When it comes to operating in today’s dynamic business environment, no organization can ignore the importance associated with managing and fulfilling their lead pipeline. These leads are the assets which are the stepping stone to future businesses and in many cases, are vital to their operation. LMS or Lead Management System refers to an application that is used to generate, allocate, manage and fulfill new potential business clientele through a variety of digital tools – websites, applications or other specialized software. The advent of mobility and spread in internet outreach has made it easier for organizations to search, reach out to and fulfill their customers.
An LMS typically performs the following functions
- Lead generation
- Lead allocation/followup
- Lead lifecycle management
- Lead fulfilment/closure
However, there are a number of key challenges businesses face while doing so:-
- Manual processing and communication of all data/leads
- Too many entities such as Sales Managers and Sales Team to gather data from for any kind of business analysis
- No one convenient and cost effective platform for data collection from distributed sales force
- Delay in data reporting leads to data losses and wrong reporting
- Consolidation of data and relevant views for ever changing organizational hierarchies
- Frontline staff turnover – data leakage
- Effective customer service – serve to sell
- No pipeline visibility between the Ops and finance teams.
To overcome the above business challenges, Decimal Technologies, provides an end-to-end enterprise solution – mSLAM enabling different teams, sales, ops, finance to generate, manage and service the business and customers effectively harnessing the latest and most powerful techniques of AI and machine learning.
Creating an intelligent LMS system
A truly intelligent LMS system helps you capture and analyze the data pertinent to your business and helps you evolve your sales strategy as you capture more data about your prospects/leads.
So, what’s intelligent about mSLAM? What can it do that other offerings can’t? And what business value can it provide to you to give you the decisive competitive edge?
Let’s look at what kind of data mSLAM captures –
- Lead/Customer details (including phone number, geographic information and basic customary details)
- Audit details capturing time and geo-location information tagged to the data capture point
- Performance of sales personnel –
- How many leads were serviced per day, per week, per month?
- Targets vs achieved metrics
- Day Planner –
- Which leads should be fulfilled today?
- How should the tasks be planned to achieve maximum utilization of time for the sales force?
- Lead scoring –
- Which are your hot leads? Which ones are your high value targets?
- Prioritization of leads – based on any parameters as per business needs – be it channel, branch, geo-cluster etc.
Now, let’s look at some simple data models that you can effectively build with these datasets to give you actionable insights into how your business is run and how it can be improved further –
- You have basic lead profile data. What insights can you gather from this?
- Geographic spread of your leads
- If you have captured basic financial info like salary, employer etc., you can create a demographic model of what your leads database looks like.
- Correlate this dataset with publicly available info about the kind of businesses, shops that are available in this geographical area. Do a sample survey about average revenue details of these businesses and that gives you an idea about the kind of spending patterns that your lead demography likely engages in.
- Now you can tailor business-specific offerings which are more likely to attract your customers and voila, you have just captured a business opportunity.
- How does audit details help?
- Reduces friction and increases transparency – there is no confusion arising from conflicting reports because all data is always available real-time. If your customer complains that your sales force has missed an appointment, you can pull up the data in real time and check.
- The audit data captured over a sample time period will give you a reasonably good picture of how your sales force fulfils it’s duties –
- Average time taken to service a customer
- Average number of visits that are performed by your sales force
- Average time taken per task – lead fulfilment, service customer complaints etc.
- Geographic outreach that can be fulfilled by your sales force during a day.
- Reduces arbitrage – The above datasets can be used to create a more judicious target planner for your sales force and develop incentive structures that motivates the sales force to do more to fulfil those targets instead of arbitrary targets that are among the most common complaints by any sales person.
- The above data together can also help and plan in business forecasting and thus set expectations accordingly with all the stakeholders, business, sales as well as senior management.
Building for the Future
mSLAM leverages it’s powerful analytics engine to give you actionable insights for all your business requirements. Our unique OneView allows you to visualize all your data in simple user-friendly formats and also showcases unique relationships between datasets in the form of bulletin points/notifications on the dashboard, for eg., it may trigger a notification stating – 85% of leads aged between 18-35, 60% with average salary over 6 LPA. If you configure your business rule engine on our platform, it can even churn out business action points by suggesting actions such as offering a Platinum Relationship to all such leads and prospects.
The application captures the data, integrates with the BRE (business rule engine) and can even recommend an action. The more data is captured and analyzed, the more complicated scenarios and use cases can be fulfilled.
Interested to know more about how mSLAM can help you improve your business? Get in touch firstname.lastname@example.org . We would be delighted to add value to your business offerings.