Tech-powered growth: Three things growth leaders do differently (with abstract)
| Tech-powered growth: Three things growth leaders do differently (with abstract) | |
|---|---|
| Published By | Articles by McKinsey |
| Publish Date | March 30, 2023 |
| Authors | Russell Groves, Lisa Harkness, Javier Heitz, Jan-Christoph Köstring, Steve Reis, Will Treasure |
| Topics | Tech for business, Omnichannel |
| Statistics | |
| Article Size | words |
| Features | Diagrams |
| Diagrams | Yes |
| Downloadable Version | Yes |
| Reviewers | |
| Page Owner | Nikolay Sidelnikov |
| Summary Author | Nikolay Sidelnikov |
Abstract
The article Tech-powered growth: Three things growth leaders do differently] was published by McKinsey in 2023. It is focused on explanations on how productivity leaders work on growth analytics, sales productivity, and omnichannel experience for their customers.
Growth analytics: Scaling smart decisions
Data and analytics play a vital role in modern organizations by driving rapid and intelligent decision-making. Utilizing analytical tools within the sales process, particularly in real-time deal configuration, enables organizations to turn leads into opportunities, leading to potential revenue increases of up to 20 percent.
The challenge lies in the limited integration of analytics into daily sales tools. Very few companies systematically incorporating insights. Ignoring that practice is leading to suboptimal adoption and slow improvement for analytics models.
The article explains the importance of analytics and gives some examples from the real cases, including a case where a company uncovered approximately $100 million in extra margin contribution through the implementation of six advanced analytics scenarios.
Sales productivity: Doing more with less
The growth champions achieved a sales productivity boost of up to 30 percent through the implementation of automations enhancing the effectiveness of their sales teams. Big part of sales activities throughout the value chain being automatable. Leading B2B companies are rapidly embracing this trend, combining technology, data, and AI within a unified customer relationship management (CRM) platform.
According to McKinsey research tells that it results with $4.4 trillion in annual global productivity.
The following examples of AI usage are listed: using AI for leads prioritization and scoring, hyperpersonalized customer outreach. The article contains the example of real estate organization, that trusted AI to book tours in conversation with the customer. As the result overall conversion grew 25%.
Omnichannel experiences: Growing profitably through new channels
Delivering omnichannel experiences is a mandatory requirement today, signifying that various stages of the customer journey should be accessible both online and offline. Customers increasingly accept placing high-volume orders online and frequently perceive self-service and remote channels as preferable, cost-effective, and highly efficient.
The article contains the example of a Spanish multinational that timely recognized this shift in consumer mentality and rapidly implemented a self-service portal within four months. This initiative resulted in heightened efficiency for the sales team, enabling them to close hundreds of additional opportunities.
The article also contains the quick diagnostic with questions that helps a company to identify the maturity of each level.