While traditional businesses shiver with post-pandemic fever and international economies seem not to find their feet yet, the software industry may be getting started. Gartner reported a growth in software spending of 9.8% to $674.9 billion in 2022, even overtaking other tech niches by a broader gap in 2023. The facts are glaring – the software economy has come to stay, and Pharmaceutical businesses must find their place in it.
This news is relevant to every facet of business – including the agelong art of sales reporting. However, there’s the good and not-so-good side to it. The good side is that there’s a product tailor-made to analyze your sales processes and transform your Pharma sales reporting. The other side? Many others may have yet to decide on your specific type of business, even though you can still cope with them.
In any case, that’s why we’re here – to ease you of that search and possibly bring it to a halt. In this piece, we’ll dive deep into what makes for the best sales reporting software, how it’s relevant to a Pharma business, and what you should expect from such software. You may want to sit tight as we jump in!
A Peek into the Pharma Sales Landscape
While the Pharmaceutical sales landscape may be a goldmine, it’s highly regulated and may be complex to newcomers. The terrain is crucial as it doubles in providing quality medicines to healthcare providers and hitting targets for the pharma companies. Due to the dynamic nature of this market, there’s a need for data accuracy and compliance.
This is where the need for sales report software comes in. With the ever-changing dynamics of patent expirations, shifts in healthcare policies, and mergers and acquisitions in the pharma business, pharma sales reps must have a dependable system of tracking and documenting their sales performance. Such accountability will prove invaluable in promoting their products effectively and adapting their sales strategy.
What is Sales Report Software for Pharma?
As the name implies, sales reporting software is a digital tool that generates sales reports for your sales team. Whether a small retail pharma business or a prominent manufacturer, you only need to create the sales funnel and set the metrics. It’ll make a detailed report through artificial intelligence.
Different types of sales reporting software exist, meaning your choice would depend on your company’s size and sales strategy.
However, the underlying purpose of all is the same — to analyze your company’s sales. Especially for a pharma business, sales reporting software will provide a breakdown of your company’s daily sales performance, highlighting your strengths and weaknesses so you can know where to improve.
What Will a Good Pharma Sales Reporting Software Do?
With tons of sales reporting software, choosing one that suits your type of business may seem daunting. Not to mention getting custom-made sales reporting tools for the Pharmaceutical and life science industry. We specify some features you should look for when selecting your pharma sales reporting software. Let’s look through a few features that are desirable for sales teams.
Your Software Should Create Detailed Reports
The primary job of pharma sales reporting software is to provide your sales team with a detailed, accurate report on the sales metrics they need. With little mental effort, your software should give you sales forecasting models and CRM analytics. There are different types of sales reports a pharmaceutical business can benefit from; here are a five important ones:
- Funnel and Pipeline Analysis Reports
This type of report zooms into your sales funnel, providing details on prospect movements, conversion rates, sales cycle, and sales data. You can add filters to the sales reporting tool, i.e., for different time zones and points in the sales pipeline.
- Sales Forecasting Reports
This type offers future revenue and costs predictions for a company or a sales manager’s account. The tool allows you to pick a forecasting method that best suits you — either by percent of receivables, sales, or credit. You’ll also find a sales forecast template with some pharma sales reporting software.
- Performance Reports
A performance report helps to identify what aspect of your team needs more strength, training, or knowledge. Sales managers only need to check the reports for the sales teams and individuals, and the performance of everyone becomes clear — whether good or poor. Thus, they can know what buttons to press to restore effectiveness.
- Revenue Reports
A sales reporting tool can give you a detailed financial report. Revenue refers to the financial income of the company over a given period. It provides information on the number of won or lost deals and may often overlap with sales forecasting reports. There’s no better way to measure a company’s financial situation at the end of a quarter or sales cycle. This way, your sales team can know where to pay attention if they must hit targets or beat the break-even point.
- Customer Interaction Reports
Sales reporting tools that measure customer interaction will give insight into your customer’s pain points or value points — what matters to them. You may use multiple communication channels when just one is adequate; such a report will help you know which one. For some folks, just one interaction point may not lead to conversion; you’ll need to know their different trigger points.
Your Software Should Merge With Your Sales Dashboard
What’s the essence of a good pharma sales reporting software if its effect or function isn’t visible to anyone in the company? That’s why you need a sales dashboard that displays the sales data clearly, saving you the need to send the reports to individuals. Every employee with access to a dashboard can follow the information on their dashboard, keeping everyone on the same page.
Your Sales Tracking Software Should Organize Automated Data
In a world where 2.5 quintillion bytes of data are generated daily, pharma companies need a system that sorts out and interprets such colossal loads of information. Of course, that stat doesn’t refer to sales alone, but it still points to the fact that Pharma companies need help with data organization — and sales reporting software offers that help. Staples, for example, is a company that does B2B and B2C sales in many countries.
With 1040 stores in the U.S. and digital purchases, manual tracking will be a waste of time as it would be inefficient. Alternatively, sales reporting software works like an engine that collects many companies’ data and seamlessly generates concise and aesthetic reports! That’s the power of tech.
How to Choose the Right Sales Reporting Software for Your Pharma Company
As mentioned earlier, there are many sales reporting software out there. But only a few are tailored for the Pharma/Life Sciences Industry. So, it’s better to ask, “How do I choose the best sales reporting software for my sales team?” The following questions will help you in your choice of suitable software.
1. Who was the sales software designed for?
Software companies and designers have a specific user or set of users in mind when creating a sales tracking software solution. Hence, knowing the intended end user before purchasing any sales reporting tools is essential. You want to ask:
- Is it designed for in-house or field sales teams?
- Is it tailored for your industry, or does it work for a general audience?
- Do its features solve your clients’ problems? For a Pharma company — can it help Healthcare Professionals and patients?
2. What’s the nature of your sales data?
As a Pharma company, you’ll report HCP and patient engagement data. Many sales tracking software solutions won’t provide access to these specific data points, so you must decide on this beforehand carefully. If your team works mainly on the field, you’ll need to distill revenue by territory and have access to rep daily activities.
You’ll also need a sales management system that measures sales reps’ progress against set targets. However, not all businesses require such sales reporting details, as different companies have varying needs. You know what’s most suitable for your business.
3. Will the software enable you to track multi-channel sales interactions?
Over the years, marketers have used several excellent methods to reach prospects – calls, direct mail, or sales reps going in person. These methods were effective to an extent, but you couldn’t track your marketing as effectively as you can today.
Any sales reporting software you choose must allow easy tracking and recording of your traditional and digital sales efforts. A sales tracking software like this is the only way to keep accurate sales reports and processes.
4. How much customization is permitted?
Your sales reporting tool must allow for your company’s uniqueness and processes. As you know, there’s no one-size-fits-all model for business, and your stakeholders have their preferences. If you must satisfy these preferences, your sales tracking software must allow you some freedom of customization – both for the type of data you can track and how you can visualize results. The customization tool must also be easy to operate.
5. How does the software secure data?
Data security and compliance are king in the Pharmaceutical marketing space. As patients do not want their private details revealed, companies also can’t bear the loss of goods or funds due to inappropriate data management. While this factor may sound boring, data-secure sales tracking software is crucial to your customer’s safety and business success.
6. What do others say about the software?
We must emphasize the place of hearing third-party opinions before trying out a service. While the sales reporting solution may look like your savior at first glance, you should double-check the business’ reputation with other key players in the industry. What are previous users saying? If many of its users complain of the product’s difficulty or bugginess, try something different.
Also, look for the company’s digital presence – on social media, YouTube, and other places where customers interact. A trustworthy company will have its presence established across different platforms to create a good ambiance for user complaints and customer support.
Take your Sales Performance to the Next Level!
With different sales tools around today, pharma sales reporting has never been easier. If a Pharma business will thrive in 2023, it must uphold the importance of automation and accuracy in its sales reporting. A good sales reporting software must create detailed reports that cover your sales processes, customer interaction, rep performance, funnel and sales pipeline analysis, and sales forecasting.
The sales reporting tool should also merge with your sales dashboard for seamless employee access and help organize automatically generated data. Before jumping on any excellent sales reporting tool, you want to ask who the product was initially designed for, if it can track multi-channel sales interactions, and what users say about the platform.
As a software that offers sales reporting, we understand what accuracy and security mean for pharma businesses, and we created a solution to address it. We tailored Platforce towards healthcare professionals, retail pharmacy businesses, and patients who may require your products. Why struggle with simple sales reporting when we can help you right now? Contact us today!