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Confused by sales analytics? Time to improve data management

By March 1, 2018January 16th, 2023No Comments

While companies are often looking for the latest sales analytics to maintain their sales numbers and meet forecasts, they may not get all they can out of their software solutions. Without great data management, managers may not be able to concentrate on their performance objectives. Companies should hone in on only the most important sales effectiveness metrics to not only manage their data, but also their hard-working employees.

Here are three ways to improve data management:

1. Determine which metrics to prioritize
Faced with millions of possible data points, it’s easy for sales managers to get confused about which metrics are important. To ensure they are able to generate desirable outcomes through effective sales performance management, managers should create a framework of company values and objectives. Managers need to track and prioritize metrics based on their goals, whether it’s to increase revenue per sale or total revenue per salesperson. After creating these performance targets, companies should develop key performance indicators and other sales effectiveness metrics to make sure employees are close to accomplishing these goals.

2. Know what processes to automate
Using software solutions to automate processes makes it easy for managers to monitor employee progress in reaching critical targets, gauge any performance weaknesses and more. While sales performance management software can be set to make several processes automatic, managers should be careful not to let autopilot get in the way of getting hands-on with their employees. For example, for reward and recognition programs, companies could choose to automate when they receive notifications that employees have achieved their sales targets. Having automatic notifications could help managers provide their employees rewards immediately, but it’s important that they are taking the time to do more to acknowledge employee achievements that go beyond sending a quick email.

3. Combine sales analytics with effective management
Although companies can analyze data in seconds, interpreting reports, gathering insights and putting this information to action is what’s important in collecting data. Managers need to be able to communicate employees’ sales progress with workers and get them on track with where they need to be if they are falling short of performance expectations. Sales analytics is only helpful if companies are willing to put in the work to change employee behavior and shape favorable outcomes.

With these techniques, managers can be better prepared to manage data and, in turn, their employees.

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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.

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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