7/29/2019 Oracle AccelerateSalesVelocity

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1. HAVE A CLEARLY DEFINED SALES

METHODOLOGYOrganizations require a

common framework and language for assess-

ing opportunities. For example, qualified

opportunitymust have a consistent meaning

across your companys sales territories. Sales

forecasting accuracy is compromised without

this consistency. By standardizing on a CRM

application like Oracles Siebel CRM On

Demand, organizations can ensure their sales

representatives are consistent in the language

that is used and the type of data collected.

2. CAPTURE QUANTITATIVE AND

QUALITATIVE INFORMATION ABOUT EACH

OPPORTUNITYCapturing opportunity infor-

mation on spreadsheets is still a widespread

practice. The challenge with this tactic is two-

fold: Spreadsheets are unable to effectively

track qualitative information, and the lack of a

centralized data repository results in a time-

consuming roll-up process that compromises

data accuracy and results in delayed responsesto time-sensitive problems. Leading CRM

applications enable sales representatives to

easily capture and analyze the critical quantita-

tive and qualitative data, based on a standard-

ized system, which is needed to accurately

diagnose issues. This allows for much more

accurate data analysis.

3. FOCUS ON PERFORMANCE AND

EFFECTIVENESS METRICSWhile virtually

every organization focuses on performance

metrics like sales by region or revenue per

product, capturing and analyzing effectiveness

metrics is also critical because performance

metrics only capture after-the-fact insight into

the results of the sales period. In contrast,

effectiveness metrics like number of cus-

tomers deferring purchases, average length

of sales cycle, and product line win rate pro-

vide critical information during the sales

period, which allows companies to predict

results and quickly execute strategic actions

to improve performance.

4. DEVELOP FORECASTS FROM MULTIPLE

PERSPECTIVESMost organizations only rely

on a single perspective from sales when

building their forecasts. As a result, they fail

to recognize the broader issues and historical

context that can add significant clarity to

sales forecasts. Instead, companies should

assess forecasts from three perspectives: the

sales perspective, a pipeline perspective, and

historical results. Oracle refers to this

approach as triangulated forecasting. The

sales perspective is created by asking sales

representatives to submit individual forecastsbased on the specific opportunities in their

pipeline. Analyzing the number of opportuni-

ties in each stage of the pipeline creates the

pipeline perspective. And analyzing current

pipeline data against historical trends creates

the historical results perspective. This triangu-

lated approach provides a set of checks and

balances that enables management to quickly

identify potential problems. For example, a

companys sales assessment could indicate

the organization is on track to meet its quar-

terly revenue number. However, the pipeline

assessment could show that 80 percent of all

current opportunities are at sales stage levels

that do not support a timely sale. And by

analyzing historical data, the historical results

assessment could reveal that at this point in

the quarter the companys forecasts have been

typically 20 percent above attainment. Takingall three of these perspectives into account,

management would realize the company is

unlikely to meet its original forecast unless it

takes immediate corrective action. Oracles

Siebel CRM On Demand supports this triangu-

lated forecasting process.

5. TRANSLATE FORECASTS INTO ACTION

The most effective organizations use forecasts

to improve real-time decision making. How?

For example, once a potential shortfall is

detected, management can determine

whether the underlying cause is related to

weak demand, poor sales execution, or

increased competitor activity. In addition,

management can pinpoint whether the short-

fall is more prominent in specific sales regions,

among individual product lines, and/or cus-

tomer segments. The company can then

develop targeted action plans with specific

owners and clear time lines.

Managing the sales pipeline is one of the

greatest challenges facing organizations today.

By implementing these best practices, compa-

nies can significantly improve pipeline man-

agement, dramatically reduce end-of-quartersurprises, and accelerate sales velocity.I

Oracle is the #1 global CRM provider, with the

widest range of on-premise, privately managed,

and shared on-demand applicationsall backed by

single-vendor hosting and management capabili-

ties, plus the domain expertise that comes with

deploying more than 4.6 million live CRM users.

Inconsistent sales processes. Inaccessibility to the right information. Low sales

productivity. Inaccurate sales forecasts. These are a few of the many symptoms of poor

pipeline management, which combined can place a company at significant operational

risk. On the other hand, maximizing pipeline efficiency and effectiveness can be a key

part of your organizations arsenal as you seek to accelerate sales velocity and improveoverall business performance. With 12-plus years of experience successfully deploying

more than 4.6 million live CRM users, Oracle has documented five best practices for

dramatically improving pipeline management and, in turn, increasing sales velocity.

Accelerate

SalesVelocity FIVE TIPS TO DRAMATICALLY IMPROVE PIPELINEMANAGEMENT AND OVERALL BUSINESS PERFORMANCE

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