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.
