Sales forecasting, as the name suggests is a process of estimating sales an organization will be able to achieve in a given time period. A proper sales forecast helps an organization make the right investment decisions, reduce spending, and remain agile in changing market situations. In addition, such forecasts allow the business leaders to identify potential issues and take necessary steps to mitigate them.
In the following sections we will look at:
- Importance of sales forecasting
- Types of sales forecasting
- Sales forecasting process
- Factors that influence sales forecasting
- Sales forecasting methods – Quantitative and Qualitative
- Sales forecasting formula and examples
Importance of Sales Forecasting
- B2B Sales forecasting helps in easily adjusting supply for the products if there is temporary spike in demand.
- It facilitates strong inventory control since weaknesses of over stocking and under stocking can be avoided.
- Sales forecasting facilitates sale territory…