Hero Fincorp, an NBFC (Non-Banking Finance Company), has adopted 19th Mile as its sales management and sales coaching solution for its SME and Emerging Corporate lines of business.
Hero Fincorp operates out of 35 + locations and has close to 100 plus resources across the 2 LOBs in the direct sales organization. With the majority of sales members coming from diverse backgrounds, HFCL felt a strong need to build strong control on client delivering processes, standard understanding & delivery of client-facing process and accountability within the sales force towards positive outcomes.
The sales review process was time-consuming and could not bring all metrics in a simple dashboard that could guide the supervisory as well as sales resources in identifying weak points and course correcting. They wanted a solution that was handy, easy to use and could get adopted quickly and easily by the field force.
Hero Fincorp’s sales team comprises mostly of road warriors, hence, the company opted for a mobile-first sales management solution. 19th Mile (19M) was chosen as the platform. Besides being mobile first, 19M provides full offline functionality thereby enabling its users to access the app and data even in poor network areas or say, on a flight.
Hero Fincorp implemented the following modules of the 19th Mile product:
- Planner: The sales teams schedule and track their activities through the planner module. Planner features like reminders, team and self-views and automated daily sales reporting features ensure that RMs are on top of their activities.
- Opportunities: Opportunities are assigned, allocated, nurtured and tracked through this module. Embedded analytics within each screen provides the user a bird’s eye view of the opportunity health and the actions that have to be taken.
- Leads: The leads module was configured to assign, monitor and drive post disbursal follow-ups and collections. This module plays a critical part in ensuring a healthy portfolio for each RM.
- Performance: This is the sales analytics module and the cornerstone of the solution. Over 20 sales metrics and KPIs are tracked across 6 metric categories on a daily basis. KPIs are assigned to individual users by relevance to their roles and each user has access to comprehensive analytics that describes the current health of their portfolios and their performance. Managers were a special point of focus, with additional analysis of all metrics, in the form of graphical trends, team heat maps and drill downs being made available.
- Coach: Each user receives automated guidance from 19th Mile based on the sales activities, opportunities and performance data. Users are notified of KPIs that are trending south, and opportunities that are risky and the corrective actions to be taken are identified. Training content is delivered through the 19M system at the point of need.
Hero Fincorp has provided 4G enabled tablets to all its sales team members to access the 19th Mile solution.
The company has witnessed the following benefits of implementing 19th Mile:
- The adoption rate for the 19th Mile application has been very high with usage rates of over 70% on a week-on-week basis.
- Ability to drive a common and consistent sales process across all the teams.
- Complete transparency in the sales data across the hierarchy of the sales organization. Leads that are assigned can now be tracked very easily. Client conversations are recorded on the tool instead of personal diaries. Delays are easily seen and proactive problem solving is possible.
- A 360-degree view of RM performance is available on a daily basis to managers and leaders, without the intervention of an MIS team. This has enabled managers to have timely and proactive coaching conversations.