Sales Analytics: Turning Sales Data into Actionable Insights
With the help of sales analytics, businesses are truly being able to realise the benefits of management information. One of the top strategic objectives for many businesses in 2014, sales analytics can provide a significant boost for businesses looking at how to improve profits and delight customers by staying one step ahead of the game.
That’s because data alone is unhelpful for many businesses, and with complex data structures and analysis methods, too many companies find themselves unable to make sense of the data they have, or are stuck waiting for information. With sales analytics, senior executives can be provided with actionable insights to make better decisions and achieve a more desirable outcome for their business.
Gartner recently found that 60% of CFOs regard analytics as their number one priority for 2014 and IBM discovered 75 percent of the highest performing companies cite growth and innovation as the principal advantages of deploying business analytics. There are several reasons for these findings and include:
- The automation of reports to remove the – usually long – manual effort that lowers the value of data and information
- Understanding why data values are as they are as they are happening rather than after
- The ability of fully informed and better decision making
As companies become more data driven through the use of business intelligence systems and sales analytics tools, they can gain these benefits and so take their business to the next level.
Moreover, with the rise in cloud BI and self-service reporting there are more people across an organisation that have access to the power of sales analytics, and are able to use the information acquired to share their knowledge and improve results throughout the business. This Forbes article discusses some of the many benefits of the cloud. And when they are attributed to sales analytics the benefits can be enormous, as found by these case studies.
That said, there’s one important caveat: sales analytics must be user-friendly. Whereas finance and IT staff can whip out reports for fun at times, many sales, operational and marketing staff have never come across a SQL database, and some are untrained in the use of basic formulae in Microsoft Excel. By providing a platform in an easy-to-use and self-service manner, businesses can truly benefit from a sales analytics platform and set up a springboard for future success.
Find out more about sales analytics in business intelligence systems and download our free E:Book below.