Sales technology is advancing quickly. You'll be left in the past if you don't look toward the future.
Even if your business is still thriving after 100 years, it's likely you won't be around. So why do you care about sales efficiency in 100 years if you will be long gone? The answer is simple: sales technology is advancing so quickly that you'll be left in the past if you don't look toward the future. Staying on top of the latest trends just won't cut it anymore, you have to stay ahead of trends--if not create your own. Let's consider what the sharpest minds know about the future in order to better understand how you can increase your sales efficiency.
Prediction: A new type of Internet will emerge that will replace the Web as we know it.
We are already seeing hints of this as more and more physical items become connected to the Internet of things (IoT). As tangible items become interconnected with the Web, this will have an interesting impact on the way we view the sales process. According to a recent Bloomberg article, the IoT could represent trillions of dollars in revenue as consumers are inclined to buy more products. By taking advantage of IoT, your sales team will probably spend much more time on lead scoring than lead generation. You will be notified as soon as a client needs a new or replacement product (by the item itself), so much of the guesswork will be removed from repeat sales.
Prediction: Products that utilize highly personal data will improve our lives.
It's likely that your business already collects information on potential and current customers. This data helps you target customers, tweak products, and better understand your current customers. In the future, many products will use highly personalized data in order to provide a more tailored product to the consumer. This will also allow you to automate data collection on a very granular level. In order to benefit, companies will need to have technology in place to process large data sets. If you haven't gotten on board with big data yet, the time is now.
Prediction: Robots will replace human jobs in the workforce.
Although this sounds a little overly futuristic, it's already happening in a few fields. Robots are being used to fill prescriptions, review documents, and even rescue victims of natural disasters. Wired predicts that machines with artificial intelligence will soon replace as much as 70% of today's occupations by the end of the century. With this in mind, how are you using automation to better leverage your resources? Take a look at your sales process and give some serious thought to how it can be shortened with automation.
Shorten the Sales Cycle with CPQ
You may not be able to predict the future, but you can stay one step ahead of the competition. Harness the power of collective intelligence by utilizing Configure Price Quote (CPQ) and guided selling. It may be a few years until your products become part of the IoT network and robots are analyzing your big data to forecast sales trends, but using CPQ can help you be ready for the future now. Using CPQ can help you to automate many steps in the sales process and shorten the sales cycle, so your team can focus on making more money.