Firms using power of data see huge revenue growth: McKinsey

New Delhi, Oct 22 (IANS) Companies using the power of data and analytics are reaping significant new revenue growth in India in just a few months, according to global management consulting firm McKinsey & Company.

Companies can unlock as much as 25 to 30 per cent revenue growth by boosting sales productivity, and significant gains can be achieved within six to nine months, said the report.

Rather than organising their sales forces around the traditional principle of one executive per district, organisations with a better understanding of their markets and customers embrace a strategy that allocates people based on the business potential, or return on investment (ROI), of the sales force’s time.

Best-in-class companies are using the power of data and analytics to define market potential– both growth opportunities and risks — at a granular level, sometimes even to the individual sales outlet and customer, McKinsey said.

“Best-in-class companies are two to three times more efficient than their peers in terms of sourcing customers and dealers, with almost double the rate of converting leads into sales.

They can achieve these results because they have successfully transformed their sales force from target chasers to value creators for customers, McKinsey said.