03 Sep Advanced Analytics: ROI Through Advanced Data Analytics
A multinational technology company created a sales support program specifically to address local country challenges for globally dispersed accounts, however quickly recognized the inability to both centrally manage the program and measure its effectiveness.
Both factors caused the company’s leadership to question the program’s effectiveness, and therefore threatened its ability to gain ongoing funding.
The company turned to RedCloud to help manage and measure the global inside account program, to not only increase efficiencies of time and resources, but also prove the value of this scalable, shared resource. Given the program’s ability to drive sales revenue by addressing challenges and cultivate sales opportunities that might otherwise be outside the scope of the accounts team, there was a strong need to measure and prove out this approach through the use of key performance indicators and tangible metrics.
Beginning with a detailed assessment of the client’s current sales data capture and management processes, RedCloud identified issues within the existing data warehouses, queries, and subsequent reporting functions. RedCloud then set out to re-normalize the database, enabling the full capture and automation of more than 20 data points related to the client’s sales process.
RedCloud then developed a set of new programs, routines, and automated process to pull data from the improved central database to manage and track the sales process. The new process replaced the former bulk data download, which had created issues in identifying any specific points of failure, causing a full re-run when a correction was needed, wasting valuable time and resources.
Finally, RedCloud developed new data queries to enable real-time, visual reporting and metrics to provide improved sales pipeline management at the team level, and a clear view of program effectiveness at the management level. While automation created efficiencies, RedCloud also built the reporting system to be flexible enough to pull additional, highly-specific repor ts by region, product, personnel or other criteria – allowing management a myriad of avenues to evaluate ROI.
Upon implementation of the new data analytics practices and reporting functions, the client was able to produce daily reports of global sales and sales opportunity status for management. Going forward, the sales database was dramatically more scalable, easier to maintain, and troubleshooting technical issues was streamlined thanks to new analytics, reporting, and regular coordination between sales and tech support teams to ensure data consistency. The program was on track for a 50X return on investment, enabling the sales team to focus on connecting with potential customers, rather than creating reports for their team and management.
”The sales program involves three vendors supporting sales into over 80 multi-national customers and their subsidiary companies across the globe. The SharePoint and data analytics solutions enabled program and sales leads to focus more on selling and less on tracking while providing just the right data to manage pipeline both at the opportunity level and the summary review level.”
-Initative Program Manager