Using a new age Sales Analytic to boost your business sales

These days, sales analytics are in high demand by all companies for qualitative and quantitative decision-making. With sales data now more available, businesses have a wealth of information at their disposal to analyse trends and forecast future results.

Business Intelligence Tool at your disposal

Business intelligence (BI) tools help businesses by making data visualisation and analysis easier. While businesses in the past had to rely on static reports, today’s BI tools are far more sophisticated and user-friendly that can be quickly adopted and integrated with business processes.

With sales analytics being one of the most critical components of modern-day management, organisations must be able to get the most out of their customer data to maximise their top line.

Monitor your sales data and reports in real-time

In the past, the sales team would have to dedicate the end of the month to combing through thousands of pages of sales data and piecing together a sales report – the process only worsens when the customer base continues to grow. Such a method would be not only time-consuming but also quite tedious.

With the correct BI tools, this can be done in a fraction of the time it used to take, allowing for better scalability. It doesn’t matter if the business has 10 or 100,000 customers – the BI tool structural approach will enable data to flow in and spit out consistent reports within minutes.

Other than scalability, the additional benefit of BI-powered sales analytics is its cloud-based access. Having accessed the sales information 24/7, management can take proactive action and make smarter decisions that allow the business to pivot its sales strategy when required.

Get in-depth insight beyond anything you’ve ever seen

A modern BI-backed sales analysis allows you to report the sales figures and reveals insights that weren’t previously available.  

Through slicing and dicing into the customer, sales and other data, businesses will be able to drill down into the data and measure additional sales insights such as;

• effectiveness of cross-selling;
• correlation between customer satisfaction and sales;
• stock/service churn rates;
• customer lifetime value and retention factor; and
• anomalies and trends.

The above in-depth insights empower management to make educated changes to its sales and marketing budget in the short term. They also allow management to establish a relevant sales and customer KPI for sustainable sales growth.

Rationalising your sales growth and strategy

One of a business’s critical challenges is defining its sales growth model – this is not a one-size-fits-all approach considering every business has its unique scarcity of business resources, return and effort and customer value proposition.

With the assistance of the BI tool, businesses could quickly analyse their customer data that allowing the management to

• tier their customer base structurally based on the cost to serve;
• segment the sales and service approach according to the tier structure;
• pursue quality leads that have a higher conversion rate; and
• strengthen relationships with the existing customers that have the potential to grow

The above analysis becomes strategically meaningful when considering business expansion. Management could better grasp its growth direction and clearly define its growth goal pole.