Revenue tracking is one strategy businesses use to analyze their marketing efforts to see if employees and sales representatives are meeting set objectives. Many CRM applications offer minimal insights into how teams perform, making it difficult to accurately analyze revenue. You can track customer satisfaction benchmarks and high-level sales goals but linking the results to employees’ efforts remains elusive. Modern asset managers and corporate leaders can leverage workforce intelligence to eliminate such gaps.
What Is Revenue Tracking?
Revenue tracking and attribution are the main indicators in a digital marketing report. Tracking revenue involves calculating how much money the company generates and whether the funds sufficiently cover expenses. Revenue tracking across small campaigns can also reveal growth opportunities.
Other benefits of tracking revenue include forecasting, strategic planning, budgeting, and recruitment. All businesses exist to generate revenue, and monitoring it helps the company stay on track to achieve key objectives. Tracking also makes attribution easy, allowing managers to make informed HR decisions.
What Is Workforce Intelligence?
Workforce intelligence involves using AI-based software on employee computers and applications to collect different metrics. Companies can collect and analyze structured, unstructured, and semi-structured data to gain insight into employee patterns and performances. Workforce and labor force intelligence also involves examining records and competition.
Corporate leaders can use existing data to make short-term and long-term decisions concerning recruitment, training, promotions, and more. The data will reveal workforce strengths and weaknesses and whether teams meet daily and monthly objectives. Companies can leverage labor force intelligence for benchmarking, forecasting, and risk mitigation.
Does Workforce Intelligence Help with Tracking Revenue?
Understanding how companies track revenue and the mechanics of labor force intelligence is the key to linking the two fields. Tracking revenue and ROI is an elusive process with many blind practices. The most effective methods involve tracking leads through the customer journey. Revenue tracking also tracks marketing channels, campaigns, and content to make sure they hit the bottom line.
The goal is to understand how leads convert to sales and attribute the results to marketing efforts. App-to-app disconnections can make revenue tracking overwhelming. Most companies track different metrics, such as leads generated and gross sales, and map them against forecasted projections. Here’s how using labor force intelligence can improve revenue tracking:
1. Benchmarking
Benchmarking is integral to revenue tracking as it helps managers compare month-to-month performance with internal bests and main competition. A company may generate 50 new leads in one month and 80 in the next, which indicates month two was more successful.
The dynamics change if the first month’s sales exceed what the second month generates. Intelligence software factors in all metrics and vanities to support internal benchmarking. Companies can also explore universal databases to see how other businesses are performing.
2. Forecasting
Workforce data and records offer a goldmine for modern managers because they can provide a reference point for projections. Corporate leaders can track performance across several months and analyze the records to predict future outcomes if specific conditions are triggered.
Forecasting helps with strategic planning, ongoing monitoring, and proactive interventions. Business leaders can also receive notifications when specific triggers are met. These triggers allow leaders to make proactive changes and secure business goals.
3. Dashboards
Modern workforce software offers premium dashboards and visualization, including daily charts and graphs. Managers can quickly determine whether or not the teams are closer to meeting set objectives. Further inquiry may be necessary if the teams are below the expected rate.
The dashboards make it easier to manage personnel and track performances across different teams. Workforce software can collect all kinds of performance metrics and organize the data into insightful reports and charts. Managers can even receive clues explaining possible dips in revenue.
4. Analytics
Data collection and analytics are at the heart of labor force intelligence and revenue tracking. Corporate leaders rely on the data collected from various applications to track employee performance and business revenue.
Labor force intelligence involves leveraging sophisticated computers to organize and analyze data. Leaders can review employee clocking times, network usage, browser history, and other metrics. Analyzing the data offers indicators that explain realized performance and revenues.
5. Automation
Tracking revenue is a robust undertaking with multiple facets. Many factors affect how much revenue a company generates, and the influencers change monthly. Workforce software sorts through billions of points of data to provide simple reports that corporate leaders can understand.
The process is autonomous with triggers and visual dashboards that provide key summaries. Business managers can track lead generation and sales and attribute them to specific teams. Employee logs and activities and sales/marketing reports are also automated.
Universal Workforce Database for Corporate Strategists
Tracking revenue is one of the prime jobs of corporate strategists and leaders. Revenue tracking also involves benchmarking, predicting, monitoring, and adjusting to verify that set goals are delivered. Using a workforce database is one way to benchmark and forecast business revenue.
Using workforce intelligence solutions offers instant access to hundreds of millions of standardized records. These universal databases provide insights into the industry and your main competitors. Strategists can leverage the database to benchmark and predict future revenue.
