Three Quantifiable Benefits of Predictive Sales Analytics
- Predict customer behavior using custom sales analytics dashboards
- Generate accurate buyer personas to drive sales
- Segment customers into homogenous groups with similar behavioral characteristics
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Predictive Sales Analytics Engagement Summary
About the Client
The client is one of North America’s largest healthcare equipment and medical supplies provider, that is well-known for supplying medical oxygen cylinders, respiratory equipment, surgical equipment, and other equipment to hospitals in and around North America.
Their complex business structure required expert guidance and recommendations to set up and handle the demand for healthcare equipment while meeting health care standards, as well as managing the challenges associated with sales operations.
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Business Challenge
To drive profitability and improve cash flow, the healthcare equipment company was looking to analyze its sales operations and optimizing revenue cycles by collaborating with a sales analytics services provider. After a rigorous evaluation process, the healthcare equipment supplier chose to collaborate with Quantzig owing to its domain expertise and analytical capabilities that outpaced others in the sales analytics services marketplace.
The challenges faced by the client were three-fold:
- Inconsistent sales data from disparate sources were unreliable
- Sales reports for 8,00+ SKUs were undefined and unpredictable, based on an accounting system that did not translate into their product hierarchy
- The use of a store-based accounting system offered limited visibility into sales and profitability
To tackle the above-mentioned challenges the healthcare equipment supplier was on the lookout for predictive sales analytics solutions that would improve their ability to track and analyze sales and profitability.
Solution Offered
To help the healthcare equipment supplier address the issues, our sales analytics experts adopted a comprehensive three-phased approach. The first phase of this predictive sales analytics engagement revolved around analyzing the client’s existing sales operations and sales models to identify issues and factors impacting sales. By doing so, our sales analytics experts gained a holistic understanding of the client’s requirements and identify strategies to address those needs by ramping up their current development efforts.
In the second phase, our sales analytics experts focused on driving results through predictive modeling of sales data sets including unstructured data from disparate sources across the organization. This phase also leveraged natural language processing (NLP) and predictive sales analytics to analyze and understand unstructured data providing deeper insights and precise predictions on factors impacting sales and growth.
The third phase of this predictive sales analytics engagement revolved around integrating internal data with external data to identify regional market penetration rates and then compared them to others across the country in order to precisely identify factors driving sales.
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Result
The use of advanced predictive sales analytics models to restructure territories enabled the client to increase the efficiency of sales operations. Also, the deployed sales analytics dashboard helped the healthcare equipment supplier to track and analyze sales trends in real-time, which, in turn, helped them balance revenue across areas and improve sales rep coverage.
Quantzig’s predictive sales analytics solutions also enabled the client to:
- Gain better visibility into sales operations
- Generate accurate sales reports
- Achieve a 3x increase in sales post the implementation of predictive sales analytics models
