Today, industries across the world are being transformed by the use of data, particularly by the use of data in predictive analytics. Predictive analysis has wide application in business, from finance to marketing and risk management, with one of the most widely-used applications being in B2B sales.
What Does Performance Management Software Mean for Your Business?
By using performance management software, we are able to better understand potential outcomes through the use of data, statistical algorithms and artificial intelligence techniques. Basically, predictive analysis takes past events, turns them into relevant data points, and then uses those data points to provide a prognosis. A good example of predictive analysis in action is found on ESPN, where commentators may say that one team has 71% chance of winning the game. Those odds are based on various observable trends that are established using a large array of data sets.
Similar predictions are made in big businesses and sales organizations on a daily basis. However, sales performance tools and predictive analysis is not new. It can be done using pen and paper, but in order for it to be truly effective for businesses, you need both the software and hardware capabilities that can gather and analyze large amounts of data. The combination of these capabilities has not been possible until very recently.
Despite the emergence of these capabilities, many executives still choose gut feeling over data. These executives do this despite growing evidence that the businesses which use predictive analysis and sales performance software outperform their peers and competitors in market valuation, revenue generation and profitability. This means that the bottleneck to greater profits is cultural, rather than technological. It is important that relevant stakeholders buy into a data-driven culture because predictive analysis improves with the more data you collect. This can be quite a big paradigm shift for certain businesses.
Predictive Sales Performance Analysis in The Sales Department
Predictive sales software can be one of the main drivers of business growth for your company in 2019. This is especially true in the B2B sector where the ratio of seller to buyer is a lot more skewed than in the B2C sector. Here, clients are worth disproportionately more than a typical consumer, and as such, the data gathered and the algorithms used to determine the likelihood of a sales professional being successful need to be sophisticated and flawless.
So, let’s say you start using predictive sales productivity software in Chicago and you are in the logistics industry. Competition is stiff, and you need to use every advantage at your disposal. The sales productivity software package that you’ve purchased and installed should immediately connect to your CRM platform, gather all relevant metrics, and start to analyze it. In addition, for each sales rep, managers should have the ability to provide assessments regarding the behaviors that are critical to sales rep success. The output of the sales performance software should help you predict sales rep productivity and identify areas for improvement for each rep. Then, as you act on those insights, more data will be gathered, generating better predictions and assessments. This will, in turn, set up a positive feedback loop that gets more and more efficient over time. As this process continues, your human resources and sales management teams will continuously discover and apply new best practices.
But what if the competition employs predictive sales software as well? The fact is that their results will depend on the software they choose. With Funnelocity, you have access to both quantitative and qualitative analysis, which means that your team will evolve in a unique way, according to the strengths and weaknesses of each individual salesperson.
Do You Want to Give Predictive Sales Performance Software a Try?
If this article piqued your interest, contact us today, and we can arrange a free demo for your company! We can also answer any questions you may have in relation to implementation, pricing, and the results you can expect from our Funnelocity software.