Have you ever realized the importance of Sales Forecasting in your business? If not, read a few facts mentioned below:
- In 2013, Walmart created a negative impression on its customers due to the out-of-stock problem. It could have been resolved by proper forecasting demand.
- Nike, in 2001 lost out by implementing demanding software too quickly without rigorous testing.
- Zara, on the other hand, always keeps large amounts of products in a house in order to stay more flexible in their production cycle and control more of the supply chain.
These stats show that sales forecasting and inventory planning can significantly impact the credibility of a business. Hence, it is important to use proper sales forecasting methods to stay successful in your business. With the help of the Odoo Sales Forecast App, business owners can easily predict the upcoming trends to compute the budget and revenue.
What is a Sales Forecasting? Why is it important? What benefits can it bring to your business?
Sales forecasting helps you to estimate your revenue and optimize sales performance. Accurate sales forecasting helps an enterprise to produce the required number of items at the right time.
Importance of Odoo Sales Forecasting
- It helps to determine production volumes as per the availability of various factors, like equipment, capital, space, manpower, etc.
- It helps in deciding policies, etc.
- Helps in proper business decision-making ideas.
- Helps in preparing production and purchase schedules.
When should you use an Odoo Sales Forecast app?
- You must have enough historical sales data since it is useless to make a forecast based on just the last 7 days of sales.
- Your sales are regular and they are not chaotic, your decisions should not have a 100% impact on your sales and there should be some correlation between market demand and sales.
- You rely on seasonal changes and/or trends, which you noticed but unable to analyze.
- Sales forecast in Odoo helps you to predict the upcoming trends easily.
- Odoo Sales app provides end-to-end solutions for computing the upcoming scenario.
- Along with the Sales Forecast App, the Odoo Sales Leaderboard app stands out as the best sales performer.
- You have an understanding of how statistics work.
Why consider Ksolves Odoo Sales Forecast App in your business?
If you are unable to meet the demands of your business, you will deliver an unsatisfactory customer experience, which may lead to further loss of sales down the line.
With an accurate sales forecasting app like the Odoo Sales Forecast app by Ksolves, you will be able to achieve a higher rate of on-time full delivery. The information from the Ksolves sales forecast app helps to make sure that you manufacture or order products for when they are required, which in turn leads to happier customers and more sales for your business. So, a win-win situation for both- You and your customers.
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