Too many organizations assume that once the strategic plan and annual operating plans are in place, all groups are prepared to work independently on the key priorities to drive the plan. Let’s consider a company called Fit-Tech that follows collaboration between the sales, marketing, and finance groups. However, for the first time, Fit-Tech is transitioning to selling directly to the consumer with the launch of a new product. The reality is that, to truly drive top-line success, planning must be a living, collaborative process with tight alignment across the sales, marketing, and finance functional areas.
But because Fit-Tech decides to follow a different plan, it struggles early in the year. It then follows a team as they drive collaboration to maximize profits while navigating a rapidly changing market place. When you work in an organization, it is important to maintain collaboration between the sales, marketing, and finance groups.
Organizations constantly strive to implement new strategies and methods to drive a plan. However, you can always consider effective methods to help your sales, marketing, and finance teams collaborate better. This will enable you to:
- Create more accurate sales forecasts.
- Close sales deals faster and enable earlier collection of payment.
- Determine profitable pricing strategies.
- Evaluate appropriate responses to competitive actions.
- Drive faster identification of market opportunities.
When working in an organization, you can explore the importance of product value propositions and product positioning, strategic pricing considerations, and value bundling promotions to prevent price erosion and drive profitability.
Does your sales forecasting process have room for improvement? If so, the Accenture Academy course Ensuring Collaboration between Sales, Marketing, and Finance will provide insight that you can put to use immediately. Implementing just a few simple tools to aid in cross-group communication will help your organization avoid the pitfalls of working in separate functional silos and allow you to reap the benefits of a collaborative environment.