If you’re working in the wine & spirits industry, chances are that New Year’s resolutions aren’t the only new objectives you have for 2016. The New Year likely comes with a new set of goals and programs for your organization. Achieving success with program management is essential, regardless of whether or not you are a distributor or a supplier. If managed improperly, an unwieldy set of programs can derail your sales efforts from day 1.
In order to maximize your revenue in 2016, it’s critical to focus on your program management and making sure your program execution matches up with the goals you’ve outlined for the year ahead. With that in mind, here are 3 ways in which your company’s program management efforts can benefit from a comprehensive business intelligence (BI) tool.
1. It prevents you from wasting time.
Every day, companies waste hours of time. IT wastes time pulling data from antiquated systems. Managers waste time meticulously entering data into Excel or other similarly underpowered engines. Executives waste time asking questions that should be answered with a single click. These problems compound themselves when applied to the beverage alcohol industry. With a variety of programs across a rapidly expanding number of products, it is becoming increasingly easy to waste entire days handling the vast amounts of new data. Luckily, this problem is easily overcome using a BI tool equipped with powerful ETL abilities and ad hoc reporting. With a proper BI setup, collecting data from a variety of legacy systems and bringing insightful data to the end user becomes an automated task, allowing you to leverage the abilities of your team in more productive ways.
2. You can gain meaningful feedback.
One of the most important elements of program management is filtering feedback on programs, as well as feedback on the sales representatives tasked with their implementation. A successful program management initiative is a highly adaptive effort that requires constant tweaking. A business intelligence application with user-friendly, data-rich dashboards enables key decision makers to evaluate the efficacy of their programs and understand the payouts. By using data-driven insights to see what programs need expanding or curtailing and which sales reps to extol or motivate, you can bring increased agility to your company’s program management efforts.
3. It enables you to interact with your accounts (of all sizes).
Suppliers and distributors manage a variety of accounts. Naturally, these accounts vary in scope, size, and importance, and without the proper information, it is very easy to lose track of smaller accounts and smaller programs. However, a focus on only the largest accounts often leaves significant profit opportunities on the table. By streamlining program management operations with a BI application, companies give themselves the time and human capital to fully invest in maximizing the utility of all of their Programs. Managing programs effectively becomes a lot easier when all of your accounts are accounted for and well-maintained.
Effective program management is essential to maximizing revenue for any wine and spirits company. What does your company do to effectively manage programs? Let us know in the comments.