Blink-Data vs Instinct?
By Samantha.Y. Ma on Oct 17, 2012
1. What makes some people good at thinking on their feet and making quick spontaneous decisions?
2. Why do some people follow their instincts and win, while others consistently seem to stumble into error?
3. Why are some of the best decisions often those that are difficult to explain to others?
In Blink, Gladwell introduces us to the psychologist who has learned to predict whether a marriage will last, based on a few minutes of observing a couple; the tennis coach who knows when a player will double-fault before the racket even makes contact with the ball; the antiquities experts who recognize a fake at a glance.
Ultimately, Blink reveals that great decision makers aren't those who spend the most time deliberating or analyzing information, but those who focus on key factors among an overwhelming number of variables-- i.e., those who have perfected the art of "thin-slicing.”
In Data vs. Instinct: Perfecting Global Sales Performance, a new report sponsored by Oracle, the Economist Intelligence Unit (EIU) explores the roles data and instinct play in decision-making by sales managers and discusses how sales executives can increase sales performance through more effective territory planning and incentive/compensation strategies.
If you are a sales executive, ask yourself this: “Do you rely on knowledge (data) when you plan out your sales strategy? If you rely on data, how do you ensure that your data sources are reliable, up-to-date, and complete? With the emergence of social media and the proliferation of both structured and unstructured data, how do you know that you are applying your information/data correctly and in-context?
Three key findings in the report are:
• Six out of ten executives say they rely more on data than instinct to drive decisions.
• Nearly one half (48 percent) of incentive compensation plans do not achieve the desired results.
• Senior sales executives rely more on current and historical data than on forecast data.
Strikingly similar to what Gladwell concludes in Blink, the report’s authors succinctly sum up their findings: "The best outcome is a combination of timely information, insightful predictions, and support data."
Applying this insight is crucial to creating a sound sales plan that drives alignment and results. In the area of sales performance management, “territory programs and incentive compensation continue to present particularly complex challenges in an increasingly globalized market," say the report’s authors. "It behooves companies to get a better handle on translating that data into actionable and effective plans."
To help solve this challenge, CRM Oracle Fusion integrates forecasting, quotas, compensation, and territories into a single system. For example, Oracle Fusion CRM provides a natural integration between territories, which define the sales targets (e.g., collection of accounts) for the sales force, and quotas, which quantify the sales targets. In fact, territory hierarchy is a core analytic dimension to slice and dice sales results, using sales analytics and alerts to help you identify where problems are occurring. This makes territories
Start tapping into both data and instinct effectively today with Oracle Fusion CRM. Here is a short video to provide you with a snapshot of how it can help you optimize your sales performance.