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iComp
Multinational corporations around the world are facing numerous challenges today due to macro factors such as product patent expiry, stunted growth matured markets, strong regulatory en-vironment, and ethical selling concerns require companies to re-strategize their Sales Manage-ment operations to maintain the competitive edge. Till today, most companies use spread-sheets to compute the incentive compensation which is manual process.
As per Gartner’s estimates, companies are overpaying up to 8% bonus and commission due to the manual processes with substantial time delays. Also, this process is error prone, time consuming, inefficient and difficult to maintain. Computing, getting accurate and holistic perspective of incentive results is difficult in a scenario where organizational structure, territories and plans are constantly evolving. Organizations need a managed, structured and automated system which can allay these foreseen bottlenecks, provide incentive results accurately, timely and help them in implement-ing new and different plans that drive the right behavior for field personnel.
A comprehensive yet simplified suite for
design, implementa-tion & administration
of Incentive Plans that aligns with
the organizational strategy, drives performance &
renders equal earning opportunity for all
IC Admin Incentive compensation administration involves bringing together all elements of a plan and input data and opera-tionally administering this plan to generate payouts based on agreed upon delivery schedules.
This is a flexible and easy to use application that enables incentive compensation plan design and administration of chosen plans for a wide variety of compensation plans and sales force structures. The application is highly con-figurable so it takes care of changing business plans
MBO MethodologyUsing MBO Methodology to assign scores and then using these scores to measure sales representative’s perfor-mance on a set of ‘softly’ defined objectives backed by an overall MBO plan. Approvals of these scores form an integral part of the process.
A number of large-tier pharmaceutical companies make use of MBO components as part of the overall Incentive Compensation program. This is very prevalent in managed care and specialty based sales forces.
Sales portalAn application leveraged as a medium for field collaboration and report distribution. This portal provides an online method for the pharmaceutical field force to access infor-mation such as performance (scorecards) reports, custom performance information/reports, historical payout infor-mation, and MBO and Quota management/refinement.
Quota setting and RefinementCalculation of Sales Goal objective for Sales Forces involve setting analytical models to compute goals. User can configure goal setting models based on markers such as Historic sales and market potential. In quota refinement application, the goals are further refined by the managers based on business requirements. User can configure required custom business rules like ranges and zero sum for their team and once the goals are finalized it is communicated to the field by individual goal reports.
What is in it for you?
Incentive Compensation Management
Why Us?
• Tried, tested enterprise application significantly reduces manual processes and errors• Fast, accurate and reliable IC services deliverable – product – enabled services approach drives in required
automation of key processed with industry best practices• Comprehensive end-to-end solution for effective implementation of sales force strategy• Architecture promotes reusability of components in order to achieve an efficient and faster implementation process• We manage incentives of 22,500+ payees with a mature global delivery platform
What we offer?
How does client benefit?
For Sales Professionals, Highly accurate incentive compensation computation and Performance management, Transparent processing and accessibility to Score cards, Ability to participate in behavioral objective setting
For Plan managers and Field Managers, Streamlined approval workflow, collaboration of Quota set towards incen-tive compensation computation , better insight of goal achieved and ease of periodic monitoring
We offer a robust end to end Incentive compensation management system which includes all the key metrics such as Goal attainment, Behavioral skills, Ethical values, Product knowledge, Business acumen and Customer feedback
We are also steadily marching towards a mobile and cloud-ready approach
Key Industry Verticals that can be targeted
Life Sciences, BFS, Insurance, Retail and Manlog
Sales Force
Plan Managers
Sales Operations
BU Leadership
Incentive Compensation PlatformUser Groups Technology
Plan Design & ConsultingPlan Design
& ConsultingSales
CreditingQuota Setting & Refinement MBO
SimulationsContests &
Awards Eligibility Appraisals & Normalization
Business Rule Management
Scorecards, Dash- boards, Reporting &
Analytics
Administration & Access Mgt.
Logical Architecture
Product Snapshot
For more information
Learn how Cognizant’s iComp can help transform your business, please drop a note to [email protected]
India Operations Headquarters
#5/535, Old Mahabalipuram RoadOkkiyam Pettai, ThoraipakkamChennai, 600 096 IndiaPhone: +91 (0) 44 4209 6000Fax: +91 (0) 44 4209 6060Email: [email protected]
About Cognizant Analytics
Cognizant Analytics is dedicated to bringing insights and foresights to clients through consulting, market research, analytics, modeling, technology and software. We combine in-depth domain expertise with predictive analytics and technology services to help clients gain actionable and measurable insights and make smarter decisions that future proof their businesses. With our highly experienced group of consultants, statisticians and industry specialists, Cognizant Analytics prepares companies for the future of analytics by combining deep industry knowledge coupled a proven “Global Partnership” model. Our effective global delivery model already reflects the future of analytics, which enables us to provide virtualized, integrated analytics to create value through innovation and agility while improving efficiency and effectiveness. http://www.cognizant.com/enterpriseanalytics
© Cognizant Technology Solutions 2013. All rights reserved. Cognizant owns all rights in all its trademarks, trade names or logos and any other intellectual property used in the presentation. Cognizant acknowledges the proprietary rights of other companies to the trademarks, product names and such other intellectual property rights mentioned in this document. Cognizant believes the information in this presentation is accurate as of its publication date, however such information is subject to change without notice. Except as expressly permitted, neither this presentation nor any part of it may be reproduced, stored in a retrieval system, transmitted or modified in any form or by any means, electronic, mechanical, printing, photocopying, recording or otherwise, without prior written permission of Cognizant Technology Solutions.
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