A good sales team is essential for almost every company.
Sales people must be skilled, motivated and dedicated, they must work on closing deals, or explore and create new opportunities. The decision on whether they should close existing deals or create new opportunities depends on their manager.
Such decisions become increasingly difficult near the end of a quarter. Until then, you are just supposed to meet your quota. But based on what – can you really decide well?
Forecasting supported by an overview of deals and their stages can give you an estimate of your quarterly results. But how good are such estimates? Take Salesforce CRM system as an example. It calculates potential revenue by multiplying the deal amounts by probabilities assigned to particular deal stages.
That’s pretty simple – but also pretty inaccurate.
What if you had a tool that would assess each deal individually, learn from the past and give you a much more accurate revenue forecast? That is possible when you have the right analytics in place.
There must be a model or algorithm in the background that makes these clever calculations. A number of companies have already customised their forecasting rules and have greatly benefited from doing it.
This is an excerpt from ‘Simple Analytics to Turn your Data into a Goldmine’ by DE Data CEO Mirek Cerny.
To learn more about how to put your data to work and increase revenue, get in touch to discuss your requirements.