• Field reps have too many accounts.
• Field reps need more qualified leads.
2. Measurements: How will you know that you are successful? Set a baseline measurement for how you are doing now. Define what data you need to determine how to measure where you currently are, and then decide what will determine your success. If you do not have the data to determine where you are, get it!
When defining your measurements, make sure you decide who needs to get the information and in what form. That will help design your reports, and determine the frequency of distribution and how the data will be used.
Don’t collect data you won’t use. If it seems like too much information to capture, narrow it down to the critical success factors.
3. Discipline (Tracking). Garbage in is garbage out. The only way to make sure you have high-quality data is to use it. Make the measurements and reporting visible within the company. The CEO should be reviewing the measurements with his or her team at least monthly; managers should be using it to drive performance and make decisions on what to do differently. Set the standards for what data you need to collect and your expectations for compliance, and then use and post the data.
What’s in It for me? The Benefits of Data Mining
2003’s IDC study, “The Financial Impact of Business Analytics,” reinforced the fact that implemented analytic applications (data mining) have returns ranging from 17 percent to more than 2,000 percent. The median ROI, over a 5-year period, was 112 percent.
Many operational and decision-making components of the business can be vastly improved by applying the learnings gathered from data analysis. For example, business analytics can help:
• increase sales force effectiveness;
• build sustainable relationships with customers/channel partners;