Tips To Improve Sales Forecasting Accuracy
Posted on: 04 March 2020 by Bhupendra Choudhary
Sales forecasting is the important step in the growth of the business, companies who forecasts their sales is more likely to increase their revenue.
Accurate sales forecasting is important for the growth of a business. According to a report by Aberdeen Group, a company is 10% more likely to increase its income each year if it makes accurate sales forecasts. Also, proper forecasting increases the chances of hitting the sales by 7.3%.
Despite this, many companies still struggle to generate accurate sales forecasts. This article puts together how Field sales management software can help in forecasting the sales report more accurately.
Accumulate Sales Data on Real-Time Basis
For making accurate forecasts about the sales, it is imperative to have proper visibility of the sales reports. However, in case of sales, mainly field sales, due to lack of visibility, it becomes difficult for the managers to have an holistic idea of the sales status. Sales reports are individually submitted by the sales agents, then it is a heavy job on manager's part to extract all the reports, compile them, analyze those for sales forecasting. This entire long process can be cut short by a Field Sales management software. Using this software, the sales agents can update their sales reports on a real-time basis.
This way they can maintain more accuracy in their filing compared to recall-and-file practice where the reporting is done at the end of the day. The sales reports of all the agents get uploaded on a centralized location, thus the manager gets easy access to them, by overcoming the need to extract and compiling the reports at it happens in case sales reports are submitted through mails.
Also, these specifically designed software programs come with advanced business analytics, that creates visually descriptive reports explaining the sales status, which helps in making accurate forecasts.
Provide the sales representative better sales reporting tool
Field sales mobile app is an ideal reporting tool which is handy in capturing the sales updates on a real time basis. Starting from target management to customers' details to logging the successful sales deeds, everything related to capturing sales data on field can be accomplished with the aid of these apps.
Keep Tabs on Factors Impacting Sales Forecasts
A lot of factors can put its impact on sales forecast. It is important to keep a tab of all those. Internal factors such as sales representatives performance and productivity, time management, travelling time, inventory stocks all these factors put impact on sales. The field sales management software helps in keeping tap on all these.
The software is very effective as a performance management tool. It can track the time sales representatives send on roads and the time they spent on cracking a sales deal. This helps in estimating the sales capacity of the work force and accordingly more resources can be hired.
Also, the field sales app helps with job scheduling, using which the sales representatives can be effectively assigned meetings with the leads, so that they spend less time on road and have more productive time to target increased number of meetings per day. Optimal routes to their job destinations can be shared with them so that they can travel through the shortest and safest route and can avoid de-routes that kill their time.
Here are some ways to improve the accuracy of sales forecasting with the aid of Field Service management software. It is an ideal investment for business not just because it comes with many high end features that only helps in sales forecasting accuracy but also because it leads to effective management of sales field operations.