By Andrius Palionis Many sales executives know the benefits of relying on customer insights when making strategic business decisions. Most organizations have an abundance of information at their fingertips – data that can help in many ways, from making strategic decisions to improving the bottom line. Data may be as simple as the number of calls made to a particular account by a salesperson or as complex as analyzing transaction records across entire product lines to uncover hidden patterns and develop a better understanding of trends and opportunities. Many executives, however, are not taking advantage of such data. They lack a clear understanding of where to start when analyzing internal and external information. This is particularly true for sales teams, which traditionally lack data analytics expertise. Historically, only IT professionals used business intelligence (BI) software. However, BI technologies have progressed to become more user-friendly and intuitive, allowing for widespread use across a broad range of organizational domains. Before we go into sales efficiency, let’s define BI and AI. Although sometimes business and artificial intelligence are used almost interchangeably, a more precise way of thinking would be to treat BI and AI as independent yet complementary technologies. “Intelligence” in AI refers to computer intelligence, while the same term in BI means intelligent business decisionmaking that data analysis may provide. BI can assist businesses in organizing and acting upon the vast volumes of data they acquire. Nonetheless, these solutions are often insufficient to aid managers in providing the necessary reports for data-driven decision making. One solution to this challenge is to integrate a BI tool that enables better decision-making. While there are several methods for increasing sales productivity, integrating data from other departments and APIs to improve lead information is highly underused. Incorporating data enrichment and analysis into sales operations can help companies reach fantastic results. According to a Harvard Business Review study, existing BI technology can automate 40 percent of the time spent on sales job tasks. Therefore, BI automations can help make business or sales teams’ processes more efficient. Data collection is an essential component of business intelligence. Yet, companies do not require internal collecting methods to leverage business intelligence. Data also can be obtained from other sources, such as some SaaS companies (for example, HubSpot) or data-as-a-service businesses. On the other hand, overvaluing information and its acquisition is a major stumbling block for companies attempting to implement data-driven practices in any area. As a result, before even trying to apply enrichment procedures, the first step should be to choose the appropriate data from the massive array of accessible information. Begin with the basics Gradual progress is something everyone can learn from good coding practices. Instead of attempting a total departmental revolution by incorUsing data to amplify sales performance CHANNEL MANAGEMENT BI to BOOST SALES 64 CHANNELV ISION | MARCH - APRIL 2023
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