Jeff, thank you for the welcome and I am excited to kick-off Infinity’s guest blog posts by discussing a key topic we’ll be covering at the Town Hall event: business analytics.
In today’s economy, we’re all looking for ways to maximize current technology investments while increasing revenue opportunities and improving customer loyalty.
Sounds impossible? Well, that’s where an automated business analytics solution comes in. Our customers are using business analytics solutions imbedded in their Sage SalesLogix systems to improve overall business performance, mine and analyze customer and organization data, then leverage that information via dashboards, analytics and reports to guide informed business decisions.
Panasonic is a perfect example. Check out the improvements they’ve seen in their business using analytics dashboards:
Key performance indicators (KPIs) now enable their sales reps to understand how they’re measuring up against their sales goals
Sales management can track specific sales activities, as well as the results of those activities by sales rep, teams and products to enable effective demand planning
Customer concerns are tracked across the organization for timely closure and resolution
The result are impressive, including a 75% decrease in overall CRM-related costs, an improved supply and demand planning processes, better customer care tracking and lead management capabilities, and an astonishing 99% customer satisfaction scores.
The bottom line: CRM analytics can help your business not only survive, but thrive in today’s challenging business climate. If you and your team are interested in seeing similar results via a business analytics solution, here are our top five best practices to ensure your analytics success:
Maximize existing tools: Chances are, your organization already has tools that can deliver valuable reporting capabilities. Leveraging Business Analytics with these existing reports (like SalesLogix) can provide much deeper insight into the data, allowing you to more quickly identify trends that aren’t readily spotted in a standard report.
Plan goals and needs by department: Carefully consider the needs of each department. Sales, marketing, and customer service departments each have specific, yet important, information needs. Reach out to marketing, sales, human resources, and customer service, and involve department heads throughout the implementation process.
Carefully establish KPIs: Metrics will help determine what data to capture from your systems. There are typically ten or fewer KPIs that, if met, will ensure success. Areas that companies should analyze and prioritize in importance include productivity, margins, customer satisfaction, and lead generation.
Collect clean data only: Remember that a Business Analytics tool is only as accurate as the data that is fed into it. If your data is inconsistent or incorrect, the solution will generate similarly inaccurate, incomplete reports. Cleaning data when you implement a Business Analytics tool will ensure that you achieve optimal results.