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The value of data to create a new business model can drive revenue through sales automation.
New Trend: The Value of Data
For professional workers, Covid-19 has fundamentally changed the ways of working. McKinsey Global Institute estimates that 20 percent of the global workforce will continue to work remotely and are doing so just as effectively as being in the office. As a result, digital transformation has accelerated with an increasing reliance on automation systems and virtual events to accomplish business goals.
Leaders looking at the top line want to be sure that finding new sources of revenue is one goal that is not ignored. There is an opportunity in the market to create new revenue streams from business data. As Forbes writes, “In an age of digital acceleration, data is the essential asset that drives every innovation, every strategy, and every success.”
Creating new business models to leverage the data that the business already has could prove to be a gold-mine. Data can be used to make better decisions and understand the trends in buying behavior of existing customers which can help provide insight into how to acquire new customers. Companies willing to invest in effectively accessing and analyzing their data will have opportunities to identify new revenue streams and have a competitive advantage in the marketplace.
New Insight: Sales Automation is Critical
Sales itself has been transformed in the last few years. We can see examples of how automation is being used to make sales more effective and efficient.
Sales has Changed: Sales has been fundamentally changed. Instead of face-to-face meetings after flying across the country, sales people are working via the same virtual meetings as everyone else. If the sales model has changed, then how do sales people meet new customers and produce revenue to meet their targets? They need to use new technologies with data analytics for profiling, training, forecasting and more.
New Levels of Automation: Sales has started to see a new level of automation that drives more productivity for the sales team. Sales has now been “coded” into new sales technologies that dramatically reduce the amount of time between “hello” and “thank you for your business”.
Access to Sales Insights and Information: Leaders also have unprecedented access to sales information and data reporting. No longer relying on static sales reports and individuals, sales technology has created a new model of selling. Salesforce certainly paved the way for today’s advances. We think it’s time to look for the next-Salesforce among startups in the sales tech industry.
New Action: Driving Revenue Growth
Examine your current sales process to determine where you are or are not leveraging data sources that your business has, or could have.
Use data and automation to learn where and why reps are winning or losing customers.
Build a better sales organization with tools and systems that help to build skill and maximize sales effectiveness across the team.
N3 Innovation can help you start forming or expedite executing on building a business model around data as a revenue stream. To learn more about how external innovation teams can drive Sales Tech Initiatives, contact us today!
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