Sales analysis is an important activity that allows you to delve deeper into your data to determine trends, identify seasonality, work out lead times, and essentially improve the way in which your manufacturing company operates. For electric wire manufacturers, competing in a massive global market, being able to determine where to focus next, and how to improve your sales activities is a business-critical process. In this article, we look at an overview of the electric wire manufacturing industry, and what is generally included in a sales analysis. Then we review how automation and the right tools, such as Customer Relationship Management (CRM) software can streamline these processes, and what you need to consider before adopting these tools for yourself.
According to Fact.MR the wire and cable market is set to reach $193.7 billion (USD) in 2024 and predicted to expand at a CAGR of 5.2% to reach $321.5 billion (USD) by the end of 2034.
The industry has seen considerable growth in the direction of smart initiatives and upgrades that are pushing more specific connections and modernised wiring solutions.
As with many industries there has been a growing consumer preference for more environmentally sustainable products, and a desire to incorporate technology into wiring for greater enhancement of quality and efficiency overall.
Companies within the industry are looking to streamline their internal processes and drive data-driven operations to the forefront of their business operations, in order to make better use of resources and budgets.
TEB provides manufacturers with the opportunity to get ahead. With strategic automation, and the support of a full suite of services that are optimised with new innovations, TEB Apps helps customers with a powerful business tool that offers levels of functionality no other service can or does provide (such as our unique ability to offer fully personalised and customisable Terms and Conditions on a customer by customer basis).
A comprehensive sales analysis looks at more than just your sales figures, although that is of course part of it.
When you put together a sales analysis for your electrical wire manufacturing company, you need to consider, at a minimum:
The right sales reporting can be critical to your success, and allow your manufacturing business to make smart, data-driven decisions and forecast with greater accuracy.
The depth and level of your reporting will depend on your needs and what you are aiming to achieve with your business, but even the smallest manufacturer should be making use of the data they gather to improve how they function going forward.
CRM and automation can help to streamline your sales analysis by ensuring that individually important but repetitive tasks are taken care of to a pre-defined standard, and ensure that all of your data is reliable, available, and correctly formatted.
When you use automation and CRM for sales analysis, it can help by:
In order to make the most of your data, it needs to be easily accessible, formatted in a way that is usable, and have the right analytical tools ready to go over it. This means you need a system in place that will allow you to do these tasks, so that should be your first consideration.
Once you are ready to start your data analysis to review your sales information, you ought to consider:
Some tools may provide different levels of support or functionality, and others may only offer very niche operations.
It is worth considering your budget and your needs, and looking to providers who are capable of providing the right level of automation combined with options such as successful sales tracking, CRM and team management, and the other functions you are going to need to perform the depth of analysis you require.
Using TEB to improve your business will allow you to benefit from strategic automation and powerful applications, designed to maximise your resources and ensure you can make the best of every opportunity.
When you use TEB Apps to optimise and streamline your sales analysis you can expect to benefit from:
TEB provides you with all the tools you need to bring strategic automation into your company, and the support and training to ensure it works for you. Book a demo today and take the first step into your next digital evolution.
