick leave, sick leave, changes in business lines, etc.
Unfortunately, most support systems do not handle them efficiently. That is why a good management system should allow you to consider these exceptions.
The importance of quantifying qualitative objectives
Today, companies deal with quantitative and qualitative objectives. However, the latter are more difficult to measure. That is why your sales objectives and incentives management system must allow you to evaluate the performance of these qualitative parameters.
Individual performance reports for reps
An up-to-date individual sales record could help you improve the average performance of your sales force by making it easier for reps to track individual goals, and thus helping them more easily achieve them.
Enable sorting features to avoid poor performance
Finally, in addition to analyzing the individual performance of each representative, one of the main characteristics that a good sales management system must have is to enable classifications.
For sales managers it is important to compare the performance of individual representatives to measure and rank the average performance of a particular area or department.
This feature should also be copied to cover other issues. For example, classifying different business units to detect underperforming issues on the spot.
If you want to go deeper into business performance management and monitoring systems, and how they can help you increase business volume and make more efficient use of your company’s resources, we recommend that you read our post “Performance Management: Management of Objectives and Incentives”.