Whether its to identify new product/market segments, achieve higher OTIF delivery rate or drive better MSL(Must Stock List) compliance or estimate demand, sales forecasting is a must.
However sales forecasting has become a rather tedious task for organizations and there is also an uncertainty in the accuracy of estimations.
In fact 54% of deals forecasted by sales reps never close.
Another significant branch of AI is Predictive Analytics. Powered with the combination of artificial intelligence, machine learning, statistical modelling and data mining,this technology increases the accuracy of important estimations in sales forecasting.
It is already reported that high performing sales teams are 4 times more likely to use predictive analytics.
Also, the ROI of business analytics solutions that incorporate predictive analytics is about 250%!
Some notable use cases include:
- Convenient and faster lead qualification process – On average, sales reps spend 80% of their time qualifying leads. Predictive analytics can look at the historical database and suggest if the lead is qualified. This results in a shorter lead qualification process.
- Easy personalization of calls/emails – The technology can also recommend the high-performing subject lines, wordings and even the tone for each prospect.
- Prediction of customer attrition, OTIF losses, loss of MSL non-compliance etc.
For industries where there is a constant struggle for sales teams to run the right promotions – say FMCG, predictive analytics can even recommend the correct promotions which yield the maximum ROI.
Read also: 12 Ways Business Intelligence Can Help Your FMCG Organization
Gone are the days when executives take hunch-based sales decisions.
Learn how our predictive analytics solutions give you real-time sales insights.