Data analysis is nothing new to the sales world. Ever since CRMs, sales teams have found ways to improve their performance by studying their historical data. The introduction of big data and business intelligence tools only catalyzed the need for sales people to have the ability to make sense of their data without completely relying on a sales operations team.
What predictive analytics was missing was an instructional component for the times when the future was looking gloomy. In a career where production is paramount, prescriptive analytics present sales teams with a technological personal assistant. The Aberdeen Group did research on over 100 sales teams and found that just about half of them are happy with their ability to access the data that they need. Which means while almost all sales teams have data that could help them improve performance and boost their quota attainment, half of them are doing nothing with that valuable information.
As Guy Yehiav put it, "prescriptive [analytics] give answers to the questions you don't know how to ask." High-quality prescriptive solutions encapsulate your sales process and then identify areas that need your focus and also answer the question "what should I do about this?" That is the crucial component of prescriptive analytics, it doesn't just tell your sales rep that a deal isn't going to close and that they won't make their quota or tell the sales manager that they aren't on track to hitting their forecast, it also tells them what they need to do to prevent that scenario from happening.
While prescriptive analytics is the new kid on the block when it comes to sales technology, as Gartner analyst Lisa Kart explains, it is not the end goal. Prescriptive technology is still very novel and hence should not be relied on, alone, to power your sales team. Also, not all sales tools will be best for your sales team. It is important to identify your particular sales goals and then find the sales tools that are best for you. If you want to learn more about prescriptive and predictive analytics sales technology, contact us! We have helped many sales teams in a variety of industries grow their win rates and improve their data integrity and we can help you find out which tools are best for you!