The Power of Data Analytics 1
Prior briefings discussed advanced Data Analytics, an Artificial Intelligence component that acts like the human brain’s mechanism for storing and recalling information in memory banks and performing the computations that enable decision-making.
Data Analytics examines large amounts of data from multiple disparate sources to uncover hidden patterns, find correlations, reveal trends, and detect insights that were previously unknown or not readily apparent due to the inability to access large volumes of information.
Data Analytics provides three types of analysis:
– Hindsight – Looking at what happened in the past
– Foresight – Looking at what is happening if current trends continue
– Insight – Predicting what will happen in the future
Analyzing data sets to report on what has already happened in the past.
– Calculation of metrics and key performance indicators that are important to maintaining a pulse on how the sales operation is performing.
– Statistical analysis that ranks customer buying preferences, loyalty factors, and retention rates.
– Alerts—what potential red flags are uncovered that need to be remedied.
– Sales management views a performance dashboard to visually monitor overall sales. They view performance above (or below) quota in total, or drill down to view performance by region, by product, and by individual sales professionals.
– A sales team is alerted that twelve customers have dropped their subscriptions in the last week.
– New customer buying segments are established to enable sales teams to build marketing campaigns for new account targets.
– Salespeople access reports on the most effective lead development programs by region.
I’m DJ Sebastian, and we will continue our discussion on Data Analytics in the next briefing.