Automated Incentive Compensation Management for Med Tech

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.

How We Help

Often, healthcare and medical device (medtech) companies know they have this need, or something very similar, but they are unsure where they should even start. Knowing which solution will help an organization reach its end goal, most efficiently and effectively, takes careful planning and preparation. Equally, knowing how to properly manage the solution to scale with the organization is just as critical to revenue success. That’s what makes OpenSymmetry the right partner.

OpenSymmetry is made up of sales performance and incentive compensation technology experts across all the industry leading SPM solutions available. Since the devil is in the details, it is our goal to help you navigate through this process so that your investment has the highest possible return. We help organizations optimize their sales compensation programs through automation and process.

More specifically, OpenSymmetry will help your organization understand how to leverage software solutions to automate and operationalize some of the more common challenges:

Market Trends – Growth, Cost Pressures, and Buying Complexity

Incenting the Sales Channel – From Individual to Team Sales

Integrating Compensation, Territory Alignment, and Quota Management

Coordinating Changes with Increased Plan Complexity

Improved End User Experience with Data Analytics & Insights

In addition to the processes identified above, OpenSymmetry will leverage a holistic approach to ensure you receive the appropriate level of guidance to confidently invest in the appropriate solution and realize the desired return on investment.

Stop searching. We have your answers.