Many big companies like Alibaba, JD.com and Amazon have been using BI software to leverage on their sales data to improve their business performance. Nevertheless, beyond just managing the huge amount of sales data these companies have, it also helps them to improve the performance of their sales team. Let’s explore how business intelligence could improve your sales team!
How Business Intelligence Improves Your Sales Team Performance?
Reduce Reporting Times, Increase Productivity Time
Sales Analytics Readily Accessible By All Department
More Accurate Sales Forecasts And Quotas
Reduce Reporting Times, Increase Productivity Time
One of the greatest values of your sales team is to serve your customers and fulfill their expectations. However,your sales team might also need to take hours of their time daily to input, compile and generate their sales report. Based on my working experiences with sales professionals, It will eat up a lot of their precious time which they could use to provide better service to the customers. Not to mention the potential human error that would provide inaccurate data. As the business discovers that there are errors in their data, it will require them to go through every single involved report to identify that error. This would then lead to the greater loss of productivity time. In contrast, if your sales teams are being supported with a smart BI tool that helps to manage all these sales data, it will significantly reduce your sales team time in preparing the report to your management, leaving them focusing on the most important jobs that directly bring in revenue to your business.
Sales Analytics Readily Accessible By All Department
In order for your management to make quick business decisions to cater the market needs, it also requires the latest sales data from your sales such as sales campaign performance, membership benefits utilization rate and voucher redemption rate. However, when your sales data is not being stored or managed on a single internal database, team members who are not in the sales department will need to take some time for them to request for the sales information from the sales team. For instance, your marketing department who needs the details of the sales campaign that drives most sales would need to wait for that piece of information to be compiled and sent to them before they could start to formulate their upcoming marketing strategies. Unfortunately, if the transfer of information is delayed, it would then negatively impact the business financially when they fail to react to the changes of the market timely. This indicates how smart BI tools such as all-in-one dashboard could help businesses to integrate all your important data, enabling all your department to share their near to real-time information together in order for them to make timely and informed decisions.
More Accurate Sales Forecasts And Quotas
As stated above, to make sure that businesses stay ahead in the market, they have to have quick access to the sales data to capture the latest sales trend. Without near to real-time sales data, management will not be able to make timely business decisions. Nevertheless, for the businesses which are supported by BI smart tools, they can easily identify the latest trends and changes with a few glances on the dashboard that shows the overview of sales performance through different forms of visual aids such as bar chart, pie chart, line graph, etc. This would enable the business to generate quick and accurate sales forecasts reports, preventing overstock and understock issues. In addition, it also helps setting sales targets that are realistically attainable by your sales team as all latest sales trends are being taken into account. Besides, with an easily understood BI dashboard, it would provide a clear breakdown of the monthly revenue brought in by each salesperson, helping the management to justify the reasonable amount of claims such as entertainment claim, petrol claim and travel claim given to the salespersons according to their respective sales performances. Hence, it shows how convenient it would be for businesses to make data-driven decisions when they are being equipped with BI tools.
All in all, BI can help your business to save many unnecessary waste of time and human resources, leaving you with more time to strategize business plans and implement business strategies that directly bring in revenue to your business. Imagine the amount of time and human resources you could save to do the data compilation and organization. Imagine how quick the business decision could be made and the amount of productivity time loss that could be avoided. If you are wondering about the cost of a BI software and thinking about where you could get an affordable BI software for a small medium enterprise (SME), look no further, in Blackbox BI Consultancy, we aim to help SME to digitize their business with BI solutions that suit their business needs. Inquire now or check out our solutions to take an in-depth look at how you can adopt BI for your business today!