Updated: Jun 12
In a situation where a company needs to simultaneously launch several key projects aimed at increasing sales, the acute question usually arises about understanding the effectiveness of each of the projects.
Especially valuable for the team is:
- knowing how much additional sales each of the projects brought,
- understanding of profitability for effective project management,
- investment profitability management.
What results can be achieved with the help of big data and forecasting?
The task of evaluating the effectiveness of commercial investments can be a real challenge for a large enterprise, since in practice it is not easy to calculate the multi-efficiency of projects. Running multiple projects at the same time tends to make it harder to understand exactly why growth is happening.
The results that satisfy all team members from the project executors to the CEO of the company can be effective solutions for managing profitability and growth. Of course, such solutions can move from intuitive to carefully thought-out and fact-based after organizing the collection, storage and analytical processing of data, the introduction of new visualization capabilities and real-time analytics. For multi-project tasks, an effective solution would be to create a “panels” methodology on which the calculation result is based. Creating a unique model will give an understanding of additional sales in each subject, for each brand, from each project - this is a real working tool. The insights obtained can be used by project managers to improve the project panel, the list of brands in the project, approaches, and, consequently, even more additional sales of the company. For a pharmaceutical company, the methodology allows you to calculate with an accuracy of 95%: how much 1 additional visit of a medical representative brings in the cities of the project.
Application of analytics in different projects
Project efficiency analytics in the developed methodology can be applied to any project in the company, in any department, if the initiative or project should bring additional sales to the company.
The result of data management and customer base cleanup can be the cleanest customer base in a company's history. And this means that commerce will know exactly what sales were in the network from internal data. And the question of paying bonuses to networks and employees will no longer worry management.
As an international expert, the analytical agency DATAEXC offers services in which the developed project assessment can be applied to business scaling, thereby bringing growth at the global level.