In part one of this two-part series, I discussed the challenges associated with channel data management . As a brief summary, these challenges included late submissions of data, sorting through unclean data, filling in the missing holes and categorizing the data accordingly, and manual errors that can cause millions of dollars in revenue to be missed.
In the second part of this two-part series, I will be focusing on how to effectively manage channel data so that there is a major impact on sales effectiveness.
So what is needed to adequately manage channel data?
While it should be a no brainer for tech companies to use technology, it is not as obvious as one would think. Companies have resorted to employing internal teams and outsourcing to BPO companies using sometimes hundreds of people managing data collection and cleansing. The reality is, only advanced technology can provide a sustainable and scalable solution that will enable people to help refine and enrich the data.
Active Partner Management
By engaging with partners directly, the combination of people and technology assures more complete data collection, resolves errors, and assures timely and fast collection of channel data.
In order for end-customer validation and data enrichment to work, the solution provider must collect data for thousands of channels and tens of thousands of locations and branches. It must also administer a directory of matching and complete customer data of tens of millions of entities on behalf of many customers. Otherwise a smaller sampling and fewer companies will not provide the critical mass needed to enhance and clean the channel data.
The ability to segment, classify, and analyze the data creates that metadata framework that converts raw data into information
Linkage to Action
Linking channel data directly into CRM, quoting, contracts, BI tools, ERP, Rebates processing, and other related tools is what enables companies to convert their insights into actions and do so in a timely and accurate manner.
Companies that have invested in integrated channel data management solutions have been able to increase channel sales by as much as 10 percent, eliminate seven-figure overpayments and reduce internal operational costs by 70 percent.
So what are you waiting for? Take the appropriate steps and begin properly managing your channel data today.