Sales forecasting is a key element in conducting your business. The realism that good forecasting provides can help you develop and improve your strategic plans. The sales forecast is the source of information that allows you to manage virtually all aspects of your business. Till date, the sales forecasting depends on the personal reasoning & guess works of the sales representatives, rather than based on any data intelligence. To put it simply, two factors that help to arrive at the final data on sales forecasting, the expected deal closure date and the probability of deal closure, were decided without any solid data intelligence or uniform reasoning across the sales team. Leveraging artificial intelligence, no more these two factors are left solely to the sales representatives to decide, but guided with the data intelligence from the historical pipeline data. Let’s see this in detail.
Accuracy on Deal Closure Period:
As the deal closure period of any deal, depends upon the duration it takes on each of the pipeline stages, intelligence captured on the average stage duration timeline for successful deals can help to arrive at the accurate deal closure date.
Accuracy on Deal Closure probability:
As same as the deal closure calculation, the deal closure probability of any deal, depends on the current stage of the deal. Hence the intelligence captured on successful deals with specific to the stage outcome can help to arrive at the accurate deal closure probability.