The role of BI tools in the sales process is grossly underestimated. It is the top of the pyramid from which information flows downward firstly to the managers, who can then take a call on how to proceed next. This information flow decides how managers will want the rest of the sales team to act.
The right BI tools will also reveal hidden strategic pain points that are costing the company indirectly. Sales managers may very well be obliged to revise their core approach, in light of the new revelations.
THE TIME VALUE OF DECISIONS
Speaking of sales in CPG companies, speed is everything. Taking decisions at the right time is just as important as taking the right decisions. Today’s sales cannot be done tomorrow, and therefore sales managers simply cannot wait around for insights to be eventually presented to them. To summarize,
The right insights will definitely help sales managers to chart out salesperson activity and also surface hidden imbalances/revisions
However, the time aspect of insights and decisions cannot be ignored. The right insights need to be presented now, or they lose their value
RIGHT INSIGHTS AT THE RIGHT TIME
The task is simple enough - and so should be the solution. There are tools in the market that allow business users to keep a track of information in real time. The Phrazor methodology makes insight extraction extremely easy, so that the sales managers can conduct the querying process themselves, instead of waiting for the data team to deliver.
HOW SALES MANAGERS IN CPG COMPANIES CAN TRACK PRODUCT PERFORMANCE THROUGH PHRAZOR
Let’s take a closer look at Phrazor and how its conversational querying capabilities can be used to track sales and product performance. Conversational querying is the cycle of obtaining insights via querying in simple language and receiving insights likewise.
Know more about conversational querying.
1. We start with a general inquiry into the past 6 months' sales. Typing in ‘Trend of sales for last 6 months' yields the following response. You can see the dimensions and measures to be selected on the left side of the screen.
2. We move on to query ‘How many brands had a growth in sales?’
A list of top-growing brands, along with their growth percentages and sales values appears instantly.
We see Zarilec topping the list, so let’s enquire further
3. Why did sales grow for Zarilec?
The answer comprises a couple of insights, an additional related insight (next to the bulb icon), and a supporting visualization
4. Clicking on ‘May’ in the visualization and selecting ‘Zonal Classification’ leads us to the next layer of insights. Now we see that East has garnered the most sales for Zarilec
Further drill-down can be conducted on various parameters, simply by pointing-and-clicking-and-digging.
Such Natural Language Querying, or conversational querying, is immensely valuable for brand managers to take charge of their data on their own and obtain a solid direction in the form of narratives (insights in language), which they can work with and find solutions.
The better the quality of the dataset, the better Phrazor will work on it and assist CPG (and other) managers to extract deep insights. As demonstrated, reasoning-based questions are supported in Phrazor - a huge win for users.
If you are interested in learning more about Phrazor and its applicability to your use case, kindly use the link below to schedule a demo meet with our solutions consultant at a time of your choice