Profitability management produces a sustainable competitive advantage but by 2025 only one-third of companies will have implemented a profitability management initiative, explains Ventana Research SVP and Research Director Robert Kugel. This brief video shows why FP&A organizations must be part of a profitability management approach to pricing and costing.
Sales plays a lead role in the revenue and growth of every organization. Whether the selling is direct or indirect, what happens in the sales department has ramifications that are perilous to underestimate. The imperative to maintain business continuity becomes painfully clear in a global pandemic, and that imperative demands that organizations cultivate sales excellence. This effort should start with leadership and engage sales operations, management and professionals with the objective of building customer relationships that can survive the test of time. The health of a sales organization hinges on an effective selling experience, and this requires technology investments that enable leaders to not just manage sales performance but help inspire it every single day.
Sales organizations are under constant pressure to maximize their potential. To accomplish this they need to integrate their people and processes with those of the finance and operations groups and have access to all available information and useful technology. This is particularly true in the area of sales compensation, which when managed properly recognizes accomplishments, rewards success and motivates people. However, we find that few sales organizations take a comprehensive approach to sales compensation management.
In today’s highly competitive sales environment, where success depends on meeting the specific needs of buyers, an accurate and timely sales forecast is a critical tool for optimizing business outcomes. I discussed this as part of our 2014 research agenda for sales, noting that linking the forecast to commissions, quotas and territories is a requirement for success. We recently completed new benchmark research on sales forecasting to ascertain the state of the processes and technology sales organizations use. This research continues to find less than adequate efforts by organizations to improve their sales forecasting process and insufficient information about the full revenue potential from accounts and customers.
Topics: Sales, Sales Performance, Supply Chain Performance, Sales Forecasting, Sales Operations, Operational Performance, Business Analytics, Business Collaboration, Business Intelligence, Business Performance, Cloud Computing, Customer & Contact Center, Financial Performance, Information Applications, Information Management, SFA
Businesses aim to make their sales function as productive as possible, but they don’t always support that goal with investment in technology. I recently wrote about sales needing a swift technology kick. Sales application vendor Xactly provides a boot with the release of Xactly Incent 8 and will make parts of the application suite available from the Apple App Store for the iPad in the coming weeks.