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Business intelligence maturity and the future of sales management

By August 7, 2014January 16th, 2023No Comments

One of the challenges in an increasingly digital world is striving toward business intelligence maturity. Defined as collecting and recording data to transform this information into insights that can significantly boost productivity, business intelligence maturity depends on a company’s ability to successfully analyze data. Companies on the cutting edge of technology use business intelligence to look more closely at the unique problems their organizations face and help them determine the solutions that will solve their toughest challenges.

Here are three benefits of business intelligence maturity:

1. Account for all sales resources
With the right tools at their disposal, companies can account for all of their sales resources – from sales staff to technological support. Firms that are familiar with these assets are more likely to efficiently match up salespeople and territories or other segments. Using business intelligence solutions to measure the productivity of staff and other capital will allow them to optimize their existing resources. Through making sure sales staff are matched up with the right territories, industries or geographical regions, companies will have a greater chance at connecting with leads to convert them into life-long customers.

2. Measure key performance indicators
By collecting raw data with sales analytics, companies are better prepared to turn this information into more effective performance reviews and other reports that show that they are progressing toward their performance objectives. Companies should track where they are in meeting their sales goals by using software to monitor key performance indicators, such as sales effectiveness metrics. These include measuring sales per representative as well as other metrics.

3. Craft an improved sales management strategy
It’s not enough to gather data, however, employers need to incite action among their workforce. When using sales analytics, companies need to have a good handle on managing data, according to The Data Warehousing Institute. Companies should consider how they can reform their organizations to be data driven as well as collaborative. Having the data is one step toward meeting their goals as companies should enforce good behavior that drives positive outcomes.

When firms see their workers are not up to par on achieving performance standards or sales quotas, companies should continue to provide workers with the support they need. This includes a sales management strategy that will outline what sales processes they should expect, how to approach new leads and how they should close deals. After developing this strategy, employers should continually improve on this and create new plans by analyzing their most current data.

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Ballast Point Ventures

Ballast Point Ventures is a later-stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast, and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services, and consumer goods. BPV has $200 million under management and seeks to make equity investments ranging from $3 million to $10 million.

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Harbert Management Corporation

Harbert Management Corporation seeks to generate superior returns for their investors by identifying and investing in the most promising early growth stage companies in the Southeastern U.S. HMC seeks to capitalize on what it believes are compelling regional dynamics, such as a strong and fast-growing economy, significant research and development activities, and an established entrepreneurial community. The HMC team combines substantial investment, advisory, and operating experience with capital and networking contacts to support great entrepreneurial teams in successfully executing their growth plans. With offices in Birmingham, Alabama; Richmond, Virginia; and Gainesville, Florida, it’s well positioned to partner with entrepreneurs throughout the Southeast.

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KBH Ventures

KBH Ventures was an early investor in Iconixx Software. KBH's investment philosophy plays a significant role in the firm's successful track record. KBH believes in running businesses to be cashflow positive and profitable every month. Startups and companies in a startup mode, such as one that has been purchased in distress, are expected to generate revenue within the first six months and reach profitability within the first 12 to 18 months. KBH also only invests in or acquires companies that are in the startup phase or have less than $20 million in revenues. KBH targets technology companies that offer business-to-business services.

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S3 Ventures

S3 Ventures is an early expansion and growth stage venture firm with $200 million under management. It’s focused on information technology solutions that solve large business problems. S3 also invests in medical devices that improve the human condition. S3 invests in category-defining opportunities. It partners with the team and help focus methodically on what it takes to build a successful company. S3 today helps talented entrepreneurs take their technology and market knowledge and form valuable businesses in a repeatable fashion. Investment sizes start at several million or more for Series A, B, and C financing.