As the sales and marketing field becomes increasingly digitized, firms are turning to sales analytics and other applications to help them optimize employee performance and improve customer engagement. Technology is a major part of doing business in today’s world and providing workers with the most up-to-date tools will help companies meet their performance objectives. While firms will often think they have the most cutting edge-technology, the fast-paced world of sales might actually be leaving them behind if they do not employ the right software for employee data management and sales analytics.
Here are five signs your current technology is still in the dark ages:
1. Spreadsheets are the main tools for tracking data
While sales managers at competing firms are investing in the latest technology, other employers are still inputting employee information in spreadsheets. Often, managers are reluctant to move their data to the cloud and choose to stick with what they know by using a spreadsheet that lacks a comprehensive system to track employee performance in real time. This is a major disadvantage when companies need to change their strategies quickly to keep up with the competition.
2. Data is entered and analyzed manually
Products advertised as “hand-crafted” aim to increase sales, but on the sales side, inputting every bit of information by hand is not an effective use of time. Processes like these not only take away from the core competencies of sales teams, they also make staff spend more time analyzing everything manually, which could lead to costly mistakes or inaccuracies. From employee salary information to sales numbers, this data can now be collected automatically using software to instantly record sales as they are happening. Companies should use automated sales performance management solutions to monitor accurate employee information concerning their progress in achieving quotas and other important performance metrics.
3. Executives still think big data is a fad
Although some companies think big data is just a passing trend, this movement toward greater access to market insight and sales analytics is picking up steam. Companies are increasingly using big data to collect massive amounts of information to gain insight into customer buying behavior and pinpoint opportunities to make the sale, according to Forbes. In addition to using big data to address consumer concerns and purchasing patterns, companies are also analyzing available data on their employees to better connect their existing sales resources to their territories, key customer demographics and other factors that will determine sales.
4. Managers are slow to recognize and reward employees
When using manual processes and outdated technology, managers may not be as quick to recognize when employees have actually accomplished their goals. Delays in recognition programs cause employees to feel like they are undervalued by their employer, resulting in lower engagement rates. This has the potential to make a huge impact on the performance of top employees who may be considering moving on to a different employer. Companies should use incentive compensation programs that will immediately alert managers to employee achievements and ensure they are rewarded for their work.
5. Employees are unsure of company expectations and strategies
The right technology will align corporate performance objectives with their incentive programs to make sure employees understand what is expected of them and what they need to do to achieve these goals. However, companies with aging technology might not have the right resources to monitor whether their management and communication strategy is actually getting through to employees. Companies should use these sales performance management solutions to continuously track whether employees are aware of goals and the rewards that await them if they meet these targets.
