3 Tools That Can Help Grow Your Company’s Revenue – Now– September 10, 2018 by Jim Boland

For the past decade or more, large-scale monolithic enterprise application implementations — think Enterprise Resource Planning (ERP) or Customer Relationship Management (CRM) — have been the go-to solutions offered to business owners who want to improve efficiency and help grow revenue.
While these applications are still essential to run many key business processes, they do not quickly deliver value to the business and often take many months or years (not to mention consume most of the capital budget) to realize benefits.
The great news is that new technologies are offering different ways to unlock tangible, financial impact without a long, costly and disruptive systems implementation. Here are three specific tools you may want to consider investing in: 

1. Post-Promotion Analytics

This tool will give you near real-time analytics to guide sales decisions and can be ready in approximately six to eight weeks. It allows you to: 

  • Review your customer campaigns. See which customer promotions drove the biggest lift in sales by measuring the ROI of campaigns and prioritize bigger-impact investments. Align supply chain with this enhanced data to support the sales growth.
  • Create your own enterprise data warehouse. Pull essential data sources such as point-of-sale, trade promotions and order management/ERP into a nimble cloud-based data pool that can be automated to feed this analytics solution. 

2. Customer Scorecard

A customer scorecard tool can help you increase sales and can be ready to deploy to your sales team in about four to six weeks. This tool allows you to: 

  • Proactively drive the discussion in client sales meetings to increase future orders. Pull together order and pricing history, customer contacts, delivery performance and forecast information to help make your case.
  • Measure and improve the performance of your sales team. Use the same information to accurately evaluate successes and areas for improvement.

 This tool also can serve as the first small step (in a high-impact area) in creating a broader Enterprise Insights platform for your business down the road, one that can work in tandem with your existing systems. 

3. Perceptive Intelligence

Operational in approximately three to four weeks, obtain valuable insight into your company from the perspective of your customers. This tool allows you to: 

  • Spot trends about your company’s performance. It’s likely that people are talking about your business in various places online, but is there a common theme you should be taking action on? Using custom algorithms, this tool scans websites for relevant comments and packages the information into the most meaningful insights for your sales and marketing team. Information is provided in a dashboard format, so no IT support is necessary.
  • Create actionable insights. This tool helps connect qualitative customer feedback to specific customer-facing processes, providing business leaders with information to drive improvement. They can measure Net Promoter Score (NPS) and see the most common and highest-priority comments about the company or products from all ecommerce and social websites. Track NPS improvement across business units and products. 

There are certainly many other tools that can help grow your revenue, but the three listed above are great first steps toward making real improvements and realizing ROI in a few short months.
Please contact a member of your service team, or contact Jim Boland at jboland@cohenconsulting.com for further discussion.

Cohen & Company is not rendering legal, accounting or other professional advice. Information contained in this post is considered accurate as of the date of publishing. Any action taken based on information in this blog should be taken only after a detailed review of the specific facts, circumstances and current law.