Automated Incentive Compensation Management for Med Tech
Leverage a solution that solves current state issues and articulates future state needs.
Evaluate your sales strategies with an effective SPM program.
Over the past few years, the medical device market (otherwise known as Med Tech) has experienced significant changes that impact all aspects of buying and selling. In the United States, this market is expected to grow from $426 billion to $613 billion between 2018 and 2025, according to Fortune Business Insights. This industry is crowded and competitive which yields highly complex regulations, and buying processes, and demands a new sales approach. The costs of medical devices are increasing rapidly, which means that margins are decreasing just as fast. Sales teams are being reconfigured to account based sales with their incentive plans becoming even more complex than ever before.
A global healthcare and life sciences organization who has brought new products and technologies to the world in nutrition, diagnostics, medical devices, and branded generic pharmaceuticals was faced with the challenge of making the most of out of their SPM investment, given the size of their global sales force and their multiple product lines. After went live with their solution, they quickly recognized that it continued to consume valuable time and resources. They needed to develop their solution to ensure accuracy, reliability, and predictability from its compensation processing. They succeeded by partnering with OpenSymmetry where the team of SPM experts utilized their proprietary 5 Cs approach to assess their sales compensation program. By applying the 5 Cs assessment, the client discovered that they could save time and money by making some modifications to their sales compensation program. Through the OpenSymmetry OS EDGE managed service program, the client was able to become self-sufficient.
Unique Complexities of the Medical Device Industry
Collect
- Multiple Source systems (CRM & ERP)
- Account based alignment and tracking of transactions
- Transaction and product adjustments
- Flexible hierarchy and assignment tracking
Credit
- Cross over crediting relationships
- Geography, customer, and product-based territories
- Territory and quota updates
- Exception requests and processing credit override
Calculate
- Linked metrics and/or incentives (referrals, capital, and consumables)
- Compliance and Revenue Recognition rules
- Management of large populations and plan metrics
- Rate of plan change
Compensate
- Complex draw and guarantee logic
- Prior period adjustments
- Scorecard input and management
- Management of external and manual processes
- Change Management
Communicate
- Framework for high volume drill down
- Pending transactions
- Retroactive actions and traceability
- Dated reporting and user experience
- Aggregate performance (product, line, channel)
How Do We Help
Foundational models are tailored based on client specific requirements, and increase the ability to realize
strategics differentiators and best-practices.
| DESIGN CATEGORIES | COLLECT | CREDIT | CALCULATE/COMPENSATE | COMMUNICATE |
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Clients From Around the Globe
“Sunrun maximized the value of our incentive compensation system, and we were able to increase overall sales volume of solar panels and batteries. We’re now able to better serve both our employees and our customers. The efficiencies generated from this new ICM system have led to an increase in deployment of solar across the United States.”
ROBERT YEAGER
Director of Compensation, Sunrun
Clients From Around the Globe
“OpenSymmetry rose to the challenge of creating a roadmap for an efficient, centralized ICM system for us. We started off with over 100 incentive plans throughout the bank in different lines of business, meaning the incentive administration was decentralized. With the help of OpenSymmetry, we have improved efficiencies by streamlining our incentive compensation administration to a single system.”
Kimberly Hinrichsen
VP & Sr. Director of Incentive Admin, U.S. Bank
Clients From Around the Globe
“After working [with OpenSymmetry], my whole world changed. From working with a huge, onerous spreadsheet system, it’s gotten simpler. It’s changed the game for everyone in the company. We have improved timelines for making information available for reps. It shifted my perspective to dig deeper into the data.”
Courtney Aubin,
Senior Sales Commissions Analyst, Blackbaud
Clients From Around the Globe
“Working with OpenSymmetry, we experienced openness, flexibility, and total commitment to our success from UK team. I was surprised that instead of coming up with solutions to fix our problems only, they were always looking for ways to simplify, streamline, and improve our processes in the same time. Due to that kind of commitment, we went from having over 100 configuration rules to just 27.”
Petra Maurova
Sales Rewards, SITA
Clients From Around the Globe
“OpenSymmetry helped us to evaluate our ICM program in a new light. Their technical and business expertise allowed us to understand the details of how changes would impact our system and processes. This enabled us to implement changes that would have the biggest impact on our business.”
Sales Operations Manager
Wacker Neuson
Clients From Around the Globe
“OpenSymmetry’s culture was a really good fit with T-Mobile. They were very open-minded and spent as much time listening and collaborating with us as they did telling us what needed to be done. That type of humility with such solid knowledge and capability was a perfect match for us.”
Clayton Tredway
Director Customer Care, T-Mobile
Clients From Around the Globe
“OpenSymmetry helped automate our data feeds and update our configuration of Xactly Incent, and these improvements helped us save approximately 7,200 hours per year by eliminating manual calculations, minimizing adjustments, and building trust in the data to reduce shadow accounting. When we got this working right, we reduced what took days to 3.5 hours. Time savings have been so key for us.”
Justin Ritchie
Senior Director of Sales Operations, Manheim (subsidiary of Cox Enterprises)
Clients From Around the Globe
“Working with OpenSymmetry, we have implemented a formal, auditable, trackable sign-off process for the payouts. It’s made a huge improvement. No more paper. Information is at associates’ fingertips 24/7. Managers can view sales results and compensation results for their teams, which leads to more effective and efficient management. The availability of information has made a huge difference.”
Jennifer Wooster
Vice President – Group Actuarial and Compensation Officer, Ameritas
Resources for Med Tech
Med Tech Incentive Compensation Professionals
LinkedIn Peer Group
Join our incentive compensation group exclusively for the MedTech industry. Network with your peers, exchange ideas, and discover new tools and techniques that can help you grow.
SPM Challenges & Technology for the Medical Devices Industry
Whitepaper
Take a look for an understanding of how SPM technology solutions can resolve common challenges for managing and paying sales incentives within the MedTech sector.
A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?
Blog
Will there a be a forthcoming shift in pharmaceutical sales compensation plans? Learn what we’ve found and what companies might have to do to adjust.
About Us
OpenSymmetry enables clients to achieve greater operational efficiency and get better sales results. We are a global consulting company specializing in the planning, implementation, and optimization of industry leading technology suppliers of sales performance management solutions.