Improves Sales for the Pharmaceutical Industry

How Phrazor Helps Improve Sales for the Pharmaceutical Industry

It's a common practice in organizations for the senior management to decide the course of action that the sales force on-ground will take. Information flows, communication processes, courses of action - they all start with a report.

What do these reports talk about? Managers receive a comprehensive overview of market (external) and company (internal) happenings. Now, such reports are created by data experts who collect these data from various sources and summarize them into concise reports that are then used by managers to make decisions. Decisions which have a direct impact on how much sales the company is going to make.

Except there are some problems.

 

Pain points faced by Sales Function when taking decisions

Manual report creation forces a lot of time to be invested into data collection and preparation of a dashboard. Moreover, establishing an interconnection between various data points is still not possible many times. Data collected in silos remains in silos. So even when such fragmented data is analyzed, there is not enough accuracy to arrive at effective decisions. The time consumed here also leads to managers waiting for a week or even till mid-month to receive sales reports. By the time they are through with their analysis, it is already too late to implement any solutions. 

Creation of reports that are generic in nature is another major hurdle. A common report created for multiple people does not provide managers with enough insights to understand ground situations and adapt accordingly. The report scopes are restricted due to pre-defined KPIs (Key Performance Indicators). Further, sharing these reports between, say, area and regional managers is not feasible as the reports are not optimized for shareability. 

Inefficiency in creation, quality, and sharing of reports - sales managers grapple with these pain points and are thus not able to make effective and timely decisions.

 

According to Gartner, data storytelling will be the most widespread means of consuming analytics by 2025. In addition, by then a full 75% of data stories will be automatically generated using augmented intelligence and  machine learning rather than generated by data analysts.

 

Personalized Reports from Phrazor

Phrazor has the capability to create thousands of automated sales reports from scratch. What takes days of human effort and expertise is reduced to minutes when using Phrazor.  It delivers highly personalized reports around every member of the sales team, so leaders know exactly what’s going on, and what decisions to make. Further, each report is embedded with language-based insights that make data easy to interpret. These auto-generated insights not only explain the data visible on the dashboard but also mine the underlying data pool to surface hidden insights that would have gone completely unnoticed otherwise. Companies with larger and more sophisticated databases are at an advantage here, as available data is utilized to the fullest. Finally, the convenience of sharing such reports in daily-used formats like PPTs and PDFs allows instant communication to be established, regardless of geography.

 

Here’s a capsule version of the benefits mentioned above: 

a. Highly personalized, automated, and scalable reports from Phrazor, created within minutes, save time and help arrive at correct decisions 

b. Auto-generated insights also extract hidden data trends and utilize data to the fullest

c. Instant and seamless communication between teams is facilitated

 

Phrazor Reporting Templates for Pharma

The team at Phrazor understands the pain points of users through exhaustive research and develops customized solutions for each industry. We developed ready-to-use Phrazor Reporting Templates for the sales vertical in pharma as well. A couple of example of these are:

1. Integrated Brand Performance Report Template, which measure market performance, investigate brand sales, and make strategic decisions on the basis of personalized auto-generated insights to drive growth

2. Medical Representative’s Physician (Digital) Outreach Performance Report Template, which improves SFE (sales force effectiveness) and productivity by improving physician outreach and coverage

These, along with templates categorized by hierarchy, where

 

a. Top management can scrutinize all macro factors such as market share and growth, product-based growth trends, and more

b. Middle/Regional management can drill down to perform root cause analysis, find out how brands are performing, and correlate efforts to sales, and 

c. Medical Representatives receive a prescriptive analysis of how to pitch and sell through rich insights along with how to perform to achieve quarterly incentives, etc. improve sales force effectiveness tremendously.

 

Empowering Medical Reps to drive sales

Although voluminous in number, medical representatives are often aloof from the strategies developed in corporate. Given that they are always on-field and scattered across locations, they are not included in the conversation, so to speak, although it seems imperative that they should be. 

Take this example: Medical reps plan routes by organizing their dates and times according to physician availability. They also conduct mental-mapping of which physician to target in case of time overlaps. Such rudimentary analysis can lead to misdirected efforts leading to loss of sales. 

Phrazor connects reps to key information through simple alerts which they can access on-the-go and which assists them in planning routes and prioritizing physicians based on higher conversion potential. Along with factual directives, the sales force is also motivated when Phrazor lets them track their own incentive achievements live. 

 

Phrazor - Preferred choice of top pharma brands

Phrazor works with global pharma giants and is all set to add one of the biggest pharma names in the world to its clientele. You can view case studies of how Phrazor solves their reporting issues and improves sales force effectiveness. 

 

Understand how Phrazor is applicable in your particular use case. Schedule a concise, no-obligation demo with us today.

 


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Written By

Akanksha Ramchandani

Akanksha Ramchandani has worked in IT industry as Developer, Project Lead, Strategy Lead, and Solutions Consultant for over a decade. She understands the requirement and problems of the clients and delivers a tailor-made solution. Currently, she is looking to help fortune 500 companies in changing the way they look at data and automating their reporting by using vPhrase's AI product.

Akanksha Ramchandani has worked in IT industry as Developer, Project Lead, Strategy Lead, and Solutions Consultant for over a decade. She understands the requirement and problems of the clients and delivers a tailor-made solution. Currently, she is looking to help fortune 500 companies in changing the way they look at data and automating their reporting by using vPhrase's AI product.

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Phrazor empowers business users to effortlessly understand their data through insightful stories, using AI.

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