Written by: Nicholas Molik
IBM’s Watson is a technology that understands all forms of data and reason and learns at scale.
“Our machines should be nothing more than tools for extending the powers of the human beings who use them.” Thomas Watson Jr.
What if you had the ability to put all of your channel data (partner information, opportunity information, forecast information etc) through a powerful analytics engine like IBM Watson. What do you think the results would be?
Of course, you’d hope for information that provided you a deeper understanding of your channel program as a whole; where it has been, where it’s currently at and where it’s going. Unfortunately, as amazing as it is, Watson’s not designed for channel programs,especially the sales side. It uses predictive analytics and in-depth algorithms that are meant for other industries such as healthcare, finance and education to name a few.
What is predictive analytics?
Predictive analytics is the branch of data mining concerned with the prediction of future probabilities and trends, giving organizations the ability to make sense out of insane amounts of data.
Yes, the thought of being able to utilize these analytics for a channel sales team means the possibilities are endless. You not only become incredibly accurate but you process data faster than any one single human being can.
An example would be utilizing predictive analytics when it comes to your channel sales team and their individual book of business. Imagine being able to look at opportunities and know exactly which ones were going to close, which ones weren’t and which ones were in that 50/50, I’m not sure range. Would this help close more deals? Of course it would; spend less time on sure things and more time on the ones that can really have an impact on your revenue.
The CRM you’re using can’t go back in time and crunch every opportunity you’ve ever had, analyze them using internal and external data and then provide you with answers.
You need something smarter.
Now that we have a new way of analyzing the channel, what do we do with all of this information? We can put it into reports and dashboards to view it easily, that’s great. But again, those reports and dashboards don’t tell me what to do with the information I have, I still need to make those decisions on my own.
In comes prescriptive analytics.
Prescriptive analytics is the area of business analytics dedicated to finding the best course of action for a given situation. “It’s basically when we need to prescribe an action, so the business decision-maker can take this information and act.” Dr. Michael Wu Chief Scientist Lithium Technologies.
“Since a prescriptive model is able to predict the consequences based on a different choice of action, it can also recommend the best course of action for any pre-specified outcome.”
Simply said, you have this amazing amount of data, accurately analyzed, now you have the ability to know exactly what to do with it.
Continuing with the “book of business” analogy, applying prescriptive analytics, you’ll now know what action to take in regards to each individual opportunity. Specifically, when to call on that opportunity, how often you should call, what you should call about, all in prioritized fashion. Taking all of that data to the next level and making it so there is no more guess work involved. Finally, you can know exactly what to do and when to do it.
What if there was a sales tool that had both of these elements and was solely focused on the channel?
I’d like to introduce you to OPTYX. The channels first all-in-one predictive and prescriptive analytics tool utilizing channel specific algorithms. OPTYX, not only does all of the above, it uses these analytics and algorithms to provide you a real-time partner monitoring feature, a forecasting feature, an incredibly efficient workflow tool integrated with Salesforce as well as one-click QBR’s.
Empower your channel sales team with intelligence that will revolutionize the way they sell. Do it with OPTYX.