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MR reporting software is a CRM/SFA solution for the pharmaceutical industry. It is a territory-wise pyramid based real time system which works 24x7. This software automatically records all the relevant data and information at each and every stage in a pharmaceutical sales process. Its main focus remains on contact management system of the sales force of the company in order to manage all the contacts made with particular doctor, hospital, chemist, etc. It also includes the purpose of the contact and any follow up that might be needed in the due course. Its work is to integrate a sales lead management system to list down the existing customers, potential customers, products/services, etc. Apart from that, it also bridges the gap between corporate headquarters and Medical Representative located in remote areas. Medical Representative reporting software will help a user in making important decisions such as sales forecasting, order management, product knowledge, etc. This software assures a user of faster and smoother operation of their business, as it allows them to widely integrate among different functional departments. Pharmaceutical companies are buying this software due to a feature of working as a tool which keeps the medical representatives and managers informed about the happenings in the market and the company. In addition, this software is also equipped with excellent customer privacy and data security modules, which is obedient to lawful and ethical business performances.
Pharmaceutical companies invest a lot of resources into MR or Medical representatives as they provide the company exposure by contacting and corresponding with various doctors, pharmacists, and medical institutions. Normally, medical representatives have certain objectives on a daily basis that they need to complete.
The processes that involve notifying the company of the MR’s performance is quite tedious. This is mainly because pharmaceuticals employ a team of MRs and they are sent to different parts of a state or a territory. The information corresponded by the MRs are then conveyed to the headquarters.
The bigger the team, the more information that needs to be received, recorded, processed and transmitted. Conventional ways of physical recording and processing such a large amount of data takes a lot of time and resources.
This is where MR reporting system poses as the best alternative. MR reporting software is a culmination of automation and real-time updates. Now the medical representatives on the field can update on their whereabouts directly through the software and company is updated in real time.
With a medical representative reporting software, the pharmaceuticals will have two channels through which the MRs can update information:
The MR Reporting Software is an interface that connects both the pharmaceutical company and the MR. It uses the power of automation to track the progress of MRs who are out on the field. MRs give daily, or monthly objectives that should be completed as these objectives are strategically created by the company to for its development.
But out on the field, the pharmaceuticals do not have control over MRs on what they do or where they are. With MR Reporting system, the MRs have to report themselves and update on their daily progress to the company. This means that the company will have the means to track their progress and evaluate them accordingly. Moreover, the system prevents the MRs to tamper with the system or present false information.
MR reporting system is an internet based software or web app. The Medical representatives have to log in and share their process through this software interface. In essence, it is a portal that connects the company with the MRs who are on the other side of the interface.
The MRs can use any device like computers or even their smartphone to log in to the software. They will have to share the daily reports, daily client visits, sales target, feedback, or can get additional information from the company about a new target, change in objectives or any other update.
The MR reporting software is equipped to automate every vertical of Medical Representative reporting. Since the software is developed to automate numerous processes that were previously done by humans, the software needs to surpass the previously set benchmark.
1. Sales Force Automation
The Medical Representatives represent the company to a client. Furthermore, a company invests quite a lot of resources into MRs. Hence the company needs a cost-effective method to drive up the efficiency. Sales force automation reduces delays and processes information more quickly.
2. Client Tracking
Medical representatives need to personally meet with clients in order to sell the product. It also acts as a way of showing the responsibility of the pharmaceutical company. Hence they will have a new set of targets every day, or at certain intervals, the MR Reporting system organizes the list of prospects and saves time on physically sending over a list of names to the MR.
3. Sales Tracking
MRs have a set of Primary and secondary sales that needs to be reported on a weekly or monthly basis. With an MR Reporting software, the medical representative can upload the details in no time. This also paves for the system to create Stock and Sales report swiftly.
4. Brand and Competitor Analysis
In the pharmaceutical field, the competition between the brands is fierce. With Medical Representative Reporting software, the company can make better judgments on rebating to insurers as it leads to more advantageous formulary placements.
5. Management Information System
MIS system is the best ways to get reports on the performance of Medical representatives. It helps the medical representatives to upload their progress directly to the company’s evaluation team. It can track both Daily Call Report (DCR) as well as Monthly Tour Plan (MTP). There even more sophisticated tech available that can even track the geo-location of the MR.
6. Expense Statements
MR reporting software can also auto-generate expense statements based on the data it receives. The Auto calculation of D.A and T.A makes the whole accounting process every easy.It also lets the company compare the claimed expenses and the approved expenses.
1. Real-Time Reporting: The MRs must be able to upload their information and whereabouts at regular intervals or in real time.
2. Setting Sales Targets: One of the primary objectives of an MR software is to set the sales targets for the MR without delay.
3. MR Feedback: The software must be able to record the feedback of the MR as well as convey the feedbacks of the company back to the MR.
4. Client Monitoring: The MR system must be able to update and track client visits so that the MR can prioritize accordingly.
5. Capture Market Intelligence: The whole objective of a pharmaceutical company is to promote their brand and create more leads. With feedbacks from pharmacies and doctors, the software can paint a picture of what the company should do next.
6. Competitor Stats: Due to the cut-throat competition in the field, selling the medicine at a competitive price matters. Hence MR software can easily show competitor positioning to notify the company of the market movement.
7. Geo-Tracking: This system enables the company to track MRs in real-time based on their geo-positioning (as the software can use the GPS on their smartphones).
The MR reporting system eases the process of updating and corresponding information between the companies to the medical representatives and vice versa. With state of the art functions like geolocation, now the company will have data on their MR’s performance as well as whereabouts.
It also makes the lives of Medical representatives easier because they will not face any delays pertaining to their objectives. Big pharmaceuticals are the ones who will benefit the most from MR reporting software as now they can automate a large portion of the processes that were previously done by a group of employees. Thus it helps in saving costs as well as speeding up the processes.