You’d be amazed how many companies only use their Customer Relationship Management (CRM) tool to look at sales leads and closings. It seldom occurs to them–or they don’t know how– to leverage their platform to inform revenue forecasts. If this sounds familiar, and you’re only using your CRM as a glorified Rolodex, you’re missing out.
It’s time to realize the serious value in putting your CRM to work for forecasting your revenues.
Make CRM your one source of truth
Often Sales and account reps have to enter data into multiple systems, resulting in duplication and wasted energy. Often still Sales sets the cadence for arriving at the quarterly bookings forecast, then Finance runs a different cadence for revenue forecasts. If these are not converged, then you are likely to misrepresent one of the forecasts leading to the oft-experienced pain of missing revenue forecasts.
Arming your organization with a single system for all of their sales CRM is a no brainer., but giving them a system with added automated forecasting capabilities is a winner.
Everyone Plays from the Same Sheet of Music
CRM isn’t just for your Sales. Employ it across your entire organization as your one source of truth: the central hub of all of your sales and revenue data. Doing so increases accountability, visibility and ensures that information is always current for all users. Disciplined use across the company ensures team members work with tightly integrated, real-time analytics, across departments and responsibilities.
Turn Data into insights for building authentic revenue forecasts
Your CRM is chock full of amazing data just waiting to be converted to consumable information, If you can visualize and evaluate your data in real time, you’ll have a strategic advantage in the marketplace. You can quickly respond to competitive pressures and protect your turf that much better. With insights into where you are in the sales cycle, you can come up with a realistic portrayal of your revenue stream from your pipeline. When insights point you to areas of possible improvement to meet your forecasts, you can quickly seize the initiative to close these gaps.
ForecastEra, with its real-time, goal oriented analytics supplemented by predictive insights help you arrive at the right revenue forecast, ensuring that you are not leaving money on the table.
Evaluate Opportunities towards maximizing predictability of Forecasted Revenue
One of the most important aspects of revenue forecasts from your pipeline is understanding your opportunities and their behavior. This will allow you to focus on pursuing the right opportunity and optimizing the time to close a deal. It will also allow you to look at your funnel and forecast your revenue generation in real time, given the attention that you are lavishing on the deals most likely to close.
At ForecastEra, we believe that your CRM provides your organization with incredibly relevant and real-time information to effect a personalized and effective sales strategy. A fully optimized CRM with added functionality from ForecastEra doesn’t just give you predictions of your revenue, it also allows you to measure the activities and responsibility of your team. If your users properly leverage your CRM data, the entire organization will be more productive and profitable.
Find out more about how we can help you leverage your CRM to increase your company’s forecasting capabilities: http://www.forecastera.com