Sales Force Performance Optimization and Performance Tracking for a Leading Medical Device Company
In addition to being one of the most effective channels for engaging with customers, the sales force is also one of the most resource intensive business units in an organization. However, without profitable returns on this investment, the sales force can have a significant role to play in an organization’s revenue losses. The ineffectiveness of […]READ MORE >>
In addition to being one of the most effective channels for engaging with customers, the sales force is also one of the most resource intensive business units in an organization. However, without profitable returns on this investment, the sales force can have a significant role to play in an organization’s revenue losses. The ineffectiveness of the sales force is usually due to the absence of an effective sales methodology and regular assessment of the sales force performance. With the proper utilization of technological advancements such as CRM systems and an efficient means to aggregate data from this platform, organizations can now leverage analytics to track sales force effectiveness and improve performance.
By leveraging our expertise in data analytics techniques and statistical modeling, our sales force performance optimization services will assist organizations in tracking and enhancing the effectiveness of their sales force and improve sales revenue. By tracking the productivity of the sales force, we also design and recommend effective compensation plans to reduce sales force attrition and improve performance. Additionally, our sales analytics services also help organizations in identifying possible changes in sales trends and forecast sales volumes.
The Business Challenge and Quantzig’s Approach
By realizing the need to track the performance of their sales force – the client, a leading medical device manufacturer in the United Kingdom collaborated with Quantzig to analyze the sales performance based on quantitative and measurable inputs and to improve the effectiveness of their sales force across various regions and accounts. Though the client was primarily using a CRM system, it was not very effective due to data integration issues and manual tracking of efforts by sales managers, which led to a months’ lag in updating and evaluating efforts. Additionally, there were challenges in evaluating the conversion probability for any deal and identifying key factors and activities that influence the chances of success.
The primary objective of this sales force performance optimization and business intelligence engagement was to overcome the challenges in measuring the sales performance and gain a clear understanding of their funnel sales and identify key factors that drive sales.
To cater to the specific needs of the renowned medical device manufacturer in the UK, our sales analytics team developed an efficient solution based on the data collected from various sources and information on the sales representatives. Additionally, to gain a clear understanding of the business, our analytics experts also analyzed historical deal data including the size of the facilities, vendors, sales type, and business segment.
An overview of the data used and models applied are given below
Business Benefits and Insights
With the objective to help the leading medical device manufacturer develop an effective resource allocation strategy based on pipeline estimation and sales representative performance, Quantzig deployed a sales analytics team with experience in handling similar sales force performance optimization assignments. The solution offered helped in developing a more targeted approach that resulted in incremental sales and higher returns on investment. Additionally, we identified the activities that played a significant role in a winning bid and KPIs for tracking important performance metrics across various geographies. By using regression-based methods, our experts identified several key influencing factors for deal conversion including deal size, incumbent vendor, business segment, opportunity type, product, time span, and seasonality.
Furthermore, the insights offered through this sales force performance optimization assignment also helped forecast revenue from each stage of the pipeline and identify prospective clients in each stage of the pipeline. During the course of this sales force performance optimization engagement, our experts also offered recommendations such as frequent follow-ups with the key accounts to help in retaining business and win new deals by reducing the time for deal closure. The study offered insights on the product and account wise performance for each region based on the sales history and revenue.
In a span of just ten weeks, the client could gain insights on the allocation of efficient sales representatives to deals with higher probability of winning. Based on the account conversion probability and sales representative success ratio, this sales force performance optimization study helped in gaining insights on accounts that are expected to convert in the next few months.
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