why does the ceo need predictive analytics to grow? · it will come from big data approaches using...
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© 2015 SalesChoice Inc.
Why does the CEO need Predictive Analytics to Grow?
by Dr. Cindy Gordon CEO, SalesChoice Inc.
Why does the CEO need Predictive Analytics to Grow?
© 2015 SalesChoice Inc. 2
Table of Contents 1.0 The Big CRM Secret 3 2.0Let’sExplorethisFurther 4 3.0WhatistheBreakthroughPossibility? 5 4.0WhatisPredictiveAnalytics? 5 5.0PredictiveAnalytics=10XImprovements 6 6.0FiveStepsforC-SuiteExecutivestoFollow 8 7.0BottomLine 9 AuthorBio 10 SalesChoiceBenefits 11 Contact: 11
Why does the CEO need Predictive Analytics to Grow?
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1.0 The Big CRM SecretDespitebillionspouredintocustomerrelationshipmanagement(CRM)softwareorsolutionsellingmethodologiestoimprovesalesperformance,westillhave30-60%ofmiddletiersalesperformersnotmakingtheirsalestargetsin80%ofB2Bcompaniesworld-wide(Accenture,CSOInsights,2014).Yield efficiency of sales professionals needs to be a #1 goal for all CEO’s to be more involved in.
Yourcompany’stoplinerevenuegrowthisdependentonit.SalesrevenuegrowthiscloselymanagedbySalesorChiefRevenueOfficers.However,forthelastthirtyyears,thisyieldefficiencyissuehasplaguedcompaniesgrowthpotential.Itistimetounlocknewpossibilities,usingPredictiveandPre-scriptiveAnalyticstohelpsolvetheseissues.The Science of Selling is rapidly shifting everything we know about sales.
THEBig
CRMSECRET
pssst...
Why does the CEO need Predictive Analytics to Grow?
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2.0 Let’s Explore this FurtherWeknowthatthemajorityofcompanieshavebeenchallengedwithadoptionissuestouseCRMsystemseffectively,butafterthreegenerationsofCRMdeployments,mostoftheFortune500havenailedtheiradoptionchallengesbyimplementingmorestreamlinedoperatingpractices,addingincentivesforqualitydata,anddisincentivesforsandbagging(ie:enteringdealsjustpriortoclosingresultsinnocommissionrecognition).CompanieslikeSalesForceandmanyothersarereinforcingthatcustomerdataisanasset,andthatsalesprofessionalshavearesponsibilitytokeepaccuratecustomerinformation.
CRMproductshaveevolvedtosimplifyuserexperiencestostreamlineusernavigationandalsoenableportabilitytousemobile,iPADs,orlaptopssoflexibilityisthere.Adoptionchallengesarebeingsolved,giventhemarketmaturityofusingCRMtools.
Winratesareacloselyheldmetricbysalesleaders.CompaniesinvestinCRMsystemsandsolutionsellingmethodstoincreasetheirconversionrates.Manycompanieshaveachieved50%winrates.ButtheystillhavethebigCRMsecretthat30-60%oftheirmiddletiersalesprofessionalsarenotmakingtheirsalesplans,despiteeverythingtheykeepdoing,theirsalesyieldefficienciesremainsub-optimal.
Why does the CEO need Predictive Analytics to Grow?
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3.0 What is the Breakthrough Possibility?Sowhatisthebreakthroughtoincreasewinratestodrivetop-linerevenuegrowth?Thebreakthroughwon’tcomefrominvestinginmorerelationshipsellingorsolutionsellingorchangingCRMsystems,itwillcomefromBigDataapproachesusingPredictiveAnalytics.TheBigDataAnalyticsmarketisestimatedtobeover$125Bandthesegmentforpredictiveandprescriptiveanalyticsisa$40Bmar-ket(GartnerGroup,IDC,2015).
4.0 What is Predictive Analytics?Predictiveandprescriptiveanalyticsisarelativelynewterritoryformostcompanies.AccordingtoGartnerGroup,predictiveanalyticsdescribesanyapproachtodataminingwithfourattributes:• anemphasisonprediction(ratherthandescription,classificationorclustering),• rapidanalysismeasuredinhoursordays(ratherthanthestereotypicalmonthsoftraditionaldata
mining,• anemphasisonthebusinessrelevanceoftheresultinginsights(noivorytoweranalyses)and• (increasingly)anemphasisoneaseofuse,thusmakingthetoolsaccessibletobusinessusers.
Why does the CEO need Predictive Analytics to Grow?
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5.0 Predictive Analytics = 10X ImprovementsInaglobaltelecomcompany,weanalyzedalltheirB2BGlobaldatageneratedfromover200salesprofessionals.Over10,000salesopportunitiesandalltheirrelevantdatapatternswereanalyzedinSalesChoice’sPredictionsInsightEngine™tounderstandtheirwinandlosspatterns.Thecompanyhid1000opportunitiesfromSalesChoice,andaskedustopredictifthecompanyhadwonorlostthe1000 historical sales cycles. SalesChoice predicted 85% of the outcomes accurately.
Needlesstosay,thistypeofforesightcanbringtremendousvaluetoacompany’scompetitiveedge.Thebiggestpaybackforpredictiveanalyticsinsalesisinpipelineconversion,andincreasingwinrates. This is where SalesChoice’s - Predictive Insights Engine™ brings immediate value.
Reflect on These Questions
• Whatcanhappentoyourcompetitiveadvantagewhenyoucanseethefuturebeforeitarrivesat30-60%betterthanyourbaseline?
• Whatproductivityinsalesandbusinessperformancecanthisbringyourcompany?
• Howmightyoualterorimproveyoursalescoaching?• Howmightthisforesightimpactyoursalescoverage?• Howmightthisimpactyourresourcecapacityplanning?
Predictive Analytics Advantages
• Youcanfocusonthebestopportunitiestowinandadvanceyoursalesfunnelvs.focusingonsalesoppor-tunitiesthatarenotashighprobability.
• Youcaneasilyfindbestwinpathways.• Youcanidentifythereasonsforwinsorlosses.• YoucansaveprecioustimebynotchasingtheDUDS.• Youcanimproveyoursalesforecastingaccuracy.• Youcanplanforimprovedresourcing,• Youcanmanageriskmoreefficiently.• Youwillincreaseyourtoplinerevenuegrowthandodds,• Everyone has an increased opportunity to be a
winner!
Why does the CEO need Predictive Analytics to Grow?
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TohighlightafewmoreexamplesofhowourclientsarebenefitingfromusingSalesChoice,hereareafewinsights.
Sparking Possibilities
AGlobalSaaSDocumentManagementCompanywithasalesforceof25hasaCEOandSVPofSalesspending1-2days/monthrationalizingtheirsalesforecast.AfterimplementingSalesChoice,theyjustlookatwhatSalesChoiceforecastsaysasithasbeenconsistentlyaccuratesincethesoftwarewasdeployed.AnROIofover2000%,saving24days/monthofClevelexecutivestime.SalesChoicehasbeeneffectiveinpredictingmoreaccuratesalesfore-casts, as this customer can now reinvest his time in increased customer call activity vs. administrative activity.
AtierOneGlobalSoftwarecompanyhasitssalesrepsusingSalesChoicetohelpfocusitsmiddletiersalesprofessionalsontheopportu-nitieswiththebestwinattributes.AkeygoalwastostopchasingtheDUDS.Evena5%improvementwillgenerateTop-lineRevenuegrowthofover$50Mtothiscompany.Itisstillearlydaysbuttrendlinesareverypositive,aswearetrackingpredictionsagainstoutcomes,andnewrevenuegrowthisbeingexperienced.Time is precious and in sales, focusing on the right opportu-nities makes a big difference.
What the Experts Say
ExpertslikeIBMandMcKinseysaythatCEO’sandClevelsneedtohaveastrategyforBigDataandPredictiveAnalyticsasitcanmean: ✓ 1.6XRevenueGrowth ✓2.0XEBITDAGrowth ✓2.5XStockAppreciation ✓10XCAGR
Why does the CEO need Predictive Analytics to Grow?
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6.0 Five Steps for C-Suite Executives to FollowPredictiveanalyticsinvolvesingestingmassivedatasets,sometimesdifficultjoiningprocesses,extensivedatacleanup,andleveragingcomplexstatisticalanalysis.Seniorexecutivesplayacriticalroleinshapingandleadingtheirorganization’sfuture.Herearefivethingsthatyoucandoinyourleadershipbehaviorstodemonstrateleadership.
Be Inquisitive. Askthetoughquestionsthatothersmaynotaskbecausetheyaretoohardtoanswer.Howdoweimprovetheyieldefficiencyandperformanceofoursalestoincreasetoplinerevenuegrowth?Whatcanweseebeforeithappensusingpredictiveanalytics?Howcanwebesmarterusingpredictiveanalytics?Whatareourcompetitorsdoingwithpredictiveanalytics?Howmanydatascientistsdowehaveonstaffthatarefullyqualified?
Enable the Experts.Gatherthetechnical,financialandpersonnelresourcesrequiredtoanswerthequestions.Empowertheorganizationtocombinedatasetsandexplorethedata.EngageexpertswithexpertiseinBigData,ScienceofSellingandunderstandthattotacklethesechallengessoftwarewillberequired.Avoidanalysisparalysis.BeAgileandlearniteratively.Lessismore.Someconsultingcompanieswillsayyouneedaglobalstrategyforpredictiveanalyt-ics,whenintheearlystagesyouneedalightstrategyandneedtoexperimenttolearntoseeandexperienceresultsofvaluebeforeshapingalongertermroadmap.JustremembertheBigBusinessProcessRe-engineeringdaysasBigAnalysiswithoutexecutablesinfastlearningmodeonlyresultedingoingno-wherefast.
Mine the Data.Lettheexpertdatascientistsexplore.ColumbussetouttofindawesternpassagetoIndia.Insteadhefoundanewworld.Givethedatascientistsamission,butalsoletthemexploretofindnewworlds.
Automate the Process. LeverageeasytouseSaaSorcloudbasedtechnologytocreateautomaticdatafeedswhichanalyzeanddisplayinformationindash-boardsleveragingpredictivemodels.Understandthesciencesthatareusedassomecompaniessaytheyareusingadvancedscienceswhentheyarenot.Doyourhomework.Lookattheprofilesandpedigreeofthetalentyouareworkingwith.Theirexpertisecanguideyoutomakeawellinformeddecisionandmanageyourrisk.RememberInnovationisontheEdge,sothesmartesttalentwillbeinboutiquesorearlystagecompaniesastheyareinnovatorstakingriskstodrivethenewchangesrequiredto Make Sales a Science.
Sustain the Learning. Predictthefuturewithdatamodelsandthencomparepredictionstoactualresults.Usetheinformationtotakecorrectiveactiontoimproveorganizationalandoperationalperformance.
Why does the CEO need Predictive Analytics to Grow?
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7.0 Bottom Line:
• WearerapidlyenteringtheAge of Advanced Sciencespermeatingallbusinessprocessesandpractices.
• AtSalesChoice,wespecializeinMaking Sales a Science,andwehaveprovenconsistentlyourabilitytopredictfuturesalesoutcomesreliablyat85%accuracyormore.
• OurData ScientistsregalefromAccenture,Google,Oracle,andXerox.• We are growth innovators.Weensureyougrow!
Why does the CEO need Predictive Analytics to Grow?
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Author Bio
Dr. Cindy Gordon is the CEO & Founder of SalesChoice Inc. a Canadian company, focused on Sales Enablement Solution(s), leveraging Big Data: Predictive and Prescriptive Analytics. Dr. CindyGordon,CEO,iswellrecognizedasaninnovatorinCanada,andsheisarecipientoftheGovernor’sGeneralAwardforInnova-tion.ShehasalsoheldseniorexecutiverolesatAccenture,XDCI,aventurecapitalfirm,Xerox,Citicorp,NortelNetworksandisactiveincommercializingearlystagesoftwarecompanies.ShehasbeenanangelincommercializingcompanieslikeEloqua,soldfor$1.2BtoOraclein2013.Otherearlystagesoftwarecompaniessheisinvolvedinare:AcceleratorU,CorentTechnology,CoursePeer,GetKula,Med-worxxandTouchTownTV,tonameafew.SheisalsotheFounderofHelixCommerceInternationalInc.,acompanythatspecializesinInnovationbasedonleveragingnewgrowthaccelerationmethods.CindyisequallyactiveintheNotforProfitsector.AformerFounderandNationalChairforCATAforWomeninTechnology,Cindyhas
beenactiveinadvancingwomenintechnologycareers.ShehasservedasamentorattheRotmanBusinessSchoolforWomenandwasaformerPresidentofXerox’sWomeninBusiness.Cindyisalsotheauthorof14booksin:BigData,SaaS,Collaboration,CRM,eCommerce,Innovation,Knowl-edgeManagement,Portals,andSocialMedia.Sheisactiveinthetheatreandartscommunity,andisaBoardDirectoroftheNightwoodTheatre.Cindy’s passion is unlocking innovation to solve complex business challenges to improve business growth.
Why does the CEO need Predictive Analytics to Grow?
© 2015 SalesChoice Inc. 11
SalesChoice Benefits:Helps Sales Professionals achieve their sales quotas• Providereal-timeinsightsforsalesmanage-
menttoengageinsalesactivitiestoincreaseoddsofquotaattainment.
• Providesalesrepswithareliablemethodtopredicttheiroddsofsuccessofaleadtoconverttoasuccessfulsalesoutcome.
Improves Sales Forecasting: Bridge the Gap between Sales and Marketing• ImproveleadROImeasurementtohelpde-
terminemarketingbudget(s)prioritiesgivenfactsonleadsourcestoconversionsuccess.
Increases Competitive Advantage• Accesstoreal-timepredictionsonsales
quotaattainmenttoimproveyouroddsofsuccess,andreducebusinessrisks.
• Increase sales coaching insights to sales repsonrisksintheirsalescycles.
• Growtoplinerevenuebyunderstandingoddsofwinningandlosing,usingsmartersciencestopredictfutureoutcomes.
• Reducesalesforecastingrisksbyhavingmoreaccuratesalesforecasts.
• Maximizeresourcecoveragewithforesightinsights.
“Big Data leaders (e.g., companies that effec-tively use Big Data to guide decision-making) beat out their competitors by an average of nearly 8 CAGR percentage points.” (Source: McKinsey, 2015)
Contact:Dr. Cindy Gordon, CEOSalesChoice Inc.(416)[email protected] @SalesChoice_Inc
Register for a demo:www.saleschoice.com/register/
“SalesChoice’s prediction accuracy is at 85%+.”
www.linkedin.com/company/saleschoice
www.saleschoice.com