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Study finds companies not using technology are inefficient

By October 29, 2013January 16th, 2023No Comments

Companies not using business analytics software or incentive compensation software may want to pay attention to a recent study that found relying on sales rep feedback instead of technology is both inefficient and costly. SAVO Group, a market sales group, recently released a report that found 58 percent of companies currently base their sales insights on comments from their sales representatives rather than on real-time data.

The negative effects of this inefficient method are numerous, the study found. Relying on subjective feedback from salespeople was found to not only provide inaccurate information, but was also found to affect everything from sales coaching to overall business success.

The study revealed 82 percent of survey respondents said their companies lacked successful learning management and sales coaching programs, signaling how unreliable human-based information can be.

Rather than basing business practices on sales rep feedback, companies can benefit from automating processes, Kurt Anderson, executive vice president of sales enablement and marketing at SAVO, said.

“By automating this process with a tool that provides ongoing training and accurate, up-to-date information throughout the sales cycle, organizations can gain insight into reps’ behaviors and immediately make changes to help them be more productive without needing to scramble at the end of the quarter to correct things,” Anderson said.

Companies can improve their sales coaching and business strategies by investing in business analytics software and incentive compensation software. These powerful programs help executives make smart decisions for their companies. Everything from annual budgeting to competitive strategies and bonus plans can benefit from technological solutions that are both reliable and objective. These software programs can show supervisors sales information, analytics from each day’s performance, industry competition and more. This data can be updated as often as a business needs, whether that is daily or weekly, giving businesses the freedom to use the results however they want.

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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.

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.

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.