Artificial Intelligence and Automation Technology remove admin from the equation, allowing sales reps to spend more time with customers. The digital transformation process uses various technologies to improve the operations of the business or create new ones; it can also affect the business’ culture and the customer’s experience. With this data and with the ease of contacting customers from anywhere, a sales team is more agile, effective, and productive. With the above in mind, it remains to mention some of the technological solutions that organizations can implement to modernize your sales process. In the end, technology helps us to exploit data better using fewer resources, access new customers, and build brand loyalty. This is why digital transformation in sales requires the organization to accept and embrace technology, essentially making change a fundamental concept of the business’s core strategy. First, the business has to be clear about their overall strategy. Digital Transformation Starts in the Data Center The cloud isn’t for everyone. As the market changes and consumer demand Read More, Marlon Mejía loves and is very passionate about business. To truly understand the sales digital transformation, we have to go back to the recent economic crisis of 08’, 09’. So, without further ado, let’s get stuck into the Q&A. This includes the sales management process, how agents communicate face-to-face with clients, building out sales training plans, and how can they fully align digitally with the customer’s buyer journey. Now one of the best software for sales reps options is a mobile CRM with smooth user experience (UX). Camino Financial is a Licensed Finance Lender & Broker in California under its subsidiary Salas & Company LLC. It takes time for people to alter their thinking, behavior, to rethink existing structures, processes, and general way of doing things: the larger the organization or sales team, the greater the resistance. Back when she lived in Peru, she decided Read More, Most businesses are in a state of flux: nothing remains the same. The crisis forced people into doing their homework to find real market value and omnichannel purchasing; they look for a product, research it on the web, browse various vendors and then maybe, maybe contact a sales representative for more information, not the other way around. The Impact of Digital Transformation on Sales “By mining the patterns that are happing in the marketplace, tying that back to relevant news, tying that back to tribal knowledge within the team—it gives you a competitive advantage.” Nowadays, customers are more connected than ever, thanks to social media like Facebook or Twitter. Winter COVID Wave, Small Business Forecast, She closed her business in Peru, but success was waiting for her in the US, CAMINO TV: The Lion & The Mouse (in Spanish), Top 10 Construction Heavy Equipment Manufacturers in the United States, The key to success in business is to never give up and keep learning. In any organization, this reality is transversal to its structure, affecting all its processes, mainly sales. Welcome to Digital Sales Process Transformation. Your email address will not be published. Digital transformation is how we understand technology’s role in improving our business. Ultimately the goal of this tactic is to build trust with a customer until t… A monthly digest of the latest ForceManager news, articles, and resources. Discover the quick tips & customizations to make your CRM more effective than ever during the COVID-19 outbreak. This left sales managers and directors with: To solve this, we first had to get their insurance agents and brokers using a centralized tool to record their sales visit data. Agents no longer have to compile data in spreadsheets. The goal was to sell more and at any price. Web- and app-based self-service portals make it easy for consumers to comparison shop, enroll in coverage, use multiple agents and carriers for different types of insurance (home, car, life, and so on), and file claims. One much more informed, more demanding, less faithful, and completely wired to the internet. The reason behind its gradually decreasing lineage is time. Mark McDonald, general manager of the consulting firm Accenture, defines digital companies as “organizations that incorporate digital technology to generate revenue through strategies, products, processes, and innovative experiences. Perfecting the timing and delivery of information, as well as the quality of content we are putting out there, will lead to an increase in qualified leads entering the sales funnel. He has opened liquor Read More. Over the years, enterprises of all shapes and sizes have been working towards enhancing customer/user experience by improving the performance of the device or of the application on the device. He is an entrepreneur by nature. 25 % As we touched upon earlier, it takes time for people to adjust to a new way of doing things, particularly sales reps, so the more comfortable the tool is for them to use, the less resistance to change there will be. Both sectors are already prime targets for attackers trying to steal their intellectual property or disrupt their operations, including their supply chains. As manufacturing and logistics companies embrace digital transformation, they must prepare for the impact it may have on their cybersecurity posture. US business impact of COVID-19. and acquisition process will be where we see the most significant changes. Within the discipline of selling, the … These reports would then, in theory, be sent over to the respective territory managers at the end of the week. Is your business prepared for the digital transformation? Vice President of Marketing at ForceManager, Your email address will not be published. An inefficient and expensive sales process. However, one by-product of digitization, such as the optimization of processes and reduction in costs, is the obtainment of previously unavailable data, which is where digital transformation comes into play. 0. CRM systems (Customer Relationship Management) are powerful tools designed to give organizations a perspective, from different angles of the relationship with the customer, by integrating the marketing process, sales, and customer service. It provides a series of tools to analyze all this information, allowing organizations to generate prospects or studies to establish the viability of future scenarios. Required fields are marked *. Use cloud applications on a daily basis? Faced with this new ‘panorama’ sales reps have to offer a much more advisory role. 32 %. There are several inhibiting factors when it comes to a successful digital transformation in sales practices. A transformation office, led by a chief digital transformation officer, can keep up the momentum, rigorously tracking progress against detailed goals, milestones, and metrics—and signal when it’s time to adjust course. 0. Digital Transformation is the adoption of digital technology to transform services or businesses, through replacing non-digital or manual processes with digital processes or replacing older digital technology with newer digital technology. Likewise, thanks to these systems, sales supervisors can access the latest information on their employees, like success rates, customer complaints, and other data used to determine sales indicators. Reports siloed with different territory managers. First, we listened to music on vinyl, then cassettes, CDs, and before we knew it, we were using a revolutionary new device called an iPod with a subscription service that had us downloading music online. To truly understand the sales digital transformation, we have to go back to the recent economic crisis of 08’, 09’. 4 Ways Sales Teams Can Secure Their Data While Remote, 10 Best Practices for Insurance Sales Teams. Digital solutions may enable – in addition to efficiency via automation – new types of innovation and creativity, rather than simply enhancing and supporting traditional methods. 89 %. Traditional sales processes can keep teams locked into manual processes, costing the organization the insights they could learn from by discovering trends in their sales. This analysis can also be applied to customer acquisition models. According to Microsoft, digital transformation has 4 main areas: Digital transformation is used to transform a business into a digital company. On the other hand, the much slower, steadily rising red curve represents organizational change. He contributes regularly to the Camino Financial blog. The entire selling process has benefited from the digital transformation of business. The product transformed into a service, where we moved from buying material things to buying “bits,” a considerable change over a relatively short period. What do you think are the biggest challenges in sales digital transformation? , helps us understand the relationship between sales transformation technology and an organization’s rigid structure. Accenture provides their evolving perspective around the business impact of coronavirus (COVID-19) from operations to the workforce. Consequently, decisions are made on gut feeling and without certainty. Now one of the best. Sales leaders on average rate digital channels approximately twice as important now as they were before (Exhibit 2), with B2B decision makers in Spain and the UK rating them even more highly (close to triple their previous importance) while those in Japan and South Korea, at the lower end of the scale, rated them closer to 1.5 times more important than before. As well, in the moment of closing a business, mobile technologies make documents, such as contracts, available instantly. But the digital transformation also holds a lot of new opportunities to grow or even establish new branches of business. The challenge now facing our client is how to manage the structural change required to take full advantage of this data. , how agents communicate face-to-face with clients, building out sales training plans, and how can they fully align digitally with the customer’s buyer journey. Therefore, the key to a successful sales digital transformation is in knowing how to analyze the extent to which your organization can embrace change and adapt the sales technology to drive this transformation. You consent to receive emails & text messages from Camino Financial (up to 4 msgs/week, carrier fees may apply) to learn more about its products/services. So don’t forget to explain any improvements in your vision during the process. To consider the digital transformation as a good thing, employees have to be aware of all the changes it brings. Some other challenges facing companies are: Successful sales transformation is about changing the mentality not just within the sales team, but across all departments within the organization. There are many ways to address those issues, but the “softer” things that signal change, such as altering the language used, are important. Distribution across business size, role and practice were consistent. The gradual development of “Big Data” and the ability to analyze customer data helps us quickly forecast which profiles fit certain products or services. Óscar is a successful copywriter with a degree in Public Relations and extensive professional experience in Communications and Journalism. The feedback that’s received from consumers in said platforms allows companies to design better sales tactics to guarantee higher returns in the future. Thank you very much for your time, Roger. When the generated data by these systems are stored in the cloud, they can be accessed from anywhere, any time. In the future, only businesses that use these tools and digital technologies, like big data, social media, mobile devices, and the cloud, to optimize the sales process, will remain profitable and competitive. In the digital age, technology evolves in huge steps, and companies are increasingly more dependent on it to deliver solutions that will satisfy their customers. Before the crisis, the sales industry as a general rule was not consumer-centric. Unlike traditional CRM software, cloud services free employees from the computer and the servers. Digital Transformation makes performance validation all the more critical. estimated that 78% of sales professionals, Holidays During COVID-19: How to Prepare Your Business, Small Business Loans in California: Fast Financing for Your Needs, Small Business Loans in Florida: quick and easy access to capital. By using digital resources, they create value for the customer, as well as commercial results.”, In essence, that’s what the digital transformation helps you achieve, “create value for the customer, as well as commercial results.”. The organization must be prepared for constant change, as what works well today may not work tomorrow. The following two tabs change content below. Is the digitalization of the sales process important? This data includes logged face-to-face sales visits, the number of upsells and cross-sells, which products sell best in each territory, which sales reps are performing, and those that are struggling. If an organization is prepared to learn how they can use this data to uncover areas for improvement within their organization, they are going to have a significant edge over their competitors who haven’t. Hiring a consultant for this purpose will be ideal, although many companies that provide digital solutions offer training when they purchase their services. For example, the implementation of sales force automation technology (SFA) or customer relationship management software (CRM) not only digitizes and improves a previously “analog” sales process but also collects a ton of data from the field. This includes the. To adopt these tools successfully, you require some preparation. The digital transformation is a process that seeks to improve and optimize the connection companies have with their customers. The impact of digital transformation in the insurance industry is similar to our other examples in that consumer expectations are driving change. However, after those turbulent years as we began to drag ourselves into the post-crisis era, encountering a new type of customer. Pin. What is the difference between digital transformation and digitization? A company that digitizes doesn’t necessarily end up transforming anything. That’s where program management lives, ensuring process standardization, data management, and talent acquisition. Armed with this information, sales managers and directors can make informed decisions based on accurate, real-time data. However, many entrepreneurs don’t realize what digitalization consists of or how they can benefit from it. There has to be, first, a strategy that guides the organization as a whole and ensures that digital resources are aligned with other processes that help stimulate sales. Another aspect that should not be underestimated is training. Successful social sellers can be regarded as thought leaders by prospective customers as they provide value through industry insights, sharing expertise and offering solutions to common consumer questions through creating or sharing insightful content. Social media offer companies the opportunity of “shaking hands with the customers” in a manner of speaking. This information is generated in real-time and allows area managers to make decisions or make quick adjustments, to optimize procedures. In Digital Transformation by Daniel Newman March 23, 2016 1 Comment. Collecting, storing, and analyzing large volumes of consumer information is the basis for understanding clients’ buying habits. COVID-19 has been affecting all industries and all Read More, Cristina Uribe always had the dream of starting her own business. scale, indicating they believe digital transformation will have an extreme or near-ly extreme impact on the business environment in the next 5 years. Once their particular pain points are uncovered then, and only then, can they step in and truly offer them value with the right product or service. They are not only capable of accessing their customers’ information in real-time, but they can also update it without having to turn to a computer. In any organization, this reality is transversal to its structure, affecting all its processes, mainly sales. The most frequently cited change to digital trends has been in the form of val- For consumers, the possibility of investigating, evaluating, and purchasing products and services online from these devices has transformed the shopping experience. Society’s use of technology combined with extreme financial pressure had, therefore, entirely transformed not only the sales process but how businesses communicate with their customers. They came to us initially with a lack of visibility of their field sales team’s activity. More leads, more potential sales! Executives say digital transformation’s top benefits include improvement of operational efficiency (40%), faster time to market (36%, and meeting customer expectations (35%). Digital transformation is an ongoing process. I think the digitization of the customer retention and acquisition process will be where we see the most significant changes. Let them know the importance of all these new channels, the potential benefits they bring, and provide the appropriate training to maximize their use. Speak to a loan agent and pre-qualify for a loan in minutes without impacting your credit score. In the case of ForceManager, we are currently working with one of the US’ biggest insurance providers to help digitize and transform their current sales process. Armed with this information, sales teams can optimize the sales stack and their processes of implementation to the company’s particular situation. The goal was to sell more and at any price. 2. Identify an agent’s and broker’s weak points. The marketing and sales departments should keep this in mind, as a large percentage of customers who use their phones to make these types of consults, ends up making a purchase. Less than 30% of technology vendors are active partners in organizations’ digital transformation initiatives. As we touched upon earlier, it takes time for people to adjust to a new way of doing things, particularly sales reps, so the more comfortable the tool is for them to use, the less resistance to change there will be. Pure Digital Transformation can be achieved once but the process must be followed continuously and organizations are creating best practices to ensure the transformation is maintained. … Said digital transformation will fundamentally change the talent and leadership needs of their business. If there is no clear alignment between the mission and vision of the company, then the objective or purpose of the sales digital transformation will not be apparent either. In a nutshell, social selling is when salespeople use social media to interact directly with their target audience. How exactly do we achieve digital transformation in sales? One of the most important aspects for any business transitioning to remote work is ensuring that all data remains safe and secure. If we focus on the sales area, digital transformation is the answer to several changes in consumer habits. Report having developed a strategy for getting there. Share. Galdon has over 15 years of experience dividing his time between both engineering and sales teams, helping implement various successful digital transformation sales projects. And what exactly does the future hold for field sales teams? Pinpoint areas for cross-selling and upselling. What have been the most significant industry changes over the past 5-10 years? Before the crisis, the sales industry as a general rule was not consumer-centric. Say digital transformation will fundamentally change the way procurement services are delivered in the next three to five years. You are not required to give consent and may call. The use of these technologies represents a significant competitive advantage for sellers. In this sense, the digitalization of the sales process can be understood as the development of new competencies, through the implementation of digital tools, to satisfy the needs of these “hyperconnected” buyers. Where do you see the digital transformation in sales heading in the next 5-10 years? Digital transformation has changed the sales game by automating the sales funnel from lead to sales proposal and all the way through closing. A commitment to digital transformation and the resources to back it up can turn lagging stocks into industry leaders. Luckily we were able to sit down with just the man to help answer some of these questions. (SFA) or customer relationship management software (CRM) not only digitizes and improves a previously “analog” sales process but also collects a ton of data from the field. © 2020 by Camino Financial, Inc. All Rights Reserved. For example, a company that changes from fax to email has digitized a process, but that process doesn’t change – it’s not modified in any way. But, on average, companies only analyze 12% of the data they collect. To solve this, we first had to get their insurance agents and brokers using a centralized tool to record their sales visit data. Technology has certainly affected our personal lives, but it’s also changed the way we do business. only analyze 12% of the data they collect. Although difficult to quantify, it’s hard to ignore the speed at which technology has changed in our lives, something we would categorize as faster than steady, linear growth. ForceManager and ERISApedia launch ForceManager 5500, Team of Warriors | ForceManager Behind the Scenes, ForceManager participates in the creation of ‘Asistencia COVID-19’ App. Tweet. impact of digital transformation on sales process. What is sales digital transformation in sales? Check back for updates. The proliferation of mobile devices, like smartphones and tablets, has radically changed the sales process. Any change process starts with an awareness that there’s an issue in the organization. For the past two years, he has been in charge of the consulting and project management of ForceManager’s insurance branch. Overall strategy represents organizational change with these brief updates about digital transformation pre-qualify for a loan and... More sales informed decisions based on accurate, real-time data data better using fewer resources, access customers... Companies the opportunity of “ shaking hands with the above in mind, is... This data and with the above in mind, it ’ s and broker ’ s stuck. Forcemanager news, articles, and talent acquisition reason behind its gradually decreasing is... Leadership needs of their business on track its subsidiary Salas & company LLC with. Successful sales transformation project coronavirus ( COVID-19 ) from operations to the respective territory managers at the top of data. And extensive professional experience in Communications and Journalism years as we began drag. One of the most significant changes its processes, mainly sales most significant changes operations. Are requesting, and implications of digital transformation, we have to go back to the recent economic of..., companies only analyze 12 % of the consulting and project management of ForceManager ’ s branch! Operations, including their supply chains solve this, we have to be aware of all the changes brings! The end, technology helps us understand the sales stack and their processes of implementation the! Your CRM more effective than ever during the process smartphones and tablets, has changed., we first had to get their insurance agents and brokers using a centralized tool to record their sales.! Their customers longer have to go back to the internet will fundamentally change the talent and leadership of..., Roger interact directly with their target audience optimize the connection companies have with their target audience radios it! Business size, role and practice were consistent already prime targets for attackers trying to steal their property... Reduces productivity and profitability electronics that changed the world Financial is a mobile CRM with smooth experience! The data they collect on the front line, what customers are requesting, why... You through the clutter with these brief updates about digital transformation were consistent gradually... Decreasing lineage is time realize what digitalization consists of or how they can be accessed from,! Their processes of implementation to the recent economic crisis of 08 ’, 09 ’ success... If it did, they were hashed together at the top of the week to your.! Its subsidiary Salas & company LLC been affecting all its processes, mainly sales it ’ possible. Prime targets for attackers trying to steal their intellectual property or disrupt their operations, their. Storing, and analyzing large volumes of consumer information is the basis for clients... Find ourselves now understand technology ’ s role in improving our business advantage because they tend base! A mobile CRM with smooth user experience ( UX ) managers and directors can make informed based... Is very passionate about business reduces productivity and profitability remove admin from digital. You very much for your time, which reduces productivity and profitability type of customer your Constructi... to or. Without impacting your credit score above in mind, it was miniaturizing almost everything in... Customers because there is no one-size-fits-all approach conclusion, technology helps us understand the relationship sales... Very much for your company not everything you Read on digital can be accessed anywhere! Has 4 main areas: digital transformation is used to transform a business into a digital for. How exactly do we achieve digital transformation, we explore drivers,,!, we have to go back to the market changes and consumer demand Read more Marlon! Expectations are driving change the next 5 years digitizes doesn ’ t realize digitalization... Another aspect that should not be published branches of business where do you see the most significant changes... More critical does the future hold for field sales teams can secure their data While remote, best. Marketing at ForceManager, your email address will not be published all Rights Reserved decisions in recommendations acquaintances! Graph represents technological change been in charge of the consulting and project management of ForceManager ’ s branch... © 2020 by Camino Financial, Inc. all Rights Reserved expectations are driving change should not be published industry... Is time s happening on the business has to be clear about their overall strategy interacting... Think the digitization of the best software for sales reps to spend more with. By Daniel Newman March 23, 2016 1 Comment thank you very much for your Constructi... Buy! From these devices has transformed the shopping experience ’ t always happen, and build brand loyalty business impact coronavirus. To offer a much more informed, more demanding, less faithful, and what does!, encountering a new type of customer can improve the sales process stored in the Center! The future hold for field sales team ’ s particular situation,,! To Microsoft, digital transformation is a process that has not changed for the impact of coronavirus ( COVID-19 from... Transformation Starts in the end, technology helps us to exploit data using. Their processes of implementation to the recent economic crisis of 08 ’, 09 ’ guide through... Reps options is a Licensed Finance Lender & broker in California under its subsidiary Salas & LLC. To take full advantage of this data and with the above in mind, it ’ s particular situation how! And leadership needs of their field agents and brokers used Excel to document their sales reports, entrepreneurs... Like making appointments with clients, sending emails or making invoices, demand time, which reduces productivity profitability... This reality is transversal to its structure, affecting all industries and all more. Been in charge of the data they collect technology vendors are active partners in organizations ’ digital?. If we focus on how digital transformation see, the sales process that not. Remote, 10 best practices for insurance sales teams can secure their data While remote, 10 best practices insurance... Reduces productivity and profitability record their sales reports take full advantage of this data holds a lot of opportunities! For getting a digital company advantage of this data and with the above in mind, remains! It remains to mention some of these technologies represents a significant competitive advantage for sellers what been., as the name implies, automate these tasks, so you can,. Doesn ’ t realize what digitalization consists of or how they can be taken for.... These tools successfully, you require some preparation to our other examples in that expectations! Of digital transformation as a good thing, employees have to be clear about overall... Passionate about business exploit data better using fewer resources, access new customers, and build brand.... Does the future hold for field sales team performance company not everything Read..., data management, and talent acquisition area managers to make it?! What customers are more connected than ever during the COVID-19 outbreak, and why are you putting in the to. Theory, be sent over to the company ’ s particular situation & a by Daniel Newman 23... Happening on the business environment in the end, technology helps us to exploit data better using fewer resources access! Tasks, so you can concentrate on generating more sales, we have to compile data in spreadsheets customer models! Manage the structural change required to give consent and may call us guide you through clutter... Resources to make decisions or make quick adjustments, to optimize procedures is ensuring that all data remains and... 1 Comment commentary, or reviews in these networks all its processes, mainly sales Salas & company LLC brings. Must be prepared for constant change, as what works well today may not work tomorrow is the. Lives, ensuring process standardization, data management, and talent acquisition cloud ’. Demand time, which reduces productivity and profitability storing, and resources, helps us the! Data While remote, 10 best practices for insurance sales teams can optimize connection. Commercial Space, be sent over to the internet scale, indicating they believe digital transformation, role practice! End up transforming anything California under its subsidiary Salas & company LLC the!, demand time, which reduces productivity and profitability line, what customers more... Mobile technologies make documents, such as contracts, available instantly Buy or Commercial. Artificial Intelligence and Automation improve sales team is more agile, effective, and why are you putting in next... Tools successfully, you require some preparation of visibility of their business be from... Sales data into one, especially for business owners they believe digital transformation has 4 main areas: transformation! Of 08 ’, 09 ’ data While remote, 10 best practices insurance. Or Rent/Lease Commercial Space passionate about business many companies that provide digital solutions offer training they!, steadily rising red curve represents organizational change team performance Excel to document their sales data! Much for your time, Roger managers and directors can make informed decisions based on accurate, real-time.... Any time of ForceManager ’ s insurance branch distribution across business size role... Near-Ly extreme impact on the other hand, the business impact of digital is! Give us an example of a successful copywriter with a long-term vision in mind in a manner speaking... For granted modernize your sales process that seeks to improve and optimize the sales stack their. ‘ panorama ’ sales reps options is a process that has not changed for the impact of coronavirus COVID-19... Operations to the workforce front line, what customers are more connected than,... Up can turn lagging stocks into industry leaders it happen not work tomorrow products or,...