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Customizable forecasting: What’s in it for you?

Customizable forecasting: What’s in it for you?

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Published by salesforce.com
Find out whether the customizable forecasting functionality is right for you—and how to prepare to implement it.
Find out whether the customizable forecasting functionality is right for you—and how to prepare to implement it.

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Categories:Business/Law
Published by: salesforce.com on Aug 12, 2010
Copyright:Attribution Non-commercial

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05/12/2014

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Customizable forecasting—available in Professional, Enterprise, and Unlimited Editions—lets salesmanagers fine-tune their forecasting to better meet their companies’ needs.Forecasting is both a science and an art. With customizable forecasting, the
science
part of the equationcomes from combining the total dollar amounts represented by the opportunities in each stage and rollingup that total under the different forecast categories shown in the illustration below. The
art
consists in theability to override forecasts.You also get additional flexibility in managing forecasts by being able toalign forecast categories to opportunity stages, so the sales and forecastingprocesses truly complement each other. In addition, you can display andmanage sales targets, quotas, product segments, and product quantitiesfrom within the Forecast tab. Read on to:
 
Find out whether customizable forecasting is right for you
 
Get an example of customizable forecasting
 
Learn the steps for implementing the feature
 
Is customizable forecasting right for you?
Before deciding to use this feature in Salesforce CRM, consider all your forecasting options and decidewhich of the following approaches meets your needs:
 
Standard and custom reports
– For many companies, it’s sufficient to report on expected revenuesbased on various opportunity stages and expected close dates. Several standard reports provide this levelof reporting, and you can create custom reports as well.
 
Forecast tab
– The Forecasts tab is available out of the box. This tab displays a home page you can useto quickly create and locate forecasts and quotas. In addition, the tab displays your monthly revenueprojections, the amounts associated with open opportunities in your pipeline, and the amounts associatedwith closed/won opportunities. Managers’ forecasts also show a roll-up of forecast data for users thatreport to them.
Note:
The Forecast tab is unlike any other tab in the application in that it shows real-time aggregation.As a sales manager, you can be confident that the numbers in the Forecast tab are always up to date withany changes in your pipeline.
 
Customizable forecasting
– With this functionality, you can take a “sales funnel” approach toforecasting by aligning your forecast categories to your organization’s unique opportunity stages, asshown in the following diagram:Abstract
Find out whether the customizable forecastingfunctionality is right for you—and how to prepareto implement it.
By Jennifer West & Eran Agrios
Customizable forecasting: What’s in it for you?
 
Customizable forecasting: What’s in it for you?BEST PRACTICE 2
In addition to forecasting according to your sales funnel, customizable forecasting makes it possible to:
 
Override entries
by sales reps to align with a sales manager’s “gut check.” For example, let’s say asales rep identifies a $100,000 opportunity for the current quarter. If the sales manager thinks thisassessment is too aggressive and the deal may slip, he can override the rep’s opportunity to bring theforecast in line with a more realistic goal and timeline.
 
Manage sales targets and quotas
by showing those values for all opportunities on the Forecast tab.
 
Forecast by product segments
to break down forecasts by showing how much individual productscontribute to the total.
Important note about Forecast reports
: If you use Forecast reports, please note that the Commit categoryis an aggregation of the Pipeline, Best Case, and Commit fields. To get a separate breakdown of thenumbers in each of these categories, use the Opportunity report instead.
Customizable forecasting: an example
Two important advantages of customizable forecasting include deciding how forecasts are aggregated andbeing able to override forecasts. The scenario below shows how to do that in the application.1.
 
Aggregating
– You can decide how your forecasts are aggregated over time, on specific dates, oron the type of forecast:Period – Monthly or QuarterlyDate – Opportunity Close Date, Product Date, Schedule DateType – Overall Forecast, Product Family2.
 
Overriding
– You can override forecasts to align with your intuitive feelings. The figure belowshows the Forecast tab before any overrides. The figures that follow show how to override theforecast categories as well as an individual opportunity.
Example of a pipelinebreakdown based on an8-stage sales process
 
Customizable forecasting: What’s in it for you?BEST PRACTICE 3
From the Forecast tab, managers and direct reports can override their own forecasts.From the Opportunities tab, managers and direct reports can also override values from the individualopportunity at the opportunity and product level, but not at the product schedule level.The result? The diagram below shows the Forecast tab after the overrides:

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