September 4, 2018
Understanding the Importance of Sales Cycle Timing
How long should a selling representative wait to convert a potential customer into a closed deal? We always end up with this crucial question because the sales process of the company must not seem too forceful or unprepared. On the contrary, if you wait too long and the lead conversion period is too high, you might miss the golden opportunity. In this blog, we will explore how BI tool helps you to optimize the Sales Cycle.
What is a Sales Cycle?
Due to the existence of this dilemma, the sales cycle is very crucial to ace the deal. The sales cycle provides a comprehensive synopsis of the selling process of any brand or business. It is an amalgamation of several stages, which starts from the lead generation to closure of the deals. There is no fixed definition of sales cycle and it differs based on the types of the business (such as B2B and B2C). Given this, it becomes crucial for any organization be it SME or large business organizations to optimize their sales cycle.
EasyReports BI (Business Intelligence) plays an important role here for business owners and sales heads with its data insights, customized sales reports and drill down drill up dashboard, which is a single screen overview with multiple data points.
The BI tool can be integrated with transactional software’s like Tally ERP 9, Microsoft NAV and SAP B1 for its data input thus removing human intervention. It is loaded with useful features to make business reporting easier for both SMEs and large companies. These include advanced web support that make reports available anywhere, reporting service that can send automated emails and alerts, and improved reporting across sales, debtors and inventory.
EasyReports can help manage sales cycle in the following ways:
Generate sales reports
Successful implementation of a sales cycle is dependent on an efficient sales team. Business owners can monitor the progress of the sales team with comprehensive sales reports. EasyReports BI can generate customized Daily, Weekly, Monthly Sales Report; Salesperson and Manager Wise report; reports with Pending Orders; provides Customer Rankings; and does Contribution Analysis.
This enables business owners and sales heads to monitor Target vs Actual revenue achieved by each salesperson. They can also measure KPIs set for the sales team. They can view comparative sales figure analysis. Additionally, they can track real-time revenue for a defined period. This can be done area-wise, zone-wise, channel-wise, and product segment-wise. In a sales cycle, this is helpful to track the position of business.
Performance Monitoring
EasyReports BI can generate salesperson wise reports. This is very helpful in monitoring the performance of individual sales agents. The detailed sales report provides multiple insights. It shows sales revenue achieved on a monthly, quarterly, or yearly basis. It also highlights the sales cycle closure time of individual sales agents. Additionally, it includes daily units sold and more. It helps business owners to identify a good resource. They can make the most out of sales personnel by setting individual targets accordingly. This way, a sales agent will never be in hurry to close a sales cycle, thus, giving them enough time to carry on the whole process.
This is how BI optimizes the Sales cycle management. To know more about other features of EasyReports BI which help in sales cycle management, log on to www.easyreports.in or send a mail to contact@easyreports.in