How to hold effective meetings with Business Analyze

As a Business Analyze customer, data is readily available at your fingertips. Data helps you answer questions, gain insight and make better decisions.

Best of all you don’t have to use time gathering data for weekly meetings. It is continuously updated and ready-to-use on dashboards.

But don’t keep data to yourself!

Share data directly from dashboards with meeting participants. Using data to support discussions is a good way to build trust and credibility. Data is power!

If people have different opinions,  it’s easier to build agreement with fact-based information than subjective opinions.

Meetings become more effective because you avoid pointless discussions and focus on what really matters.

It’s well worth investing a few minutes to organize dashboards to be meeting-ready.

These 4 tips will help you lead successful data-driven meetings.

Set up dashboards to match agenda

Before the meeting, check that dashboards are set up to support your agenda. Then check filters to ensure your audience sees the correct level of data – and can’t see any information that is sensitive.

It should be easy to switch between levels of data for different types of meetings.

E.g. Sales Directors with access to all data can switch between views for:

  • CEO/Management team (all data)
  • Department/team (by departments)
  • Partner/sales channel meetings (by partner)
  • Individual /one-to-one meetings (personal level)

Communicate Clear KPIs

Gather your most important  key performance indicators (KPIs) and metrics on one dashboard. This helps focus people’s attention on what you want to acheive during the meeting.

Every participants has the same starting point for discussion.

You should have one or two overarching performance indicators (KPIs).  Too many will be overwhelming.

Each KPI should be clear and self-explanatory. This includes each element of the data visualisation. If people are struggling to understand what is shown on the dashboard, they won’t be listening to each other.

As you review KPIS, keep the conversation positive and ask questions such as:

• Why is the status the way it is?
• What has helped or held you back?
• What things could be better?

Your data may hold the answers to these questions.

If your KPI is ‘Growth in Sales Revenues’, for example, but you see the pipeline doesn’t have enough opportunities (pipeline refill report), you can discuss ways to fill it up.

See example of KPIs and metrics

Follow-up with actions

Once you have reviewed data and agreed next steps, follow up each meeting with activity dashboards. Activity dashboards keep everyone focused on key activities between meetings.

Let’s say you agree with your team on a new cross-selling opportunity. Your first goal is to book meetings within the next 6 weeks with all ‘A’ Customers that have purchased Product X.

You create a new dashboard with the report ‘A- Target Meetings’ and the responsible seller. Because your team shares this dashboard, everyone knows who to target and who is responsible.

As meetings are booked, dashboards are updated.

At your next meeting, you discuss what is going well and what isn’t. Some people have probably put a lot of effort into booking meetings already. Their contribution is important and should be recognized.

That’s the next step.

Recognize achievements

Every meeting should highlight some positive developments. Sharing successes builds team bonds.

You recognize acheivements on dashboards or leaderboards.

Continuing on the example above, you may add to the ‘A Customer Meeting’ dashboard a report of ‘New Meetings Booked This Week’.

Every new booking is a new ‘win’. Everyone pulls together to acheive goals.

If you are offering an incentive for good performance, add a picture of the reward or incentive to the dashboard.

For more meeting tips, contact Ann, our Head of Customer Success, ann@businessanalyze.com

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Sales gauge

5 Types of Sales Dashboards

What is the purpose of sales dashboards? What kinds of information should they include?

In this article we share with you 5 key types of dashboards:

  • Sales overview dashboard
  • Sales pipeline dashboard
  • Sales commission dashboard
  • Motivational scoreboards
  • Self-serve analytics dashboard

Some sales teams have all of these, while others choose a select few.

Either way, the main benefit of a sales dashboard is it provides you with instant information about performance, processes and activities. You should be able to easily find the information you are looking for.  Better insight leads to better results.

Let’s look at the different types:

Note: These are just examples. With business intelligence software you can customise dashboards to match the needs of your specific buying processes, metrics and user groups.

Sales Overview Dashboard

Sales overview dashboards track actual and forecast sales compared to targets.

They provide information on different levels, from company-wide through to individual.

Because the underlying data is picked up directly from a CRM, purchasing system or other relevant database,  figures are always up-to-date.

Some examples of key figures and reports which you may want to include on your overview dashboards include:

  • Sold vs. budget and forecast
  • New opportunities (value)
  • Total sold (value)
  • Opportunities due to close (value)
  • Accumulated revenues vs target
  • Top 10 performers vs targets

Sales Pipeline Dashboard

Sales pipeline dashboards help you understand where opportunities are coming from and how they are developing.

They provide current view of data, helping you track progress and ensure all possible opportunities are handled in the best way possible going forward. They also provide historic information, so you can look back to see how your pipeline (or multiple pipelines) is growing or shrinking, and use this data to generate even better results.

Sales pipeline dashboards often include:

  • Open sales by stage
  • Sales velocity metrics
  • Pipeline by close date
  • Pipeline fill versus requirements
  • Activity reports
  • Opportunities missing activity
  • Forgotten activities (planned but not executed)
  • Long or short term pipeline history

Sales Commission Dashboard

Sales commission calculation

Commission dashboards calculate earnings based on the bonus structure and return the results on graphs and tables. Instead of doing manual calculations in spreadsheets, commissions are calculated automatically.

The dashboard tool should support you, whether you have a basic or flat commission model or have tiered calculations using advanced formulas.

A system administrator decides who can access the commission reports, the same way as other dashboards.

Commission dashboards can report and filter data for almost any time period or level:

  • Commission per category or org. unit
  • Sale commission per period
  • Earnings per person

Motivational Scoreboards

Scoreboards are specific types of dashboards used to showcase achievements and reinforce desired behavior.

They can show new customer wins, present standings of a sales contest or highlight achievements, like who has hit a specific goal or target.

When scoreboards are streamed to strategically placed TV screens or monitors, they can have an extra motivational effect and help to keep everyone involved.

To work effectively, each element is carefully developed for maximum effect. This means:

  • Function and design is fit to purpose
  • Calculations are automatic
  • Information is updated dynamically

Self-service Dashboards

Self-service dashboards enable leaders and managers to run their own queries to company databases and navigate multiple layers of information – without needing technical skills.

System administrators set up access to dashboards so that users only see information they are authorized to view.

In the example below, sales managers can tap into order, purchasing or payment data to understand customer demand, optimize product mix, adjust pricing or identify cross-selling or upselling opportunities.

Here’s how it works:

  • select relevant filters
  • choose grouping
  • export results to other formats like Excel or Powerpoint

How to set up your dashboards

Now that you’ve seen some dashboards, you may be wondering how you can get one.

There are many software tools on the market, but the general process is the same for all:

  • Define your KPIs and metrics
  • Connect to data
  • Build reports or modify standard reports

Once dashboards are set up, you can continue to fine-tune them.

The important thing is to get started, use a free trial to learn more about how they work.

 

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Viking Venture provides SaaS KPI dashboards to portfolio companies

Viking Venture has developed new KPI dashboards for its portfolio companies.

KPI dashboards are an online benchmarking tool which makes it easy to track recurring revenues and other key metrics.

Benefits for investor and portfolio companies

The dashboards include important KPIs within software-as-a-service industry (SaaS). These are based on Viking Venture’s experience from multiple exits and investments.

Each portfolio company has their own set of dashboards with relevant reports, graphs and charts.

The dashboards provide a way for companies to:

  • learn from each other
  • gain insight into operations
  • provide a healthy competition

According to Erik Fjellvær Hagen, Managing Partner at Viking Venture:

From Viking Venture dashboards, portfolio companies can monitor their own performance, gain insight and continually improve. They are also able to see how other portfolio companies are doing on specific KPIs and then reach out understand what they are doing right and what they can do better.

See video

The dashboards are powered by business intelligence (BI) platform Business Analyze.

Business Analyze assisted Viking Venture in customizing and designing their solution.

For more information about subscripton revenues and KPI tracking? Contact info@businessanalyze.com.

 

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sales contests scoreboards

Business analytics and sales competitions: Business Analyze to develop new solution for Mobit

Sales contest scoreboard

Mobit, a leading Norwegian IT and phone service provider, has selected Business Analyze, business analytics platform, to track sales, manage competitions and share insights between more than 30 dealerships country-wide.

The goals of the project are twofold.

  • help leaders manage sales by plugging into data from CRM and ERP systems
  • provide real-time feedback and motivational sales leaderboards

“This is an exciting project because it involves the elements of multiple data sources, data visualization and gamification – all at the same time,” says Øyvind Skogstad, senior consultant at Business Analyze.

Business Analyze will provide Mobit with detailed business, sales and activity reports. The data for the reports will be pulled directly from company systems onto digital dashboards.

Business Analyze will also help Mobit manage sales competitions for sales team motivation. Business Analyze will calculate scores and present results on sales leaderboards for everyone to view.

During sales competitions, scores will be presented live and updated automatically. This enables participants to check the latest scores and review other sales performance indicators (KPIs) from home offices, mobile devices and other locations.

This is an important next step because it provides us with easy, fast access to data, says Harald Boyum, Director of Product and Business Development at Mobit.

– With Business Analyze we can quickly analyze, report and share data – and even run sales competitions. It’s a very flexible tool, says Boyum.

– Because Business Analyze is connected to both SuperOffice CRM and Multicase ERP, we can reuse data without having to enter it twice in separate systems.

Mobit is a customer of Business Analyze and partner CRM Insight.

Above: Senior consultant Øyvind Skogstad is developing digital dashboards and sales scoreboards for Mobit.

Read also: Business Analytics Guide for B2B Organisations

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Business Analyze Webinar

Webinar Recording: Practical use of Business Analyze

Thanks to everyone who participated in our recent customer success webinar -‘Practical use of Business Analyze.’

We hope you found it helpful.

To view the Norwegian recording

To view the English version

The agenda included a review of dashboard, analytics and KPI-tracking functions.

We looked at setting targets, filtering data, sorting and grouping data – and much more.

Webinar host, Ann Kristin Søraa, also showed how these functions work together to help sales teams:

  • manage the sales pipeline
  • track revenues, budgets and forecasts
  • monitor orders and invoices
  • see live sales commissions reports

She also showed examples dashboards for:

  • Leads/campaign performance
  • Customer support metrics
  • Customers satisfaction scores/NPS
  • Customer success

Don’t miss out!

Sign up here and we’ll be sure to send you an invite to our next customer success webinar!

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