Product category:
Business management systems, including SCADA, assets, projects
News Release from: Vecta Sales Solutions | Subject: Sales Intelligence software
Edited by the Manufacturingtalk Editorial
Team on 10 May 2006
'Sales Intelligence' software makes a
difference
'Sales Intelligence' software is making the difference for UK Industrial manufacturing and distribution companies
Vecta Sales Intelligence software is being used successfully by UK manufacturing and distribution organisations to offset the effects of increased price competition and ongoing consolidation in traditional customer bases Essentially a pro-active sales support and management tool, 'Sales Intelligence' is allowing industrial companies operating in mature markets to improve sales effectiveness and increase both sales margins and profitability
This article was originally published on Manufacturingtalk on 1 Aug 2006 at 8.00am (UK)
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Sales Intelligence software is simple to implement, and unlike CRM or Business Intelligence systems it does not require large amounts of data input to install or operate.
Developed initially for the IT distribution and Automotive Aftermarket industries Vecta's Sales Intelligence software has been re-developed using large-scale commercial pilot schemes in industrial companies to suit industrial manufacturing and distribution users.
Part of this activity includes a dedicated industrial sales and technical support team that has been established at the company's HQ in Oxford, and to date already has some notable successes with large scale fluid power and automation specialist Norgren and industrial distribution heavyweight WYKO.
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The Vecta software solution interrogates existing accounting, ERP and customer management software to provide sales staff and managers with a consolidated view of all customer and sales activities, without anyone having to load reams of data in by hand.
The software monitors and analyses buying patterns, identifies cross-and link-sell opportunities and automatically alerts sales staff to sales opportunities or customers that require a call because they are starting to drift.
Part of the success of the system is down to the fact that the customers of companies operating Vecta software also benefit; sales calls are more personal and timely, and a more pro-active approach to the handling of customer accounts is usually well received.
The change in sales culture from 'reactive' to 'proactive' happens by default and is virtually seamless for both parties.
The results for the operator are more satisfied customers, improved sales figures and increased margins, plus gains in market share without massive investment or restructuring.
Andy Buchanan, Vecta Industrial Sales Manager comments on his experience, "potentially large sales problems can be missed because they are not quantified and addressed, before the company employed Vecta to address the situation we saw one company that had lost over £9.0m in revenue due to customer drift".
"The sales team's results and measurable KPIs were all in line with the business objectives, but whilst the team focused on new business objectives, the company failed to address sales drift".
"While this is an extreme example, it is commonplace for companies with may customers, multiple product lines and large sales teams to suffer 20% customer drift year on year".
"This is not an inevitable part of business though, it is usually a result of no one noticing and flagging it up as an issue to be addressed".
"We find that a timely sales call will often solve any issues that may be outstanding and more often than not, the business is retained".
"VECTA Sales Intelligence software provides a solution by actively identifying customers who have moved to buy from competitors, calculating the value and margin implications, identifying areas of potential cross and up sell opportunities and altering the correct individual in the sales team to take action".
"Using the unique Vecta Alerts process, individual account owners, team leaders and regional operatives are not only shown whom to contact but also given a suggestion as to what action to take." At a strategic level VECTA Sales Intelligence can also be used to target sell product ranges, identify global buying patterns and focus sales efforts into the more profitable areas of a business.
The ROI on Vecta software is typically very short, unlike traditional 'Business Intelligence' (BI) solutions VECTA delivers actionable sales intelligence, out-of-the-box.
There is no need to build the data warehouses and dashboards using toolkits that BI solutions provide, and unlike CRM, salespeople don't have to laboriously enter data before they get useful information back, so end user adoption is virtually guaranteed.
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