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Dorian Sabitov
Dorian Sabitov

Posted on • Originally published at sfapps.info on

Creating Customizable Forecasting Reports in Salesforce

Forecasting is an essential component of sales management since it aids in planning and educated business decision-making. You can manage your sales projections successfully with Salesforce’s built-in forecasting features.

What Is a Salesforce Sales Forecast?

Sales forecasting in Salesforce offers a projected sales revenue. It outlines the anticipated sales a company aims to achieve within a specified timeframe, such as a quarter or a year. The most effective Salesforce forecasting reports achieve this with remarkable precision.

The sources of input for sales forecasts can vary—ranging from the instincts of sales representatives to advanced artificial intelligence (AI) algorithms. However, all sales forecasts address two fundamental questions:

How much:

Each sales opportunity is associated with a specific Salesforce revenue forecasting projection for the business. This could range from $500 to $5 million, and sales teams need to assign a definitive value for that potential business. This estimation is derived from a comprehensive understanding of the prospect’s details.

When:

Sales forecasts in Salesforce identify a specific month, quarter, or year in which the sales team anticipates the revenue to come in.

These two projections are difficult to determine. Therefore, to improve predictions, sales teams take into account several important elements such as who, what, where, why, and how.

Who:

Understanding the characteristics of prospects shapes opportunity forecasting in Salesforce.

What:

It’s essential to build projections on the precise solutions intended for sale, which in turn should solve the difficulties that prospects have explicitly said they face and that your business is uniquely positioned to handle.

Where:

Understanding where the purchasing decision occurs and the intended location for the product’s usage can enhance forecast accuracy. Sales teams often find improved accuracy when they’re closely connected to the primary site of activity.

Why:

The underlying reason a prospect or existing client is contemplating your company’s services is crucial. Is there a specific event prompting this consideration? Without a clear rationale or pressing need, there’s a potential for the transaction to stagnate.

How:

Understanding a prospect’s current and past purchasing habits is vital. Overlooking this aspect in your forecast might lead to imprecise predictions.

Setup Sales Forecasting in Salesforce: Step by Step Guide

Fundamental Setup:

Salesforce offers an integrated Salesforce sales forecasting tool that streamlines the management of your forecasts. Here’s how to initiate customizable forecasting reports in Salesforce:

*Activate Forecasting: *

Navigate to Setup, choose Forecast Settings, and then turn on forecasting for your organization.

Choose Forecast Settings

Create Forecast Type: Select Create Forecast Type

Create Forecast Type

Hit the Next button; then select the Object for which you’d like to activate forecasting.

Select the Object

Click Next and specify a measure

Choose a hierarchy

Choose a hierarchy

Add Optional Filters

Add Optional Filters

Name your Forecast Type

Name your Forecast Type

Select Activate your Forecast

Select Activate your Forecast

Go to the Home Page and select Forecasts

Go to the Home Page and select Forecasts

For charting this data, pick “Chart” located at the upper-right edge

Pick Chart

*Create a Forecasting Report: *

  • Go to the Reports tab and create a new report using the Forecasting report type. Customize the report by adding fields, filters, and grouping as needed.
  • Select Reports and click on New Report, then select Forecasting Opps as a resource.

Create a Forecasting Report

In the Filters section you can select all necessary filter criteria

Select all necessary filter criteria

Click Save & Run. This report can now be used for forecasting visualizations and as a component of dashboards.

Click Save & Run

Advanced Implementation of Salesforce Sales Forecasting

If you need more than basic tools for forecasting, look at these apps on Salesforce AppExchange. They can help with complex needs.

Tableau

Tableau

When Tableau integrates with Salesforce, the potential is vast:

  • *Sales Data Visualization: *

With Tableau, you have the flexibility to import a variety of Salesforce data categories, including but not limited to Leads, Opportunities, and Accounts. This gives you a graphical look at your sales cycle, clarifying complex data points.

Tableau Sales Data Visualization

  • Insightful Predictions:

When you integrate Tableau with your Salesforce data, you’re not just looking at numbers—you’re forecasting them. This enables you to project your earnings for the coming months, evaluate the conversion rates of your leads, and even gauge the risk of customer attrition.

  • Customizable Dashboards:

Tailoring Tableau dashboards to suit the specific needs of individual roles within your organization isn’t just a feature—it’s a game-changer. Whether you’re a sales rep or a C-suite executive, you’ll have insights that are not only relevant but also actionable, right at your fingertips.

Tableau Customizable Dashboards

Insights:

By combining Tableau’s forecasting skills with Salesforce’s extensive data ecosystem, enterprises can obtain improved predictive insights. Companies can prepare proactively, distribute resources wisely, and reduce possible risks because of this synergy. The connection is a crucial tool for business growth since it not only provides a picture of previous performance (as shown in typical Salesforce reports) but also sheds light on potential future trends.

Maintaining accurate and complete data in Salesforce sales forecasting is a must if you want to get the most out of Tableau’s forecasting capabilities with Salesforce. The quality of the previous data supplied into the model has a significant impact on how accurate the forecasts are.

QlikView for Salesforce

QlikView

In the business intelligence space, QlikView excels, especially when teamed up with Salesforce. This pairing serves to convert unprocessed Salesforce data into interactive boards and reports, thereby aiding in both future casting and complex analysis. Learn more about Salesforce Qlik integration.

QlikView's Forecasting

QlikView’s Forecasting Prowess:

  • Informed Decision-making: By analyzing trends across the sales cycle, QlikView assists businesses in predicting pipeline trajectories, ensuring that decision-making is backed by data-derived insights.
  • Sales Boost: The platform helps increase sales by giving you a deep look at your CRM data. This way, you can find chances to sell more products to current customers.
  • Marketing Insights: QlikView excels at linking the success of your marketing moves to your sales. It helps you sharpen your marketing to better fit your sales targets.

QlikView's Forecasting Prowess

Insight:

Since forecasts can change, it’s smart to revisit and update them regularly. This keeps your outlook accurate.

Utilize Historical Data:

Historical data can guide your plans. It helps you forecast better.

Make sure members of your sales team are proficient in using Salesforce for creating and updating sales forecasting.

Check for additional information our article about “Qlik vs Tableau“.

In Conclusion

For making smart business choices, Salesforce is your go-to tool for sales forecasting. It’s got you covered for most of your needs. But when things get tricky, don’t worry; you can bring in experts like Tableau and QlikView. These tools dive deep into the data, offering you more insights. So, pay attention to what your business needs in forecasting, and pick the tools that fit best. That way, you’ll have accurate, actionable data to ramp up your sales and grow your business.

The post Creating Customizable Forecasting Reports in Salesforce first appeared on Salesforce Apps.

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