Predictive analytics and forecasting can save your company considerable amounts of money, especially when it comes to sales forecasting. For B2B companies, accurate sales forecasts can be the competitive advantage that keep the business running smoothly, while inaccurate ones can be quite costly. By using forecasting analytics that leverage the latest technology and are based in data, businesses can significantly reduce costs.
To help you get started, here are the steps you should take when setting up a predictive analytics and forecasting model for your sales pipeline:
If you follow the steps above, you should be able to confidently create sales forecasts based on data and be able to compare them with other sales forecasting techniques. By leveraging data and predictive analytics methods, you can dramatically increase the accuracy of sales forecasts, and can even approximate how accurate the model is. And because it’s all based on data, you can feel confident sharing your forecasts and demonstrating your process for getting there.
Predictive analytics and forecasting is a big step forward for many companies, but for some, it only scratches the surface. Similar strategies can be utilized to:
With so much potential to save money and create new opportunities, it’s clear why predictive analytics is gaining more and more traction in the market today.