Saying that today’s business climate is challenging is a massive understatement. Executives are feeling the pressure to adapt to the dynamic environments while increasing their bottom line. With fierce competition, every dollar counts.
Luckily, there’s a tremendous opportunity to achieve peak profit performance, particularly for those in the manufacturing and distribution space. Imagine a situation where you can reduce costs and increase revenues, all without having to make massive resource cuts, generate new customers, or even sell another unit of your product. Yes, this can happen.
So what exactly is needed for this kind of success?
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Clear, trusted data is the foundation of good decision-making. Unfortunately, many C-Suite leaders can’t maximize business performance because they are stuck using poor-quality, out-of-sync data. Non-integrated systems create silos that prevent efficient cross-team collaboration and keep decision-makers in the dark.
For example, suppose data records from an order processing tool aren’t connected to an inventory management system. How do you know what to order?
With clean information synchronized across the entire technology stack, you can get accurate insights on your customers, products, pricing, and sales process. This is the first step to enabling clarity so you can more easily spot opportunities to increase revenue, cut costs, or improve profit margins.
Dated technology is holding businesses back from getting insights they need. 70% of organizations want to become more data-driven, yet, 88% of organizations face technology constraints for data and analytics tools.
Manual processes also eat into a business’s margins. Relying on people to take in sales orders, generate quotes, track commissions, or calculate convoluted price add-ons by hand adds to the risk of making costly errors. System-supported workflows geared to your unique operation are a game-changer to improving the bottom line.
Businesses are not maximizing automation potential. While more and more companies are looking to deploy automation in their operations, only 31% of organizations have fully automated at least one key business function.
If your business has tried to get more from its data in the past, you likely tried out a few alternative solutions that failed for one reason or another:
Separately, your business may be in the position to improve performance immediately. You just need better visibility and tools to access your maximum profit potential.
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Complete clarity of a sales operation requires you to look underneath the surface-level metrics. It demands a detailed “Profit Picture” through specialty analytics tools that can pool together your financials, sales and product data, and other resources to provide precise insights:
You also want to have enhanced data visibility that proactively seeks out ways to improve sales operations. From spotting upsell opportunities at the point of sale (POS) to identifying earned rebates to optimizing pricing models that widen gross margins, organizations need to adopt tools that can give them more out of their data.
Finally, sales operations automation is vital to reducing costs caused by manual errors and producing better workflow efficiency. Teams need custom-built tools and system integrations to put critical activities, like quote generation, order processing, new account setup, and price change requests, on auto-pilot while reducing mistakes.
More revenue doesn’t have to mean increased customers or units sold. The ProfitOptics Margin Express tool analyzes transactional pricing scenarios for peak sales performance. The tool lets you set price increases that are backed by marketplace trends but are virtually unnoticed by customers—seamlessly adding the potential for millions of dollars to your bottom line.
While resellers use rebate arrangements to promote cost-savings to their customers and resellers, they aren’t always delivered as promised. The ProfitOptics Rebate Optimization tool widens your margin gaps by ensuring you recover all the rebate dollars entitled to your business.
Everyone has a role to play in the journey to closing profit leaks and enhancing performance. Therefore, organizations must adopt solutions that meet various needs across their sales operations function to improve insights gathering and streamline workflows. So what does this look like by team member and department?
For Data Management
Getting a precise profit picture, improved sales data visibility, and system-supported automated workflows ultimately reduce the cost of doing business and maximize profit margins.
Data shows that companies who execute digital transformation report significant performance improvement compared to companies that remain “status quo” with data and technology:
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Consider the value that comes with removing the veil on hidden profitability metrics. You can do things like pinpoint customers that are costing money to retain, run thousands of scenarios to find the peak price point that yields the lowest customer churn rate, and keep accurate tabs on rebating. These are actionable insights that drive real change.