Why investing in Business Intelligence for medical sales is a great way to get ahead of the competition.
The medical industry is a vastly competitive one, not least because of the huge contracts constantly up for grabs, but also because the importance of a company delivering can mean the difference between life and death for the end user.
For every manufacturer, supplier and wholesaler in the medical industry therefore, operating in an accurate and timely manner is incredibly important. Companies go to huge lengths to ensure that this happens, investing in state-of-the-art machinery, world-class scientists and production factories that not too long ago only could’ve been seen in futuristic Hollywood movies.
Strange then that far too many medical companies fail to invest in technology at the other end of the spectrum: the sales department. There are many ways in which a sales team can replicate the pinpoint accuracy of the products they sell, and the right software can make it very easy to do just that. Here are 5 reasons why investing in Business Intelligence for medical sales is a great way to get ahead of the competition.
1. Effortlessly manage multiple products and accounts
As with any industry, the medical industry runs on the principles of supply and demand. Funnily enough, as the world of medicine continues to evolve, the humans live for longer, which, in turn creates a greater demand for medical products.
The product lines of most medical companies are, as a result, both broad and long. This can make the job of the sales and management teams incredibly difficult, especially when each sales rep may be managing a thousand different types of product at a time.
One of the great things about BI software is that it makes this job much easier than would otherwise be possible. BI software will pick up trends in your company’s stream of customer and sales data, such as which accounts buy which product lines and how much of them they buy each month.
The clever part is that, as soon as one of these patterns changes, the relevant sales rep will be alerted immediately. Say an account suddenly drops their order quantity on medical syringes from 100,000 units to 50,000 units, your sales rep receives an alert, which gives them the opportunity to see if a competitor is running a campaign on syringes that’s damaged you, and gives them a reason to call the customer to find out why the business has slipped.
2. Spot hidden, easy-to-close opportunities
If you have two closely related products that would usually sell side by side, you can setup alerts within a BI system that make it incredibly easy to find new sales opportunities.
It may be the case that your customers usually buy their syringes and needles from you in equal quantities. You can set up a campaign to find out if anyone is buying one without the other, and for as long as this campaign runs, it will let you know as soon as that eventuality happens.
So if a customer who for the last 10 years has been buying the same number of syringes and needles every month suddenly changes their tune, the relevant salesperson will know straightaway.
3. Write reports at the click of a button
Every salesperson’s least favorite part of the job is writing reports. It’s lengthy, involves huge amounts of sales data and worst of all is really, really boring.
Thankfully, BI can help with that too. Within the software, you can create a report, which is completely customizable and can include everything you need it to but nothing more.
The best part is that the report is as accurate and up-to-date as the data you feed into the system, and can be created at the click of a button, saving each of your salespeople hours per week to actually do some selling. Very handy.
4. Stay organized
If you find the management of hundreds of accounts is a difficult task (as every other salesperson does), then BI can help there, too. At its very core, BI features a CRM system, which is designed to organist your data and make things easier for your employees.
As a contact management system, CRM software can be utilized to efficiently store customer contact information in an easy to interpret format that saves time and allows your team access to all the information they need within a few clicks.
Most sales intelligence software systems take this one step further and incorporate an easy-to-use diary feature, which makes the life of any sales professional much easier.
5. Be in the know wherever you go
Considering the high number of field-based sales reps in the medical industry, one of the best features of business intelligence software is its portability.
Huge amounts of companies have already invested in smartphone and tablet technology, but few have seen a return. BI can offer a great ROI for any company who has or is planning to invest in mobile tech.
A BI app gives your salespeople the ability to instantly create thorough customer reports wherever they are, saving them hours of preparation time before client meetings.
Your sales reps can also access everything that a BI system has to offer directly from their phones or tablets, so wherever they end up, they can stay right at the heart of your business.
What’s more, some apps will even make all of your day’s key customer information, meeting information and sales reports available offline, so when you’re struck by a case of poor signal, you can still seal the deal.