Business leaders need to follow proven strategies in order to deliver analytics that help their organizations overcome critical challenges.
The current marketing landscape demands more organizations to upgrade and reestablish their business models to sustain in this challenging business environment. As there are unprecedented transformation journeys across industries, sales leaders are modifying the way they used to use while engaging with today’s customers – to create immersive experiences.
However, a latest Gartner study finds that only 25% of companies have a standard organization-wide definition for sales metrics. This absence of metric definition standardization could be a significant roadblock to the ability of sales analytics to drive commercial success.
In fact, about 55% of sales teams regulate metrics spanning all business regions, units, and teams – that too, in the sales operations itself. The study titled “State of Sales Analytics” revealed that without unified sales metrics definitions, sales analytics professionals would struggle to benefit the end-users, and understand the analysis they have been doing. Clearly, the sales analytics leaders will not be aware of such confusion.
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For other functional leaders, chances are more to take decisions based on intuition and erroneous assumptions. Earlier, it was found that around 19% of companies still define sales metrics ad hoc – indicating definitions are developed as a subset of requests for analytics.
This shows many professionals still believe that it is not necessarily reused. As an alternative, all sales companies should make metric standardization the foundation for the sales analytics role during commercial decision making. Even there are variations for an organization’s common data interpretation – that emerge in specialized groups. Such data are often aligned by business processes, customer segments, and technical domains.
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As Steve Rietberg, Senior Director Analyst of Gartner Sales practice, mentioned in the company blog post – “When different data dialects exist in an organization, they may have justification for variations in how a metric is defined and interpreted. Sales analytics leaders must be cognizant of dialects and flexible enough to support them.”
Clearly, to institute standard definitions for sales metrics while better ensuring the adoption, the sales analytics leaders should take the views of key stakeholders. This will help them to identify as well as understand the metrics that crucial to various audiences in an enterprise.
As a result, Gartner suggests such information is indispensable for designing a set of standardized metrics. It will help in fulfilling different user requirements – while eliminating variations in the ‘definitions’.
