An indispensable component of any business strategy is sales analytics. Experts know what products and services should be promoted and which ones should be abandoned. They are not afraid of sales fluctuations in different seasons and the need to adjust them to the company’s benefit.
Sales analysts are not fortune tellers or magicians. In their arsenal are only amounts of processed data, based on which they make reports and offer to use them for planning and forecasting sales.
Let’s find out why sales analytics software is considerable for a company and what tools are recommended for working with information.
1. What Is Sales Analytics, and Why Do You Need It?
A sales analyst examines the market state and evaluates the demand for goods and enterprise services. Among the main tasks of the specialist are the following:
- Assessment of potential customer preferences and their purchasing power;
- Studying the activities of competing companies and their proposals;
- Analysis of demand for the company’s products, determination of the most and least popular items;
- Forecasting the demand for goods in the future.
To form clear answers to these and other questions, analysts have to process large amounts of information from numerous sources — department reports, customer surveys, etc. However, the company’s development strategy formation largely depends on the results of these specialists’ work.
sales analytics software helps to correctly form the assortment, remove irrelevant goods, and optimize purchases. It is also useful for determining the effectiveness of the sales force and clearly stating the goals of the enterprise in the short and long term.
A reliable assistant for analysts and top managers is a sales analytics tool. Now, we will talk about the possibilities and prospects of using specialized software.
2. Sales Analytics Software: Key Features
Analytical software is the best solution for businesses of any size. Thanks to a combination of algorithms, it allows you to quickly process a large amount of data and offer detailed reports in the most convenient form.
The software helps to search, check, and process information to improve the sales team’s efficiency. The programs have the following features that make working with innovations simple and convenient.
1. Convenient and clear interface
Analytical tools should be easy to use. It is necessary that not only qualified analysts but also salespeople and top managers who may not have specialized training can work with them.
Reliable and user-friendly software allows you to easily create database queries, customize visualization, and share results with colleagues or partners.
2. Work simultaneously with multiple devices
Modern software makes it possible to work anytime, anywhere, and share results with colleagues, regardless of location. You can install analytical programs on a PC, tablet, laptop, or smartphone. In this case, the functionality and quality of the analysis will not be affected.
This approach helps businesses adapt to dynamic market conditions and quickly respond to external and internal changes.
One of the main benefits of using software is time-saving. With automated data collection and processing processes, employees don’t manually generate reports using spreadsheets.
Automation guarantees the reliability of the information provided, as the probability of errors due to carelessness is reduced to zero.
4. Data security
Software developers pay special attention to data confidentiality. Depending on the need, you can make analytics reports public or set access rights according to the responsibilities of employees.
5. Sales Dashboards
A convenient way to work with a lot of data is to introduce dashboards into your routine. You can create user-friendly and visual demo materials tailored to your company. With their help, it is convenient to report the dynamics of key indicators to colleagues, management, and partners.
3. Benefits of Using Sales Analytics Software
Analytical programs successfully integrate with other tools used by the company, allowing you to work with various data in one place. They are a component of enterprise optimization, which helps to achieve the following goals:
- A comprehensive product and sales view. It is possible to objectively evaluate the company’s work only if you know all the features of internal and external processes. The sales analytics software will relieve you of the need to compile and analyze reports for salespeople, sales managers, and marketers for a long time. Efficient algorithms will do everything for you. It remains only to study the advantages and disadvantages of goods, the demand for them, and, as a result, profit indicators. After that, you can make an informed decision regarding the range and adapt it according to market needs.
- Sales department performance evaluation. After studying the statistics of deals, you can move on to the productivity of salespeople and managers. It is on these specialists that the main indicators for any business depend — the conversion rate, the number of deals, the average deal duration, the time the deal was at each stage, etc. By understanding the specifics of the work of each specialist, you will be able to set specific goals for them and make rational personnel decisions.
- Improving work efficiency without hiring new employees. The sales analytics software does not require in-depth knowledge or prior training. Team members can independently work with programs without the participation of technical specialists. This approach allows you to increase the involvement of salespeople, provide them with access to up-to-date information, and show which issues require special attention.
- Improving the quality of service. The well-coordinated work of the sales team ensures more productive interaction with customers. Your employees will promptly receive all the necessary information for a particular request and even anticipate possible questions. Thanks to effective communication, customer conversion and the number of transactions will increase.
- Increase in the profit of the enterprise. It is the main task that every CEO aspires to optimize the company’s work process. Functional and intuitive sales analytics software increases employee productivity, forecasting, and planning accuracy. It provides an understanding of consumer behavior, capabilities, and needs. It helps to develop the optimal strategy for the actual market situation and get the maximum profit regardless of the circumstances.
Who should use sales analytics software? First of all, specialized programs provide valuable information to top management. They help to understand the current state of the business, its possibilities, and prospects. It is considerable both for creating trading strategies and for personnel changes.
The data provided by analytical software will also be useful to sellers. They will be able to evaluate the quality of their work, see opportunities for personal improvement, and learn more about customer characteristics.
4. Artificial Intelligence in Analytics: Good or Bad?
Artificial intelligence is technology that is being implemented in human life. Its capabilities make it possible to transform many processes, optimizing efforts and time to complete tasks. Software development was no exception.
Analytical programs use machine learning algorithms. But there is a growing discussion of AI component introduction in software designed for various industries. It is expected to improve the efficiency of planning and forecasting.
AI-powered software can help top managers develop business strategies and ways to achieve goals. How efficient such recommendations will be we can assess in the coming years.
Using innovation to improve business efficiency is the right decision in today’s environment. Analytical software is one of the most popular tools to optimize work processes and increase company profits.
Specialized programs are simple and easy to use. They are designed for employees without advanced technical knowledge and skills. Analytical software can be used by executives, sales managers, and salespeople.
The introduction of such a tool in the work of the enterprise allows you to abandon the reports and forecasts compilation manually based on spreadsheet data. Programs save you time and guarantee the accuracy of the information, eliminating errors due to the human factor.
Many programs with an AI component may appear on the software market soon. The developers believe the innovative technology will make the tools even more efficient due to improved planning and forecasting functions.
Want to take your business to the next level? Try using sales analytics software now!