Information is the oil of the 21st century, and analytics is the combustion engine. – Peter Sondergaard, former Executive Vice President of Gartner
Effective use of data is the key to business success in the digital age. A study conducted by PricewaterhouseCoopers (PwC) revealed businesses whose leaders rely on solid data to make decisions are three times more likely to make better decisions than those who don’t use data effectively.
So, how can organizations make the best use of data? What does it take to empower decision makers at companies to make sense of the huge volumes of marketing and other business data? The answer — a robust data analytics system that can churn massive quantities of information and provide actionable insights to business leaders. One of the most popular business data analytics systems is Tableau CRM.
What is Tableau CRM?
Tableau CRM is a data analytics program owned by Salesforce. It enables management teams of organizations to analyze their data in real time, allowing them to make the right decisions, at the right time. The data analytics powerhouse helps business leaders:
Analyze how business performance compares to expectations and why
Every company sets performance targets, and it is critical to analyze data pertaining to its business to know whether these targets are achieved or not. Often, analysis of this data takes time and is fraught with difficulty, due to its sheer size and complexity.
You can overcome this problem very easily using Tableau CRM. The highly intuitive application allows business leaders to compare the performance of their organizations with their expectations, in a very short time. The AI-powered capabilities of Tableau CRM enable companies to cut the time taken to generate insightful reports by more than 90%. The AI-driven abilities also help management teams to identify the causes of the variance in real time, enabling them to launch suitable measures without delays.
Make intelligent predictions backed by rigorous data analysis
We all know proper forecasting of business performance and identification of risks goes a long way in achieving organizational goals; accurate predictions allow companies to plan effectively and focus on areas where problems are likely to arise.
You can use Tableau CRM’s forecasting capabilities to chart the right course of action; business leaders can get valuable insights into the quantum of annual contract value each business unit and segment will generate. This, in turn, allows them to plan their sales activities better, allocate resources very efficiently and take steps to pinpoint and close gaps.
Ensure 100% visibility of the sales pipeline including the biggest deals
Proper visibility of the sales pipeline is critical for meeting the revenue targets of companies. A good understanding of where prospective customers are in the sales process allows the businesses to set the right metrics for their sales teams. However, creating a timely report on the sales pipeline can be a challenge, especially in large companies.
This challenge is effectively resolved by Tableau CRM; sales and business leaders can use the data analytics platform to get instant information into the sales pipeline. They can use the tool’s user-friendly dashboard to filter and analyze data to identify the status of sales activities; the leaders can sort data by region, account and the value of the deal. They can also analyze how the pipeline has transformed from the beginning of the quarter to a given day.
Perform competitor analysis quickly, in a very effective manner
It is well-said a business that understands its competitors properly always succeeds. However, conducting competitor analyses is a cumbersome task. Organizations have to generate various reports and collate the data in these reports to arrive at meaningful conclusions. The ever-changing business landscape only serves to complicate the problem.
Tableau CRM puts an end to this problem. The data analytics application allows leaders of companies to get a broad view of competing businesses; it enables them to drill deeper into each product and region, keep a tab on close rates, understand why specific deals could (or couldn’t) be made and exploit opportunities.
Get all insights about products seamlessly
Effective product analytics play a key role in helping the management team of a company clearly understand who is using their products and how, enabling it to gain invaluable insights into how the products are contributing to the achievement of their organization’s revenue targets.
Business leaders can use Tableau CRM to get a high-level overview of product utilization and measure its engagement and adoption; this allows them to monitor product growth and put consumption trends in perspective. Product managers can also view propensity-to-buy scores by various regions and accounts to clearly identify where they should focus their efforts.
Build risk models without coding The market is replete with tools that enable executives and managers to come with various models to assess potential risks. However, these tools can be used effectively only by people who have good programming skills, preventing users with no coding abilities from harnessing their full potential.
Tableau CRM provides an effective solution to this problem. Leaders of companies can use this application to construct complex risk and strategy models, without writing a single line of code. Tableau CRM’s point-and-click based features help them develop the models in just a few minutes and gain valuable insights into each scenario.
As you can see, Tableau CRM empowers business leaders with the right information at the right time, facilitating the right decisions. At Solunus, we can customize the powerful analytics solution to meet your unique needs to provide the data insights that drive growth. Hope you enjoyed this post. How do you analyze your data? We’d love to know.
Solunus, a North-American based Salesforce Partner, prepares businesses for their next-generation customers. Established in 2014, we simplify Salesforce for you to build more meaningful customer relationships. We partner for a win-win arrangement with a clear ROI that the client realizes by the end of the engagement. Our 350+ years of cumulative industry exposure and Salesforce experience underpin our position as the right Salesforce partner. We are a team of Salesforce Certified Professionals, CRM Architects, and certified Agile Scrum Masters with a passion for making a difference.
About the Author:
Phani is a seasoned content writer. He has written several well-received blog posts and articles on various subjects, ranging from online training to regulatory compliance. When he is not writing, you can find him watching Hollywood classics.