Businesses are started with a vision, mission and growth goal! Okay, so we are only repeating what most entrepreneurs have heard it over and over again.
Growth is critical for survival of any business in its competitive environment. And to ensure that companies invest in various resources – human resources being the most important. But, many a time, available resources are not utilized to its optimum capacity. You may have the right number of salespeople but your sales do not justify the team strength.
So, here’s our question to you – Do you have an ‘automated system’ in place to monitor your targets v/s performance? Or even better question would be - Do you have an ‘integrated automated system’ along with your traditional accounting software to monitor your target v/s performance? Yeah, right, please check with your IT team, your CA or your software provider. We urge you to do so.
Let us explain - A holistic growth approach would mean you need to monitor, measure, and analyze your business activities regularly to ensure your new investment decisions and expansion plans are in line with your results achieved.
Of the many analysis that contributes to the growth of your business, one such is setting targets and evaluating the performance of the executives responsible for the sales of the products and services. Putting performance measurement and setting goals in place is an important way of keeping track of the progress of your business. Here’s a good statement in the business world - You can’t manage what you don’t measure. A right measurement of performances will also let you analyze the factors behind any changes in performance – good and bad!
Here’s how our accounting software Accounts ERP helps you make informed decisions:
- You can monitor Key-Performance-Indexes (KPI) using configurable Dashboard. You can also generate various graphs and reports on-the-fly, using multiple filters and parameters. These insights help in designing the right incentive and promotions program for the staff, based on their performance.
- You can assign monthly targets to each executive (based on value or quantity).
- You can analyze performance of each executive and drill down to product level information.
- You could also analyze revenue from each product group and then drill down to executive level.
- In our software, when an executive is working on a lead, the entire process from lead management to generating sales order is captured in the system on real-time basis.
- Based on pre-set parameters, an incomplete follow-up can be automatically escalated to the next levels through MIS Alerts to ensure that even if the executive fails, the company wins in its services.
- There are many factors which determine the productivity of an executive, and we make sure that everything required for the same is in one place.
- Sales orders can be tracked with the name of the executive assigned to every order, and therefore, at the time of evaluation, performance can be measured both qualitatively and quantitatively.
Here’s an example explaining further…..
- Company ‘A’ sets a monthly sales target of Rs. 5,00,000/-.
- Executive “X” focuses on more number of customers who can probably buy lower-value products in the catalog of products and would help in achieving the targets.
- Executive “Y” is more firm on achieving the value target by selling higher-value products to lesser number of customers.
Both of them have reached their goal but with different parameters.
So, what would the target v/s performance analysis in this scenario be?
- Does the company have the right mix of products?
- What sells and what does not? (you can see reports as per classification of products too)
- What are the efforts of Executives ‘X’ and ‘Y’?
- What skill set would enhance their performance further?
- What leadership qualities do they have? (yes, you can analyze how they drive their teams to meet the targets)
In Accounts ERP, you can analyze a sale until its lowest level of product classification. You bet, if you love getting into details, you would be one happy businessman with our software.
Let us have a look at the experience of our client on this topic.
REAL-TIME CLIENT BASED EXPERIENCE:
Let us get straight to the point where one of clients had to evaluate the performances of his executives based on the sales of the company. Each executive was given a set target for a month. Through his dashboard, he generated reports to determine the productivity of each of his executives. He was able to evaluate the percentage of Achievement v/s Targets of each of his executives. This was further drilled down by product by executive, so he was able to review which executive is good at selling what type of product.
He was able to define the workflow related to the sales in the organization where till the time the executive working on the leads does not generate a sales order; the invoicing department cannot work further. This helped him in evaluating the amount of sales order the executive made, thus providing him with the benefits of incentives and promotions.
If you have reached the end of this page, let us ask you a question – Does your traditional software have this function integrated to help you with a customizable dashboard to analyze your business from anyplace, anytime, with a single login, multiple locations, multiple companies, multiple products, and all integrated so seamlessly! It’s time to have coffee with us. Call us now to know more.