Organizations that aim to make the most out of Analytics to drive business and top line focus on Marketing Analytics and Sales Analytics. While the penetration and the adoption of Analytics in Marketing is almost as old as the adoption of analytics in business, Sales Analytics is an area that holds tremendous potential.
Sales Analytics Framework has several components and software is one of its key components. Here’s a ‘Guide to Select Sales Analytics Software Tools’:
While selecting Sales Analytics Software Tools, there needs to be clarity and not ambiguity about what we wish to accomplish from the tool. Many misunderstand Sales Reporting and Sales Intelligence tools to be capable of performing advanced analytics such as Predictive or Prescriptive Analytics. While existing tools are constantly adding new functionality, it isn’t in the remit of reporting tools to perform advanced analytics.
It is good to start with reporting and intelligence tools and ripe the full benefits of better reporting before exploring advanced analytics capabilities for sales.
Please note that there are many tools for BI in the marketplace, and I have just highlighted few to give an idea of capabilities that one may consider while selecting tools. This is not a comprehensive description of capabilities and exhaustive list of suppliers.
There are many General Analytics Tools which have wide capability and interesting features such as the ones that you saw above. Because of the vastness of the functionality and flexibility that these tools bring-in such as accessing multiple data sources and customizing the output, they can consume additional effort to configure, selection of right metrics, and visualization required. In simple ways, implementation time can be high. On the other hand, there are tools which are built for Sales, and so they come with standard libraries of metrics, visualization charts and analytics charts that are relevant to sales.
While we have touched on various reporting, BI and Analytics tools that can be integrated with the existing sales IT tools easily, as all tools come with the capability to integrate with multiple data sources, another option is to consider in-built analytics functionality of Sales Systems.
Many organizations that venture into sales analytics already would have sales systems (sales enablement tools) such as CRM, marketing automation, lead management, client onboarding, etc. And many of these tools are jacking up their analytics capabilities as well.
Learn More about Features to look for in Sales Analytics Tool