Using CRM Data for Future Sales

An important part of any business is predicting future sales accurately. This has a direct bearing on planned capacity of products and services, and also helps in keeping the supply chain flexible. Businesses that manage to do this well have the lowest inventory costs and the least waste of resources and efforts. While there are many ways to forecast sales, using CRM data gives the most accurate results. That’s because proper forecasting requires many-sided input and intelligent analysis to succeed.

Using CRM Data for Future Sales

Using CRM Data for Future Sales

The various important aspects of this process with respect to CRM systems are listed below:

  • Lead management: Captured leads are what directly translate into future sales. A CRM system lets you manage leads easily, be it lead generation, lead qualification or lead tracking. This way you are more sure of potential customers and can forecast your revenue figures confidently.
  • Customer insight: If you have high-quality data about customer behavior insight, forecasting becomes very accurate. This is made possible by a detailed historical log of transactions which can be analyzed for key metrics like average finalization time, frequency of purchase, variations in preferences, etc.
  • Market trends: By closely studying the market patterns and combining this with an analysis of the competition, a company is able to get a better hold on which way the revenue projections might go. This information is also captured by CRM systems, and needs to be exploited to the full.
  • Easy reporting: Automated filters and report-generation engines make sure that dashboards are automatically updated in real time. This reduces not only the time involved in the processes, but also the element of human error.

Tell us about the challenges you faced with traditional sales forecasting.  Do you have a CRM implementation, and if so, how has it helped form better revenue estimates?

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