Benefits of a Sales dashboard
Sales make the world go around, but if we had to ask precisely how ‘Sales’ within a given company is analysed or how each sales representative’s performance is measured with their respective clients and products, the answer would likely be a mixture between a guessing game and one-worded answers like “good” or “reaching the target”. A Sales dashboard enables direct insight into your revenue driving force, allowing you to plan, implement and improve with data-based decisions.
5 benefits of a dashboard for your Sales:
1. Real-time Customer Analytics
The great thing about Sales Analytics is that it gives you answers, and you need to ask the right questions. With accurate insight into current customers, a higher retention rate, as well as increasing revenue, can be achieved. Having real-time insight into increasing and decreasing customers will allow your Sales Team to focus on the right clients at the right time, ensuring marketing opportunities are realised, and efforts are driven towards suitable clients.
2. Performance Management
A sales team is the direct link between your service or product offering and the client. With detailed analytics on your sales team, you will be able to view each sales representative’s performance and total contribution towards sales over time. With insight into each one of the sales team members, it will be easier to identify who requires additional assistance with clients, and who can manage more clients at a time enabling optimal teamwork.
3. Inventory Management
The ability to have analytics and real-time insight into inventory details will assist your buyers, and sales representatives. A short example: A client of ours, with multiple locations nationally, use real-time insight into their inventory to keep their Sales Representatives informed with the amount of stock available in other branches. If for instance branch A is currently out of stock, where the sale is taking place, the real-time insight into their inventory shows which branch closest to branch A has enough stock; a deal is then able to take place without any unnecessary hassles.
This insight gives you a competitive edge with quick response times by enabling your Sales Team with the right information.
4. Optimise Sales Activities
At Canvas we believe in being less busy and more productive. One of the main benefits of a Sales dashboard is the time saved. Expensive time is spent building reports each month, and by the time the report is finalised, it is regrettably long overdue. The value behind a Sales Bl dashboard is the total cut-out of low-value time, and the ability to start making data-based decisions almost immediately after implementing a Sales dashboard.
Forecasting is the secret weapon of every great business. By having better insight into the buying cycle of each client with historical data, the demand by each client can be understood and often accurately predicted. Allowing companies making use of forecasting with accurate data to prepare for an increase or decrease in demand each year and setting measurable goals and deliverables for internal teams.
A short story from a Canvas Client
35 Excel Sheets and millions of rows of data.
4 Notable portfolios
300+ assets across various industries.
Challenge Identified: Data Integrity & Time Spent Consolidating Reports
On average our client, with over 300+ assets across various industries with four highly significant portfolios, spent two weeks capturing information into 35 different excel sheets with multiple tabs. Applying manual consolidation, they built one static report for an overview of their asset management.
The challenge was not only the amount of time spent monthly on each report. Due to the absolute manual reporting process data integrity was also compromised and logic varied every month.
In this case, the solution was not as complex or expensive as one might think. Canvas Intelligence implemented a solution using the Microsoft stack by consolidation all 35 different Excel spreadsheets into a central staging area. The data was filtered and published out via reports from Excel and Power Bl.
Today the Financial Director, Group Financial Manager and all Asset Managers use the report to stay one step ahead with the ability to forecast expiring contracts.
For what insight do you currently use your Sales dashboard? How do you benefit from it? We’d be happy to hear from you in the comments below!