A business, in many ways can be comparable to the human body, filled with complex systems that keeps things running smoothly. KPIs can be seen as the vital signs of a company. Key Performance Indicators are a type of performance measurement and are important to gauge the health of your business.
One of the greatest challenges of the sales process is to measure the efficiency with which a company is achieving its goals. You need reliable indicators that allow you to evaluate the results against the business objectives. That is where KPIs come into help. KPIs evaluate the success of a strategy the company engages in and improve the performance of a sales strategy.
It is important to remember that if something can be measured, it can also be fixed and improved upon. In order to establish effective KPIs, the company’s goal must be Specific, Measurable, Attainable, Relevant and Time-Specific. In order to evaluate the success of your sales strategy, make sure that KPIs are well established first. Your team should be using them as guidelines while interacting with customers.
Here are a few KPIs you might consider for your business: increase profit, new clients, employee satisfaction, customer service, technical support and more. You can also measure email marketing KPIs such as newsletter opens and offers. KPIs are highly personal and they all depend on your company’s objectives. There are thousands of KPIs to choose from. You’ll need to decide what metrics are most important to your business. In order to know which KPIs are specific to your industry and which ones don’t align with your goals, you need to do your own research.
Keeping track of your KPIs can be overwhelming. But if you make use of a CRM you are already halfway there. The valuable information compiled by a Customer Relationship Management software can help you assess KPI’s for each of your departments.
Luckily, a powerful data integration app like Commercient SYNC, which synchronizes your ERP and CRM, can show sales history, inventory, and do wonders for your sales forecasting. Commercient SYNC can help your organization save time and get organized because you avoid double data entry and human errors.
How to develop effective Key Performance Indicators
Once you have established your KPIs, you have to implement them in a certain way to get the most out of them.
Here are some valuable recommendations to do so:
- Communicate them. Your employees won’t be able to strive towards KPIs if they are not aware of them. As long as the sales department and other important areas of the company are aware of the KPI’s, the employees can feel involved to achieve business objectives.
- Keep them updated and always aligned with business goals. You have to monitor your KPIs in real-time, and also carry out weekly or monthly reviews. Depending on the results, you may have to update the KPI’s, if there are indicators that reaching your objectives is not possible.
- Renew them when necessary. Don’t be afraid of a fresh start when it comes to evaluating the performance of a business strategy. If you keep measuring the same KPI’s continuously, there’s a risk of not fulfilling the main objectives and not being aware of trends that may be relevant to the business. Be ready to innovate and implement new tools.
How can Commercient SYNC help you measure your KPIs?
One great value of a Customer Relationship Management system is to aid in the company’s strategy and objectives. In order to do so, CRM software provide insightful data analysis that show KPI progress and results.
One of the biggest mistakes companies make with KPIs is not separating them from other data. Business KPIs can be lost in a sea of information. To avoid that mistake, Commercient SYNC, the #1 data integration platform for ERP and CRM, is the right tool when it comes to tracking you KPI’s.
Don’t just take our word for it:
McClure’s, a family run company based in Detroit, has put KPI tracking to the test by selecting Commercient SYNC to help them integrate their ERP and CRM. Providing them with a 360-degree view of sales. With Commercient SYNC integration of Microsoft Dynamics NAV and Salesforce, McClure’s received intelligent insights such as sales history and improved sales forecasting in order to monitor KPIs and their strategic goals. Speaking from experience, McClure’s found it very helpful to have access to customer data, serial numbers, invoices, new accounts, ship to and bill to addresses, and more key features being integrated. With Commercient SYNC they are now receiving more specific reports that can help the team grow and boost sales.
“Communication between those two systems [via SYNC gives] us intelligence that we need to make business decisions… to grow the business” – co-founder Bob McClure.
With the help of Commercient SYNC data integration for ERP and CRM, you can easily dig deeper into your data and measure the KPIs important to your team. Don’t run your company in the dark, use valuable data you already have to evaluate what works within your business strategy. Drive your company towards a successful path. Contact us now.