August 14, 2012
New Survey Reveals Big Data Helps Companies Drive Sales Growth
By Sujata Garud
An independent survey conducted by CSO Insights revealed the importance of big data in driving sales growth. CSO Insights (News - Alert), a sales effectiveness research firm, surveyed over 200 corporate and sales executives. The surveyed sample was questioned on the most critical sales organization challenges, including the need for new ways to manage and gain critical insight from the exponential amount of internal, external and social media data available. Results of the survey were announced by Lattice Engines, the pioneer in big data for sales.
The survey results highlighted that 89 percent believe representatives miss opportunities as they can't keep up with prospect information. 82 percent of respondents opine that sales reps are challenged by the amount of information available and the time it takes to research prospects before taking any decision. The survey also highlighted that existing technologies are not designed for a social, big data world.
In a statement, Shashi Upadhyay, CEO of Lattice Engines, said, “Sales has more to gain from big data technology than perhaps any other part of an organization because the results directly impact the bottom line. The findings in this survey reflect what our customers are telling us: they are overwhelmed by information and existing technologies aren't designed for the social and data-intensive world we do business in today. World-class organizations are already taking advantage of Big Data technology to increase sales productivity and win more deals."
Eighty percent of those surveyed have executed a CRM system, only 44 percent think it is helpful at helping them find internal information. About 80 percent find CRM useless at helping them find external company information. Above 50 percent surveyed companies do not have technology in place that has the potential to bring internal and external information to representatives. Only 16 percent of companies have big data strategies for sales, 71 percent anticipate big data technology to have a noteworthy impact on sales.
Lattice Engines was recently picked by AlwaysOn as one of the OnDemand Top 100 winners. The company is revolutionizing B2B sales using the power of the cloud and predictive analytics to capitalize on the explosion of big data.
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Edited by Rachel Ramsey