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Pharma companies have started gathering more and more information about customer relationships through Sales force automation(SFA) tools. Information is available in tools but to get something meaningful out of it may take a lot of time and effort. That’s where Business intelligence(BI) comes into picture - BI as a tool can look through all the data and come up with meaningful answers in a very short time. In this blog we have tried to cover some of the analysis that can be done on SFA data.
Sales analysis :
Access to cumulative sales figures on a daily / weekly basis is very useful for sales team. Field force and middle management can look at sales data to see if the direction they are moving aligns with the companies goal. Sales data can give insight into :
Which sales rep are performing to meet the target
Which regions are continuously reported in the bottom 10 for the last quarter
Which head quarters contributed the most to the total sales in a territory
Which three products are our top selling products of the month in the west region
Which HQ have insufficient list of Active Doctors and Retailers.
Company can slice and dice sales effort and figures to find how products are doing across geographies. It can give insight into specific products, product categories, focus products etc. Product data can be used to shape product strategy as whole and different plans for separate regions. Some of the key questions that can be answered:
Which products are forecasted to meet the target?
How many SKUs are showing de-growth
Which SKUs achieved target in the last month
List of new products that were not sampled in a region
Product is exposed to which type of Doctor Specialization
Expense has to be kept under control to keep companies profitable. Analysis on expenses is required so that it does blow out and becomes a surprise at the year end. Expense should be monitored as it takes pace, some answers that management will need for expenses are :
In which 5 areas expenses increased by more than 50% as compared to last year
How does increase in expense co-relate with sales increase
Which head quarters have good sales to expense ratio
Expense analysis by different expense categories
Product / geography specific expense analysis
Companies need to be on top of outstanding in the market. Business intelligence can get appropriate information to keep outstanding in balance. Key things to monitor:
Outstanding aging analysis
Cash flow v/s Sales for different regions
Top customers with pending outstanding
Outstanding for customers as compared to average monthly sales
Outstanding analysis by region
Doctors are key to every pharma companies sales plan be it for new product introductions or pushing the current products. In that regard it is important to keep a close tab on sales reps ( or medical representatives) in the field. Product detailing and product sampling metrics becomes a good way to get insight into companies interaction with doctors.
How many Class A doctors were not visited in last month even once
CRM Doctors, their coverage and feedback
What type of Doctors are covered in product detailing
Which doctors were visited more than the required visits
How many of focus products were sampled in the last quarter
This is just the tip of iceberg, there is so much more that can be done with the data that pharma companies have. Business intelligence can give insights which will be impossible for a human eye. Moreover ease of using various reports make it very useful for Top and middle management.