20 Jun How Oracle CPQ delivers vital data and insights
“An investment in knowledge pays the best interest.” This quote by Benjamin Franklin foresaw the emphasis on data in business today. It’s estimated that $42 billion will be spent on big data in 2018, and that number will increase to $103 billion in 2027. That’s a massive amount of money being spent across every industry imaginable. The main reason why? Having access to data and analytics improves the decision-making process, which means increasing and maximizing revenue.
You can tap into that major benefit using Oracle CPQ and its extremely powerful reporting engine. With Oracle, you can generate reports using a simple drag-and-drop interface to run reports or generate visualizations. Not only can you view these reports after creation, but they can be saved, set up to run automatically, sent via email, or exported to Excel. You can look at closed/won quotes, forecasts and pipeline, historical quotes and order trends, volume by product or option, quote hit rate by sales representative/distributor/reseller, price/volume analysis, or any other number of sales data points without requiring a degree in SQL or another query language. You can cross-reference all of these data points to pull out real insights about how your products are being sold and why. Ultimately, using all of these analysis views can enable you to reveal organizational sales trends, gain insight into the sales pipeline, and identify the most productive sales reps and channels.
Reveal organizational sales trends
Oracle CPQ’s reporting engine can give real insights into the macro view of sales across your company. Getting out of the sales quota weeds and stepping back to understand unexpected seasonality in your product sales or underperforming SKUs and bundles really empowers you to do more informed resource planning. Any of the insights that can be gleaned from the data can be based on your company’s top-level goals. Are you trying to manage feedback from your salespeople about a product that seems too complex? Are there questions about pricing or discounts and how effective they are? You can use the data to work through those problems to make more effective and informed decisions.
Gain insight into the sales pipeline
The sales pipeline is vital to the success of your business. Think about your topline conversion rate; if you increase that rate by a few percentage points, what does that mean to your bottom line? Increasing your revenue starts with more efficacy in your pipeline. You can use the reporting in Oracle CPQ to look at your deals won and lost and then analyze the factors that may have influenced the decision. Do you consistently receive the same feedback from those lost deals about why they didn’t convert? Are there industries that perform better or worse that you should adjust your offering for? Some of these bits of feedback might be overblown if they come from outliers. But data at scale helps you cut through the noise to get to real insights, and that’s especially important when dealing with something as critical as converting leads.
Identify the most product sales reps and channels
Similarly to your pipeline, the representatives and channels that help your potential customers through the sales process are essential to generating revenue. These different channels—like resellers, inside/outside sales, contractors, or any other sales generating tools and individuals—can all be measured through Oracle CPQ. The data generated by these sales channels can help you understand what is most effective, and thus help you to allocate your resources toward the best channels or representatives. Sales management can pinpoint high performers, and use their techniques to train those that need more help. Again, think of your conversion rate. If you can turn more of your salespeople into high performers, what will that mean for your business?
Data, when coupled with your expertise and insight, can push your business over the top through increased revenues and decreased costs. And with Oracle CPQ, it’s easy to deliver data that is usable, understandable, simple, and quick.
Contact Simplus today to learn more about Oracle CPQ’s reporting functions.