Accurate Sales Forecasting
Improve the accuracy of your Sales forecasting by taking advantage of artificial intelligence
Is an accurate Sales forecast your holy grail?
A recent study by Korn Ferry found that fewer than a quarter of sales organizations have an accurate sales forecast (accuracy of 75% or more). This is a real problem for businesses that need to use this to make key business decisions.
They found that the 4 key challenges that Sales leaders face are:
- Sales Subjectivity - gut feelings are great if you have no other data point but, since they're driven by emotion, how reliable can they be?
- Lack of Predictive Data - hand on heart, how accurate and up-to-date is your CRM? Low quality data produces low quality results.
- Technology Limitations - most sales teams use a number of technology platforms. Key questions here are 'Do they integrate?' and 'Do they come together to help create the required outcome?'
- Lack of Sales process adherence - many Sales people love to see themselves as mavericks. The issue here is that whilst this can create short-term results, it often leads to problems further down the line. Sales teams need a consistent repeatable process that is simple to execute.
How sales-i can help to improve sales forecasting accuracy
Use AI to improve forecasting confidence
sales-i uses its in-built artificial intelligence to map relationships between products using your ERP sales data. It can then identify missed sales opportunities within your existing customer base whilst also predicting expected sales volumes, revenue generated plus, most importantly, likelihood of that sale to close.
Since this opportunity has been identified by AI, rather than a salesperson, it is objective and quantifiable, rather than opinion-based and vague.
Move from Reactive to Predictive
If you've ever shopped on Amazon and wondered why sales platforms can't make product recommendations for your customers, then you're in luck.
sales-i suggests products that could be sold to a customer based on the behavior of similar looking customers. In this scenario, sales-i will identify the relevant products and their potential value so that your team can follow up.
Stop logging into multiple systems
Many businesses, particularly B2B businesses, have multiple platforms that they use to pull the data that they need to create a sales forecast.
Simplify that process and save time by logging into just one platform. sales-i brings together your ERP (sales) and CRM (transactional) data so that you can understand performance easily in just a few clicks. With our integration, you always have the most up-to-date data at your fingertips. No spreadsheets required!
Improved visibility, better control
There are 2 ways that sales-i can support better team performance:
- Visibility of team performance - easily view what actions are being taken by each sales rep.
- Team consistency - setting alerts at a global level, allows the Sales leader to roll out a consistent approach to opportunity identification which can then be tracked through to follow-up and sale.
Benefits of Improving Sales Forecasting
Sales Target Setting
Accurate forecasting allows sales managers to set achievable sales targets for their teams.
Realistic goals boost motivation and performance, as sales representatives are more likely to be engaged when they believe their targets are attainable.
A more precise sales forecast helps identify potential risks and challenges in meeting revenue objectives.
With this knowledge, businesses can implement risk mitigation strategies, such as adjusting pricing, expanding marketing efforts, or diversifying product offerings.
Financial Planning & Budgeting
Reliable sales forecasts enable organizations to make more accurate financial plans and budgets.
When the expected revenue is known, companies can set realistic financial goals, allocate funds to various departments, and plan investments strategically.
Improved Inventory Management
Accurate forecasts help businesses maintain optimal inventory levels. Excess inventory ties up capital and incurs carrying costs, while inadequate inventory leads to lost sales opportunities.
An improved forecast strikes the right balance, reducing carrying costs and improving cash flow.
We currently support over 150 ERP integrations, including NetSuite, Sage, Oracle, Microsoft Dynamics, etc. However, please feel free to contact our sales team to learn how we can integrate with your ERP system.
Don't worry about your unorganized data! sales-i's algorithm easily handles unstructured data, extracting valuable information from your ERP and translating it into easy-to-understand terms.
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