Tuesday, July 29, 2014

Diamond insights from Cumberland at the 2014 Revitas Industry Summit: Life Sciences

Announcing Cumberland as Summit's
exclusive Diamond Sponsor 
We’re ramping up plans for the upcoming 2014 Revitas Industry Summit: Life Sciences, and today announced that Cumberland Consulting Group will serve as the exclusive Diamond Sponsor for the event!

The event will bring together leaders in the life sciences industry to examine complex industry issues, identify best practices, and provide tools for continued success.

Cumberland, which delivers specialized consulting services to the pharmaceutical industry, understands the significant challenges pharmaceutical manufacturers face in designing, building, and maintaining systems to support compliance in the contracting arena. As a leading voice in the pharmaceutical industry, Cumberland will share its years of industry insights in a presentation during the general session on Wednesday, October 22.

Wednesday, July 23, 2014

Don’t miss this week’s live EBN chat: How to implement effective channel management

Join our EBN live chat:
Effective channel management
Don’t forget to log on tomorrow, July 24, at 2:00 p.m. EDT for our live chat with EBN. We’ll be fielding questions and offering insight on the importance of an effective channel management strategy.

Channel partner relationships are critical to a company’s profitability. But as partner contracts become more complex, so do the processes involved to ensure the contracts are managed accurately and efficiently. Don’t let poor contract performance put your company at risk. 

Tuesday, July 22, 2014

Revitas announces Breakaway Technologies is first to join the newly launched Revitas Validated Integration Program

Announcing the Revitas Validated
Integration Program
The Revitas solution suite built on the Flex platform serves as the nervous system for all contract, revenue, and compliance management data for any business. From industry to industry as corporate needs fluctuate, it’s imperative for organizations to integrate existing enterprise applications in their ecosystems with their Revitas solutions. Doing so enables companies to easily share data between applications and ensure consistency and accuracy throughout the entire business.

Through the new Revitas Validated Integration Program, we will be working closely with partners to create advanced solutions that will enable customers to more easily integrate their enterprise applications. These partner solutions synthesize with Revitas products and data assets and deliver them via the Flex platform -- enabling customers to grow revenue, increase profitability, and optimize outcomes.

The program provides the framework for success with partners who create add-ons and integrated products for the Revitas Flex ecosystem by delivering a package of go-to-market and technical benefits, including integration and test design, product integration validation, technical training, participation in Revitas activities and events, and the development customer success stories.

Thursday, July 17, 2014

Channel chat with EBN: How to implement effective channel management

Have channel management questions?
Join our live EBN chat!
Mark your calendars! On Thursday, July 24 at 2:00 p.m. EDT, Revitas thought leaders are joining EBN to discuss how to implement an effective channel management strategy.

Channel sales directly affect revenue for many organizations, and across industries, businesses are starting to refocus their strategies for improved incentive and partner management. It’s all about connecting the dots from the start of a contract through channel success.

Wednesday, July 16, 2014

Building successful channel incentives programs for life sciences companies

How to build pharma
channel incentive programs
In a recent post, my counterpart Joe Alphonse, Product Manager for Revitas Commercial Solutions, pointed out an excellent infographic about incentive management featured on Global Channel Management. I wanted to build on Joe’s thoughtful insights, so let’s take another look at the infographic. While his post and the infographic are focused on designing and managing incentive programs for non-pharmaceutical entities, much of the advice is transferable to pharmaceutical and life science industries.

Zeroing in on business drivers and selling objectives, we find there are shared goals across the commercial and pharmaceutical segments, including driving revenue, increasing market share, and achieving strong, profitable channel performances. While the infographic outlines scorecard metrics for channel performance, I wanted to extend the discussion by highlighting some areas where life sciences can benefit from the channel management and marketing practices shared by the commercial side.  

Focusing on sales by products and partners 
Pharmaceutical manufacturers can benefit from building strategies that balance the goals of improving sales and market penetration by product lines with a plan that helps to control costs and simplify incentive processing. Incentive strategies on the life sciences side are varied and extremely complex. The advent of managed care and its modern-day expansion through the U.S.’s Affordable Care Act rebates have become the norm to access and support a patient’s pharmaceutical therapies through the patient’s health plan’s drug coverage formularies. Pharmaceutical manufacturers are then managing a broad and deep matrix of products and incentive types across a wide network of channel partners.

Friday, July 11, 2014

Slideshow: Does your organization have these gross-to-net management problems?

The path to better accruals management
Pharmaceutical manufacturers know the pain of managing gross-to-net and financial accruals, as many are still doing it manually, using spreadsheets and other ad hoc solutions. But as sales volumes increase, so do the complexities of processing accruals.

The more challenging the process becomes, the more likely errors are to occur, leading to inaccurate accounting and unexpected results.

Take a look at the slideshow below to better understand the challenges associated with gross-to-net accounting for pharma manufacturers and the impacts to various job functions. We’ll also run through the automated solutions available to address those impacts:

Wednesday, July 2, 2014

Questions to ask to ensure channel incentive program success

How to build a successful 
channel incentive program

Our friends at ChannelManagement.com consistently publish great content, but they outdid themselves with a brand new infographic. They took an intimidating process -- selecting and building a successful channel incentive program -- and broke it down into a simple structure. The infographic discusses the types of programs, the types of rewards, and the focus of compliance, all in a single graphic that’s easy to follow and even easier to digest.

While the infographic accurately depicts how to select and build a successful channel incentive program, I’d like to expand the discussion to what it doesn’t talk about: how to execute and reconcile such programs. This back-end process is often a challenge, yet is critical to the success of any type of incentive program. 

Your channel sales and marketing teams spend countless hours creating compelling and unique channel incentive programs…but managing incentives post-execution is often the stumbling block. While the goal of every incentive is to help drive revenue, most organizations struggle with quantifying success or failure. Did you overpay incentive claims (giving away precious margin)? Did you underpay incentive claims or make untimely payments to channel partners, potentially ruining relationships and damaging partner relations? 

To determine the true impact of incentives, you need to ask yourself a few key questions after you execute your program:

Thursday, June 26, 2014

Revitas summer road trip: Heading to these can’t-miss events!

Summer 2014: Revitas's webinars,
tradeshows, and conferences
We have the rest of our summer all planned out with webinars, tradeshows, and conferences, from July to September, covering industry topics from high-tech to life sciences. Revitas will be offering the latest insights on how to integrate contract and revenue management, talking to leaders in the microelectronics industry, sharing best practices for managing the Medicaid Drug Rebate Program, and more. Get out your calendar, because you won’t want to miss us at any of these events.

Webinar: Eliminate the Roadblocks to Integrated Contract and Revenue Management
June 26, 2014 at 1:00 p.m. EDT
In this live webinar, Revitas will explore approaches to properly managing contracting and revenue management processes and map out a route for success. Join us to learn best practices for integrating your contracts and financials, the value and impact of accurate financial accruals, impacts of poor contracts on your bottom line, and more.

Tradeshow: SEMICON West 2014
July 8-10, 2014 in San Francisco
SEMICON West is the flagship annual event for the global microelectronics industry, displaying new products and technologies for microelectronics design and manufacturing. Come see technologies from across the microelectronics supply chain, from electronic design automation to device fabrication and final manufacturing. SEMICON West will also showcase emerging markets and technologies.

Thursday, June 19, 2014

Channel contracting playbook: How to get the most out of underperforming channels

Improve channel performance with
a contract management strategy
Channel sales represent an increasing percentage of revenue for many organizations every year. Across industries, companies of all sizes are refocusing their channel strategies and looking to implement best practices for partner management.

Channel-focused organizations are challenged to find new and creative ways to stimulate channel sales and drive revenues. Companies utilize channel incentives, creatively modify existing promotions, and add new channel partners in an effort to drive channel revenue.

The corresponding channel contracts are designed with one goal in mind -- to drive value for each organization. They define the criteria for success and typically provide incentives for positive performance along the way.

If you’re not happy with the outcomes produced by your channel, it’s probably time to re-evaluate how you’re doing things. Refining contracting operations for the development of more profitable agreements is a direct conduit to improved channel performance.

A good place to start is by asking these three questions:

  1. Are your partners meeting your expectations?
  2. Do your contracts generate expected outcomes?
  3. Are your competitors easily stealing your partners away?