Businesses Spending Big on Advanced Technology Services, Survey Finds
A recent survey of 400 sales executives conducted by SugarCRM sheds light on how modern businesses are equipping their sales teams, eWEEK reports. The survey found that companies aren’t shy about investing in advanced technology services to help their sales teams do their jobs effectively.
This comes as a clear shift from the wine-and-dine days of years past, when sales was focused more on relationships than raw data. Now, organizations are just as eager to invest in making sure their sales teams have every bit of customer data at their fingertips.
The SugarCRM survey found 80 percent of respondents are spending at least $1,000 on each sales person annually. These resources are being spent on advanced technology services like customer relationship management (CRM) apps that help associates close the sale. In addition to CRM apps, companies are also spending on:
- Lead development applications
- Collaboration and productivity tools
- Digital transactions software
- Online meeting schedules
- Web meeting platforms
- Internal messaging tools
- Data enrichment services
In addition, 49 percent of respondents reported spending at least $2,000 per sales person on an annual basis for technology tools. It appears as though businesses are recognizing the usefulness of real-time customer data when it comes to sales and are spending their money accordingly.
Keeping Up With Tech Advances
Putting such a high price tag on equipping sales teams isn’t without its challenges, however. A full 63 percent of businesses expressed concern over maintaining this glut of technology — both through updates and keeping pace with constantly advancing enterprise technology.
Furthermore, 69 percent were worried about the burden of keeping users adequately trained on new technology, according to eWEEK. While the addition of advanced technology services is a priority for many organizations, there are still some hurdles to cross before companies can realize its full potential. When it comes to deploying sales technology, companies expressed concern surrounding:
- Technology cost (48 percent)
- Security (36 percent)
- Product complexity (34 percent)
- Employee pushback (30 percent)
- Inadequate skills to leverage the tools (20 percent)
The SugarCRM survey concluded that customer data has become crucial equipping the modern salesperson and that business aren’t shying away from spending on the technology to help them get the most out of this data, according to eWEEK.
Considering the challenges that come with big data and advanced technology services, businesses with a similar sales strategy would do well to consolidate their data and technology platforms to enhance security and minimize cost.