Sales Empowerment

Is Your Business Data Rich and Information Poor?

You may be familiar with buzzwords commonly used in the tech arena like big data, data lakes and data warehouses but with all of the emphasis placed on gathering data, what does it mean to be data rich? Data richness qualifies as having a large stockpile of data in which there are hundreds of thousands of pieces of information. As we hear more about businesses working closely with data, it is important to realize that simply having a lot of data may not be enough to make a business successful.


It’s great to have data from every corner of your business, but if it’s not being used to make decisions, it can be more of a burden than an asset, not to mention incredibly overwhelming. Databases that hold massive amounts of information are extremely expensive, and often lack organization and tools to interpret the data — arguably making it all a big waste of time and effort to manage and maintain.


When large amounts of data is collected every day, every minute and every second — but there isn’t a clear way to sort through or analyze it, organizations are considered data rich and information poor.


Here are some strategies to deploy in an effort to achieve information richness that leads to better decision making and growth:


Conversational Analytics 


There are several types of analytics that can be employed to interpret mountains of data, but conversational analytics are convenient. Some say using conversational analytics are user-friendly because there is relatively no training required, allowing a wide range of employees to use it, leveraging the language and words they are already using on a daily basis.


Collaborative Analytics 


One thing to keep in mind is that these insights, however they’re being created, aren’t just for business executives and the C-Suite. When everyone in the organization has access to data insights, roles at all levels are empowered to make better decisions while performing the smallest to largest tasks. This triggers a cultural shift within organizations to stay informed and make accurate decisions — from all areas of the operation.


Proactive Insights 


Proactive insights can be considered the most important form of business statistics. Staying up to date on the direction of data trends (good or bad) is vital to business growth. Proactive insights are here to illustrate what is going on with your business in real-time so bad trends can be stopped before they make an ugly mess, and can even be course corrected to exponentially grow in the right direction.


In order to move in an information rich direction, organizations should prioritize putting a data management strategy in place. While data is collected, insights should be shared among teammates to encourage knowledge sharing that everyone can benefit from. Increased access to data will help your business grow in the right direction while paving a new path that encourages data-driven decision making and proactive insights.


Interested in learning how your business can gain proactive insights through conversations with your data? Request a demo with a expert today.

How To Empower Your Sales Team Through Data

Data. Everyone’s talking about it, and everyone – even small businesses – gather inordinate amounts of it every day. For many companies the data just sits there – likely in their POS, CRM, ERP or WMS systems.


Sad thing is, most people know there is a lot of valuable information in that data. For this discussion, let’s focus on CRM platforms.


Ask a group of sales-related folks how many like their current CRM, and you’ll see few hands raised. Then ask how many realize the value of the information within their CRM, and you’ll see most, if not all, hands go up. So what’s the problem?


Specifically, CRM data entry and retrieval in some companies takes upward of 25 percent of the sales team’s time. Conversely, a recent Forbes study shows salespeople spend only 22 percent of each day actively selling, defined as time spent on the phone, emailing or face-to-face with a customer or prospect.


Apparently, the remaining 53 percent of time is spent in meetings, other administrative tasks or on personal distractions (social media, calls, etc.). Since those items are under each company’s control, there’s not much we can do about that as a group.


But what if we could take that 25 percent spent on the CRM and cut it down by even five percent, giving salespeople more time with customers and prospects? In a full-time work year, that’s an extra 104 hours with clients and potential clients for each sales team member. Multiply that across a sales team, and that’s a lot of potential revenue lost due to menial, administrative tasks.


So how do we shift that five percent? In our company, we empower each member of our sales team with a business companion, but not the kind that sits at a desk and answers phones. Our companion’s name is Athena, and she is the virtual voice behind the platform.


Athena helps each member of our sales team use their mobile device or desktop to retrieve information from our CRM including sales goals, customer notes, deal opportunities, upcoming meetings and any other information available in the data – simply through a voice request or typed chat.


What’s more, Athena allows our SDRs, sales managers and directors instant access to this data in the form of reports, pinboards and so much more. No more added expense for outsourcing report creation, and no more lag time waiting for someone in the IT department to extract this information and build a report.


And the best part – Athena does this for about half the cost of an FTE. While she helps in sales, she also assists in the manufacturing facility, warehouse, logistics and transportation. And she never takes a break.


If you aren’t yet using a business companion on your team, you should look into one.