Do you want to increase the efficiency of your sales team? Use sales forecasting software to generate sales projections and set team targets accordingly.
Not only that, the applications assist you in making data-driven business decisions with an accurate estimate of your sales figures. Utilizing the generated data, companies can apply sales techniques quickly without having to spend hours on manual analysis of sales data.
Learn more about sales forecasting tools and their working process in this article. We will also share the list of top applications that businesses can use.
Sales Forecasting Software and Its Usage
Sales forecasting software is a tool for predicting and projecting the future sales of a company. It can predict the lead volume, pipeline value, and closing probability of deals. Businesses use this application to accurately set realistic sales goals and make strategic decisions.
The use of sales forecasting software is seen for:
The function of a sales forecasting application revolves around using historical sales data and analyzing it with different statistical techniques for future sales projections. The steps of its working process include:
Collecting data from various sources, like CRM, ERP systems, point-of-sale systems, and e-commerce platforms. The collected data includes historical sales data, product details, customer information, and other vital variables
Eliminating duplicates and inconsistent data for clean data essential for forecasting
Applying techniques to analyze sales patterns, trends, and correlations with other variables according to the forecasting models and algorithms
Generating sales forecasts and pipeline deal status for projecting future sales figures
Analyzing scenarios and performing what-if simulations with changed variables
Providing visual reports with charts, graphs, and dashboards to communicate sales performance
Constantly monitoring and automatically updating forecasts in real-time
Reasons Companies Use Sales Forecasting Software
Make data-driven decisions using precise sales projections
Let the sales team focus on profitable opportunities for higher conversion rates
Make accurate ROI forecast for the future
Evaluate the performance of sales reps or sales teams
Features Sales Forecasting Software Should Have
Insight into pipeline activities
Historical and internal sales data import
Tracking progress against goals
Forecasting models for different scenarios
Various forecast and revenue reports
Setting business goals based on data
Scenario analysis and real-time update
Data collaboration for all teams and projects
Customizable software for all business types
Visual reports for a quick overview
Integration with third-party tools
Here are the best sales forecasting solutions organizations should try.
Freshsales is a platform where you can get an idea about the potential of deals in your pipeline and project revenue for a given period for assigning sales quotas. Its Sales Forecast dashboard lets you access all the forecast data from a single place.
Add 5 forecast categories in total with 2 built-in and 3 customizable
Analyzes the sales cycle of all deals to get profit and loss probabilities
Use historical data and market trends to generate the forecast
Identifies top sales reps based on regions, teams, or products
One-click visual report generation from a customizable dashboard
With Zoho CRM, you can build accurate forecasts and get all the necessary information to assign targets for your team. This tool can also let you track the individual performance of each team member and boost their efficiency by identifying bottlenecks.
Create multiple forecasts consolidating all business deals
Conditional forecasts for different time zones and locations
Compare performances of reps and teams
Greater visibility for setting up targets for the sales teams
Forecast breakdown for a holistic view of your business
Custom forecasts around metrics like deal value and purchased license
Anaplan provides reliable and dynamic forecasts that can optimize the process of decision-making across your organization. It also enables you to analyze sales forecasts according to location, product, or account with granular precision.
Gets sales forecast+st metrics from historical data and third-party sources
Uses dashboards and KPIs to analyze trends and patterns
Provides accurate forecasts for all departments and units
Sync real-time forecasts with different models and metrics
Uses a single standard methodology for sales projection of the whole company
Gong offers you complete visibility into pipeline and next-level sales forecasting. Using AI technology, the platform captures every buyer interaction and provides you with deal status based on facts.
Robust search filters to gather reliable data straight from the customers
Reality-based view analyzing phone calls, emails, meetings, and contracts
Automatically diagnose pipeline issues to address the risk factors
Flexible and customizable deal boards with vital details
Add real-time info about product, deal, category, and team
Salesmate is an application for revenue estimation and sales performance optimization. Offering you a clear view of the sales pipeline, it helps you avoid possible shortcomings and make informed decisions.
Salesmate creates forecasts based on reps, teams, periods, and pipeline
Identifies the best performer of the team and tracks others’ performances
Develops a strategy to keep the reps motivated to achieve the growth target
Uses pipeline deals and historical data to get accurate forecast
Leverages predictive insights to perform statistical analysis
If you are looking for a winning sales forecast for your business projects, go for LivePlan. This platform is ideal for creating forecasts for any business type. Even if your business offers multiple products, it can generate forecasts for all of these and integrate the results into your financial plan.
Visual forecasting tools to drag and drop and drawing features
Automatically links sales forecast to Profit & Loss and other financial forecasts
Easy report sharing with employees and stakeholders
View actual performance and forecast side by side to create a roadmap
Workday can utilize sales data to offer you precise sales forecasts for informed decisions and predictable performance of your teams. It provides you with all the necessary data to analyze and create action plans.
Active dashboard to monitor and visualize sales metrics for strategic decisions
Sales pipeline visibility for robust sales forecasting without spreadsheets
Risk assessment through what-if analysis using multiple planning scenarios
Multiple driver-based models for collaboration across teams and organizations
Control sales forecast data by connecting it with funnel metrics and pipeline analytics
Using Revenue Grid, businesses can facilitate data-driven revenue projections and find out about the chances of the deal closing. It lets you develop a customized sales forecasting process for your sales and RevOps teams for better accuracy and more predictable revenue.
Generate forecasts for segments like location, product type, etc.
Creates reports for forecast categories (pipeline, commit, booked revenue)
Real-time AI-based Signals for crucial forecast changes
Retrospective analysis for particular reps and sales teams
Custom Revenue Signals for the reps to meet their sales projections
Pipedrive helps you visualize the complete picture of your business so that you can develop strategies for future growth and properly manage the cash flow.
Besides revenue projection, the Pipedrive also guides you with the deals you need to prioritize to achieve goals.
Helps you create sales goals based on historical data
Offers full insights into past sales performance and activities
Captures all buyer interactions for trusted revenue forecasting
Tracks subscription and loyal customers to report cash flow
Interactive and customizable dashboard for data organization
Aviso spares you from the spreadsheet struggle by using its AI technology to provide automatically updated forecasts. It offers 98% forecasting accuracy through deal tracking and progression analysis. Here, you can execute complex forecast models according to your preferred model.
Gathers historical and current data from omnichannel
Real-time forecast update across all reports
Data collection and unification from multiple CRM and data lakes
Combines traditional revenue forecasting with consumption forecasting
Visualizes all possible scenarios as your forecasting model
Integrates with any CRM, including Salesforce
Sales forecasting software utilizes sales data, statistical algorithms, and the latest analytical techniques to reveal patterns and trends in sales and make near-accurate projections. As a result, businesses can create their sales strategies and efficiently allocate resources.
I am a technical and creative content writer with 10+ years of experience in the relevant industry. My degrees in English and Sociology, coupled with working experience in software development companies, help me understand how technology… read more
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