• Product
    • Sales Rep Assistant
    • Predictive Forecasting
    • Sales Process Rigor
    • Prescriptive Insights
  • Customer Success
  • Resources
    • Blog
    • Sales Guidebooks
    • Webinars & Events
  • Company
    • About TopOPPS
    • Contact
    • Team
    • Careers
  • Contact Us




Choosing a Predictive Analytics Solution for Your Sales Team

Posted On July 28, 2016 By Chisom Uche In Blogs & guidebooks /  

In their 2015 report, ‘Predictive Analytics Are Transforming B2B Selling’, Gartner analysts stated “during the past four years, predictive analytics technologies have emerged as viable options for IT leaders and B2B sales leaders.” However, among the crowded field of all the new types of sales technologies now available, predictive analytics tools have been vying to establish what makes them different and why they are crucial to fast-growing companies of all sizes.


How does predictive analytics for sales work?

The first thing you should know is that predictive analytics is not the same as big data and is definitely not the same thing as magic. Predictive analytics solutions for sales teams work by using algorithms to study the data about your sales process and performance. For sales teams, that means understanding sales cycle times, deal sizes, contract prices, pipeline movement, close rates, and other sales related activities in order to give sales teams a better understanding of how they will perform in the future. These systems do not predict the future, they just calculate a possible set of outcomes. So, naturally, some solutions will be better at predicting outcomes than others.

 

Why does my sales team need a predictive analytics solution?

In Mckinsey’s report on ‘The Secret of High Growth Companies’, they found that “even among fast-growing companies, only just over half—53 percent—claim to be moderately or extremely effective in using analytics to make decisions.” These solutions are becoming more of an essential tool in a sales team’s arsenal as the tools become more sophisticated in their ability to accurately evaluate and provide insights about sales rep’s performance. Gartner’s Hype Cycle report says that “[predictive analytics solutions] have a high benefit rating because current clients cite improvements in deal closure rates, forecast accuracy, renewal rates, pipeline growth and revenue growth.” The data naturally generated by an adhered to sales process is being wasted if it is not easily digested and used to develop a stronger selling strategy.

 

What can I expect my return to be with predictive analytics solution?

You can immediately expect to have a leg up on the competitors that do not use predictive analytics solutions. Since the benefits of having a predictive analytics solution only increase the longer you take advantage of its capabilities, the advantage you’ll gain against your competitors will only compound. Mckinsey’s report found that “companies that use [predictive analytics solutions] extensively see profit improvements 126 percent higher than competitors who don’t.” Overall, Mckinsey found, the most prominent return for investing in predictive analytics solutions is “[the] use of sophisticated analytics to decide not only what the best opportunities are but also which ones will help minimize risk.”

 

What else should I be looking for when choosing a predictive analytics solution for my sales team?

This is probably the most important question. Predictive analytics solutions are available in pretty much every facet of sales operations and management and not all predictive analytics solutions are created equal. Some things that you should be looking for in the solution you choose (past the obviously reasonable price tag) are: 1) their commitment to ‘time-to-value’, 2) their focus on your historical data as the foundation for the analytics, and 3) prescriptive capabilities.

As supported by Gartner’s Hype Cycle report, predictive analytics solutions should not be arduous projects for your sales operations team to integrate or maintain. Also, while there is some value in looking into external data when shopping for the predictive analytics solution for your sales team you should consider the Hype Cycle’s advice and ensure the provider believes that “your most reliable data source will be your historical opportunity data.” Lastly, while predictive analytics solutions give you performance projections based on your historical data, to get the tangible insight on how to improve performance, you’ll need your solution to also have prescriptive capabilities. Solutions with prescriptive capabilities can be thought of as having an automated sales coach. Solutions with prescriptive capabilities not only identify, highlight, and project trends in your data but they also provide actionable feedback into how to improve sales performance. Currently, not many solutions have this prescriptive component, but as Gartner points out many vendors now have this in their product roadmaps.

Share on FacebookTweet about this on TwitterShare on LinkedIn
Want to learn more about TopOPPS? Enter your email to watch our demo video!
More Recent Posts:
March 6, 2018

TopOPPS Sponsors SuiteWorld: Introducing Sales Automation for NetSuite CRM

Amy Kohl Comments are off
Predictable Revenue Generation for Netsuite CRM AI Assisted Forecasting & Pipeline Management LET’s MEET AT SUITEWORLD! BOOTH #949 Reserve an appointment with the expert TopOPPS team and learn how the simple implementation of an AI-driven sales tool can increase revenue by 11%! All registrants are entered to win $100 cash
Webinars & events
Read More
March 1, 2018

Upcoming Webinar: It’s Time to End the Forecast Games

Amy Kohl Comments are off
It’s Time to End the Forecast webinar | Wednesday, april 18 CRM data is out-of-date and inaccurate. As a result, forecasts are incorrect. Senior management knows not to trust the forecast and reps and managers scramble at the close of every quarter to make the number…stop playing games with your
Webinars & events
Read More
January 26, 2018

Sales Pipeline Coverage… are we just humoring ourselves?

Jim Eberlin Comments are off
What’s your pipeline coverage?  We all feel good about 3x pipeline.  But what did you do to confirm the quality of that 3x pipeline?  Most sales leaders are burdened with spending a lot of time vetting opportunities with reps.  Considering all the other work that has to be done to
Blog, Guidebooks
Read More
December 1, 2017

The Sales Process Evaluation Guidebook: How to Create a Winning Sales Process Part2

Jackie Hayden Comments are off
Download this guidebook for a sales process evaluation with practical recommendations to help you identify the current state of your sales process, understand the areas in need of improvement, and take the necessary execution steps to positively impact revenue. With this evaluation you will learn how to: Formalize your sales
Guidebooks
Read More
November 6, 2017

AI: The Science to Help the Art of Sales

Amy Kohl Comments are off
On-Demand Webinar with experienced sales leaders Steve Demarco & Jim Eberlin Originally Recorded on Wednesday, November 15th Learn how Artificial Intelligence provides the science to help the art of sales. Ever have that sinking feeling when asked “What number are you going to hit this quarter?” Especially when asked by
Webinars & events
Read More
October 17, 2017

Guidebook: Sales Forecasting Solution: How to Become Best-in-Class

Jim Eberlin Comments are off
  What would a 11-13% increase in quota attainment, win rate and revenue plan attainment mean to your business? On a $10M quota for the sales team, this could mean $1.1M to $1.3M in more revenue. And what if you could achieve this without adding sales resources or spending more on
Guidebooks
Read More
September 19, 2017

“Sales Process or Die”Webinar with Barry Trailer (transcript)

Amy Kohl Comments are off
Most companies think of Sales Process and simply say “Yeah, we got that” while viewing it as a 3 step linear journey; we go from prospecting, to discovering, and ultimately closing the deal while delivering the numbers necessary for quota. Until recently, the way to look at Sales Performance was
Analysts on TopOPPS, Webinars & events
Read More
September 18, 2017

Webinar: Sales Process or Die with Barry Trailer Blog

Amy Kohl Comments are off
Originally Recorded on Thursday, August 24th   IBM for decades was famous for its short and pithy mantra: THINK.  Apple made hay with its partially cheeky, partially pithy slogan: THINK DIFFERENT.  When it comes to sales process, what impact it has on overall performance, predictability, and personnel, here’s an updated bit of advice: THINK AGAIN.
Webinars & events
Read More
  • 1
  • 2
  • …
  • 21
  • Next →
Return to Blogs
A Look into the Future of Sales Coaching
4 Sales Forecast KPIs You Should Be Tracking

Chisom Uche

All articles by: Chisom Uche

Search

Blogs For You

  • Sales Executives
  • Sales Operations
  • Sales Representatives
  • Sales Tools
  • TopOPPS Users

Recent Posts

  • TopOPPS Sponsors SuiteWorld: Introducing Sales Automation for NetSuite CRM March 6, 2018
  • Upcoming Webinar: It’s Time to End the Forecast Games March 1, 2018
  • Sales Pipeline Coverage… are we just humoring ourselves? January 26, 2018
  • The Sales Process Evaluation Guidebook: How to Create a Winning Sales Process Part2 December 1, 2017
  • AI: The Science to Help the Art of Sales November 6, 2017
logo-circle-01 (1)

   TopOPPS, Inc.
   611 N. 10th St., 4th Floor
   St. Louis, MO 63101
   (877) 737-7976
   Info@TopOPPS.com

 Logo Header Menu

  • Product
    • Sales Rep Assistant
    • Predictive Forecasting
    • Sales Process Rigor
    • Prescriptive Insights
  • Customer Success
  • Resources
    • Blog
    • Sales Guidebooks
    • Webinars & Events
  • Company
    • About TopOPPS
    • Contact
    • Team
    • Careers
  • Contact Us