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It is every sales manager’s dream to have an in-depth perspective of their sales data. This is critical to forecasting sales, understanding trends, identifying opportunities, tracking key sales indicators, and planning for future growth. The importance of this is reflected in the steady rise in demand for analytics tools in recent years.
Sales analytics software is a valuable tool that helps sales managers execute multiple sales activities. This tool will also help you understand the performance of your sales team, identify inefficiencies and opportunities, and guide them in achieving higher sales and driving revenue.
Sales managers who invest in sales analytics software are sure to drive revenue growth in many ways. Some of the benefits you can derive from using this software include the following:
Sales Forecasting
Perhaps, this is the biggest benefit of using sales analytics software because it makes the forecasting process more scientific and accurate. The analytics software helps to eliminate the major hurdles that hinder accuracy in forecasting to ensure the data used is accurate and complete.
This tool automatically captures data from multiple sources while making sure the CRM data is complete. The ability to score deal-health, capture up-to-the-minute data, and run parallel forecasting while being flexible helps to improve the accuracy of the forecast.
This software also standardizes reports with cycle time reports, win rate reports, and activity by rep reports among others. Additionally, analytics software uses predictive forecasting that is AI-based along with machine learning in analyzing historical data thus improving the predictability of sales.
Improved Sales Performance
Sales analytics tools automate the process of capturing sales activities while automatically updating the CRM. This software uses the data gathered to forecast revenue. This helps to free up time for sales reps so they can focus on selling.
Analytics software also comes with leaderboards that are meant to help team members to stay motivated. When sales reps have more time and are well-motivated, you are guaranteed better sales performance.
Better Deal Management
Sales analytics software makes it possible to identify all the stakeholders in the sales process that include buyers, sales reps, supporters, influencers, decision-makers, and detractors, among others, as well as their sentiment concerning the deal with the aid of artificial intelligence.
The ability to score deals using interaction and historical data based on outlined parameters makes it possible to define the risk scores for the deal. This essentially indicates the chances that the deal will fall through or not. This makes it possible to develop a relationship map around the deal and work out a strategy to take advantage of supporters and eliminate detractors effectively increasing the win rates.
The ability to have a complete view of the sales process by stage is an added advantage.
Increased Revenue
You can easily forecast your quarterly, monthly, and weekly revenue using sales analytics software. Using this tool makes it possible to reveal gaps in your sales tactics and strategy.
This means you can plan better based on the forecast by looking at the kind of activities you need to amplify for each deal and the deals that you must prioritize among other things. Analytics will also help your sales reps review their approach to attaining their quota. As a result, this contributes to an increase in revenue.
Better Sales Planning
When sales managers have a good forecast, they will have an idea of what to expect in the future when it comes to revenue. Having a good understanding of what the sales data means in terms of the account, product line, and geographical locations helps them plan accordingly.
In the case where higher growth is anticipated, sales managers can make marketing and hiring plans to take advantage of this growth. Conversely, when anticipating a slump, they can manage both revenue and budget expectations accordingly.
Enhance the Sales Process
Sales analytics tools give both sales managers and sales reps visibility into the sales process. This can further be broken down into individual sales rep activities. Consequently, managers can track each sales rep to ensure they follow the same playbook thus standardizing the sales process.
Overall, sales reports have become a critical feature in sales, making sales analytics even more important. Through sales analytics, sales teams can break down large sales tasks into comprehensible and manageable pieces allowing businesses to have a clear picture of strategies that are working and those that need improvement. As such, more and more businesses are adopting sales analytics software so they can streamline their sales processes and ultimately drive revenue growth.
