Sales is the bread and butter of an organization. All functions are directly or indirectly working towards giving enough condiments to the sales team to further their cause. Unfortunately, it is also one department that is all black and white. Meet or exceed the target and you have spelled SUCCESS in bold letters. Fall short and go home. It is as simple as that. Hence, in the digital economy, when advanced analytics is making waves in all domains, how could sales fall behind. Utilizing big data analytics has transformed sales professionals into invincible ninjas who are closing out gaps in their processes and using data insights to maximize revenue and profits. Bestseller is now a term for every seller! Okay, this is a poor joke. But here are 5 good (almost great) case studies to encourage all sales professionals to learn and apply advanced analytics in their work:
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- Built a custom framework to measure customer satisfaction and improve revenue for a leading airline – Mu-Sigma enabled a robust and user-friendly framework to measure customer satisfaction based on test and learn approach. This framework/tool was designed to improve overall customer experience and brand loyalty.
- Company’s sales force needed a “one-stop shop” for their sales reporting and analytics – A leading US specialty pharmaceutical company relied on an outsourced vendor for its sales reporting and analytics needs. Faced with increased costs from its vendor and a desire to make quicker decisions with their sales data, the company needed a different solution.
- Identified lost sales opportunities due to Out of Stock (OOS) Scenarios for a leading department store chain – A self-service dashboard enabling business users and strategic planners to identify lost sales opportunities due to Out of Stock (OOS) scenarios and helped in setting minimum inventory levels for various products on the website. The analytics solution helped realize $90 million by averting lost sales due to OOS scenarios.
- Improvement in sales conversion along with improvement in the quality of conversations and achieving sales target set by the clients – A large telecom and media company in the UK was faced with a problem when only 60% of its sales associates were able to achieve their sales targets. After implementation of an Associate Performance Index, 92% of the floor associates achieved the client sales target (an increase of 32%) and an overall sales increase of 15% was noticed. created a comprehensive framework to enable a data-driven decision process to better engage with sellers interacting with the platform. The data-driven initiatives to improve trust among sellers resulting in an incremental annual revenue of $1.5MM.
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Sources: Mu-Sigma, Clarkston Consulting, NASSCOM.
