Velocify COO Manoj Goyal talks us through new ReportHub solution
Last month, Velocify launched business intelligence solution ReportHub. Designed as a 'fitness tracker for sales', it is designed to provide users with the real-time intelligence and data visualizations to improve performance across sales departments.
Velocify's COO talked to us about how the idea for ReportHub came about, and what he thinks the future holds for CRM Big Data analytics:
Where did the idea for a 'fitness tracker for sales' come from?
Sales is the ultimate endurance sport, it takes discipline and perseverance over the long haul. Velocify’s ReportHub is the fitness tracker of sales because it tracks the sales teams every move and gives the coach (sales manager) the best insights to motivate their reps on a daily and weekly basis, setting the rep up to achieve their long-term goals.
CRM analytics is a busy market. What do you think makes ReportHub an attractive proposition for potential customers?
Jim Dickie at CSO insights conducted a focus group with several sales leaders a few years ago. When he asked the question “What does it take to turn a lead into an opportunity?” someone in the group shouted out – “It takes a miracle.”
This reality is all too common in sales organizations today. Most sales reporting tools only focus on the account executive role – providing pipeline reports from opportunity to close. To do real sales performance analysis and to truly collaborate with marketing, you need to understand the lead journey from the time marketing delivers the lead to sales all the way to close.
Velocify’s ReportHub has a unique focus on lead qualification to opportunity, while also doing what others offer from opportunity to close, giving sales leaders the ability to truly use the data end-to-end. This helps sales leaders make sense of a multitude of data points collected each day regarding which reps, lead sources, and sales strategies are performing well, and which ones aren’t – ultimately helping organizations convert more leads into opportunities and more opportunities into closed deals.
Where do you see the CRM analytics market heading in the next five years?
CRM analytics will support adherence to key performance indicators but the true value will come from real-time consumption of analytics to improve sales execution.
Some of the improvements in execution will come in the form of artificial intelligence applications like chat bots and automated email message responses. This automation will mainly replace short-form communication, freeing sales reps up to focus on more meaningful engagements with their prospects. CRM analytics will help reps create stronger connections with their buyers by serving up real-time insights at the point of engagement. Other executional improvements will be process based. Applications will consume performance data and optimize automated process in real time for the best results.
How do you think CRM providers need to respond to these developments?
In order for CRM analytics, big data, and artificial intelligence to be successful, deep domain expertise is essential. The use cases are limitless for sales organizations to improve processes, automate routine tasks, enhance the service sellers provide to customers, but success requires deep domain expertise, and an understanding of the customer’s, customer and the experience they expect.
Are there any limits to how Big Data can be used to inform (or alter) modern sales processes?
The biggest flaw of big data is that many competitors are using it as an end. Rather it is a means to an end, and you have to use it carefully and transparently. In other words you cannot use big data to create blanket recommendations with no reason or transparency as we see with many predictive technologies today. Over use of big data can lead to false positives. Velocify is using and modeling big data for transparent and prescriptive recommendations based on clear reasoning.
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