Sales Forecasting does not have a quality check.
Most Sales Forecasts are based on rearview-mirror data and gut-feel experience.
The SalesV2 Confidence Factor is a single factor that gives each Opportunity a score
between 1 and 10.
Confidence Factor Technology
It starts with a perfect Sales Motion. We help you determine a baseline for each Sales Motion by analyzing your historical Closed/Lost Opportunities and harvesting available data that aligns with your new Sales Motions. We then adjust the elements with input from Sales Leaders and Sellers to produce the new baseline Sales Motion for each type of Opportunity. Based on how each element of the Opportunity is executed, the Confidence Factor adjusts daily to represent the best forecast of probability to close an Opportunity. Our algorithm tracks elapsed time of each Stage, completed actions by Sellers and Team Members, efficient use of digital resources and other factors and compares it against the baseline on a realtime basis to provide a single-digit factor from 1- 10.
Confidence Factor use
The Confidence Factor can be used by Sales Team Leaders to view individual and team performance, or to view performance of specific Sales Motions. This allows Team Leaders to respond to low confidence Opportunities early. The Confidence Factor rolls up to territories to give a birds-eye view of territory performance as well.
The Confidence Factor introduces a new science-based approach to Forecasting – one that speaks a single language across all territories, opportunities and Sellers.
Confidence Factors adjust automatically based on a variety of elements.
At a glance, a sales leader can easily identify at risk opportunities.
Sellers easily identify where they are falling behind with actions.
Leaders can assign a value to the Forecast or Pipeline for any given selection of time period. For example, "What is the confidence in the Q3 Forecast for the West territory?"
The Confidence Factor helps Sellers focus on completing guided actions.
If Sellers complete the actions timely, it means that the Opportunity has a good chance to close. Everything on one screen.
The Confidence Factor also considers Team Members performance, and can identify the best combination of Team Members.