Sales Forecasting & Planning
Sales forecasting can be a painful, expensive, time-consuming process that fails to produce accurate results. Many organizations lack a forecasting solution; others use ad hoc, best-guess practices that don’t help close sales opportunities or lead to reliable company performance. Forecasting processes are often stove piped within the sales organization, lack analytics, and fail to integrate input from other business functions like marketing, finance, and operations. Sales forecasting software provides the answer.
Sales forecasting is an art rather than a science, which enables to predict the forthcoming stages of sale of any company or organization. It is one of the most difficult areas of management where a lot of experience and knowledge is required for accurate prediction. It is done through detailed analysis of all the available information regarding the different aspects of sales. A custom designed sales forecasting solution is essential for the successful functioning of a company.
Sales forecasting is an integral part of business management and an important component of the overall planning cycle It is predicting the future using historical performance and industry trends blended with an analysis of expected market conditions.
IT Researches has extensive experience in sales forecasting (and demand planning), and will work with your business team to define a superior forecasting application, providing management the insight necessary to make critical operational decisions.
To succeed in today’s uncertain, volatile market, it is vital to have two main characteristics as part of any Aftermarket organization – ability to predict and agility to react. Unlike supplying to original equipment manufacturers, the demand is very erratic and the supply chain too long. Some of the major challenges in Aftermarket spares are – predicting the demand, ensuring in-time manufacturing and harmonizing the entire supply chain to react to this demand.
The focus of current planning model in organizations is exclusively inward-driven. Market and external factors are ignored leading to huge inaccuracies and unexpected demands. These models are also unable to effectively use data like secondary sales, competitor data, seasonal data, past schemes, etc for forecasting. Even the incentive schemes and promotions are planned without systematic procedures.
IT Researches has developed a solution “FORCAS” to predict sales accurately and drive intelligent marketing schemes considering diverse factors using Predictive Analytics. FORCAS is the next generation forecasting tool powered by cutting edge Artificial Intelligence Technologies that will accurately predict sales using complex algorithms that take into account diversity of factors – Rainfall, Secondary Sales, Stock Coverage, Competitor Information, Vendor Fulfilment as well as past sales history.
- Sales predictions
- Rapid simulations and scenario analysis
- Workflow based application
- Flexibility and feasibility
- Live market feeds and instant notifications
- Automatic system based Prediction
- Simulation of parameters based on field knowledge
- Performance as Sales office head and Product manager
- Versioning and publishing of predictions
Operational functions impacted by a reliable sales forecast
- Capacity and/or resource planning
- Inventory and raw material management
- Cost efficiencies
- Competitive pricing
- Market penetration
- Cash flow
- Customer retention
- Operational plan
- Demand plan
Sales Prediction using scientific algorithms designed for every customer separately based on its own characteristics and factors.
Simulate key factors using market intelligence, understand possible business scenarios and react quickly to unachievable plan
Realistic sourcing and improved demand management leads to better Inventory management
Ability to choose right schemes based on past experience
IT Researches has a thorough understanding of the planning process and vast experience working with Enterprise Performance Management applications. Our consultants bring real world business planning experience to each project. Our knowledge and experience combined with your business team will create a robust forecast and planning process that will significantly improve decision making. Leverage FORCAS to align your operational business activities with your Corporate Strategic plan to sustain a competitive edge.
Customized company and industry processes are expected on all planning implementations. Carefully designing a business application, bringing actual, budget and forecast together in a common model, is where IT Researches consultants set themselves apart.