Optimizing sales through data and analytics
B2B-sales is traditionally focused on human interactions with limited support from digitization. However, digitization can boost the effectiveness and efficiency of your sales team. Besides ensuring the ability to target the right customers at the right time, digitization can help provide additional insights, support deal qualification and enable your team to hunt the long tail of opportunities.
It all starts with collecting the right data
Here, digitization and analytics can play a role in automatically detecting sales opportunities. I recently worked with a client to jointly develop a data product in order to predict opportunities for the organization’s sales teams all over the world. We used existing data to get empirical performance insights into what the most popular products were and what products were frequently sold together. We then created algorithms to detect specific issues and matched these with our client’s product catalog. These led to new sales opportunities and ultimately increased product sales.
We packaged these results on MS Azure by connecting the data sources to a data product. The resulting sales opportunities were published using an API that could connect with other applications such as a CRM system and sales management systems. Through this, sales people can benefit from the sales opportunities and the Product Development team can leverage the data on sales opportunities as well. The data appeared to be relevant for new opportunities, forecasting and financial modelling. The API and MS Azure enabled the build of a re-usable data-product within the company.
So how to start your analytics journey?
- Data products are key to become a data-driven company.
- Analytics can add value in the broader organization.
- It all starts with collecting the right data – analyzing it in a centralized way, and then making it available for anyone in your organization who needs it.
In my next post I’ll explain why data governance is necessary in transforming your company.
This is one article in a series of publications on your organizations’ Data Analytics strategy. The series, called ‘Moving beyond point solutions and pilots in Data Analytics’ addresses several challenges. These are challenges that organizations most experience when they want to upgrade their Data Analytics from point solutions to strategic, data-driven and coherent governed activities.
This series has been written by my team at Atos Consulting: Carline Nauta, Erik Schroten, Tom Konings, Gerli Meijerink and Sjoerd Rieske.