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Sales Forecasting Software

Sales Forecasting Software Overview

What is Sales Forecasting Software?

Sales forecasting software evaluates historical business data and produces a report of expected sales based on trends. Forecast reports show sales targets vs. achieved sales vs. potential sales.


Sales forecasting technology aims to answer these questions:

1. What amount of revenue can we expect? This can be organized by salesperson, territory or account.

2. How did actual sales compare to expected sales? If those two numbers don’t match, why not?

3. What method will produce the most accurate forecast?


Sales forecasting software includes templates. These templates run statistical analyses on data and produce sales forecast reports. Typically, users program the templates with “assumptions” to simulate sales behavior and market conditions.


Ultimately, forecasting is a process of self-assessment, market assessment, and self-reflection. Accurate forecasts require detailed finances and business records, as well as external market conditions.

Benefits of Dedicated Sales Forecasting Software

You can create sales forecasts using spreadsheets or a general BI tool. However, the benefits of a dedicated sales forecasting tool are:

  • A UI for Sales (vs. IT or data scientists)

  • Forecast templates

  • Visuals for sales managers

  • Better contextual understanding of forecasts

  • Deep integration with other sales technology


Sophisticated CRM systems often include sales forecasting as a capability.

Sales Forecasting Software Features & Capabilities

Functionality differs depending on the complexity of the product, and whether it’s a point solution or part of a Sales technology suite. Features may include:

  • Sales forecast benchmarking: Forecast sales and compare to company or industry benchmarks.

  • Quick forecasts / Dashboard: A quick overview of sales forecasts.

  • Sales forecast visuals: Clear and helpful visuals.

  • Sales forecast templates: Pre-built templates for forecast reports.

  • Sales forecasting factors: Multivariate forecasting algorithms that allow users to adjust the factors that influence projections.

  • Sales forecast review: Tracks forecast accuracy/model fit and confidence.

  • Sales forecasting management: Ability to manage models and assumptions based on forecast reviews.

  • Custom forecast models: Allows for granular control over the forecasting approach.

  • Record of previous sales forecasts: Record of previous forecasts/audit trail.

  • Sales forecast collaboration: Allows users to collaborate on sales forecasts. For example, different users may access, comment on and adjust forecasts.

  • Data import: Import historical data from CRM systems and other sales software.

  • Export to Excel

Demand Planning vs. Sales Management

Sales forecasting serves two main use cases. First, projections can be used for demand planning. In this ERP-use case, forecasts inform product inventory and resource planning. The goal is to improve production scheduling, inventory management and workforce logistics.


Second, projections can be used to monitor expectations vs. sales performance. This supports corporate planning, as well as sales performance management. It can help with goal-setting, territory and quota adjustments, and compensation plans.

Factors to Consider when Selecting Sales Forecasting Software

Some sales forecasting tools offer static reports. More sophisticated tools offer dynamic forecasts that continually test model fit. In other words, they test how well certain assumptions predict sales accurately.


Either way, the software should document the models used and provide visibility into underlying assumptions. Sales forecasting templates help simplify the math and data analysis. However, they should not be a black box. The mechanisms should be available for review and adjustment.


Projected sales numbers are rarely 100% accurate. Therefore, it is important to understand trends in the inaccuracy of the sales forecasts themselves. This will help managers produce more realistic forecasts in the future. It will also provide insight into what type of operational inefficiencies might arise because of inaccurate forecasts. For example, under-estimation can lead to deliver limitations or customer service failures. Over-estimation can lead to wasted overhead due to over-investment in products and resources.


The most robust sales forecasting tools will perform meta-analysis on the type of errors made in forecasts, and improve model fit accordingly.


Sales Forecasting Products

Listings (1-25 of 34)

Salesforce.com

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Top Rated
2371 Ratings

Salesforce provides a customer success platform. The company's social and mobile cloud technologies include their flagship sales and CRM applications. The company was founded in 1999 and is headquartered in San Francisco, CA.

Zoho CRM

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Top Rated
392 Ratings

Zoho CRM is a simple, very low-cost CRM option for the smaller end of the SMB segment. The product has several useful integrations with other products, including QuickBooks, and Google Apps and Google Docs. The product also has an integrated project management module.

Pipedrive

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Top Rated
171 Ratings

Pipedrive is a customer relationship management (CRM) software built to help small teams to drive sales.

Salesforce Einstein Analytics (formerly Wave Analytics)

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527 Ratings

Salesforce Einstein Analytics is a cloud-based business intelligence solutions and analytics software. It provides users with automated data discovery, CRM-connected analytics, top-down views of data, augmented analytics, predictive insights, and customizable data visualization tools.

Oracle Engagement Cloud (formerly Oracle Sales Cloud)

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100 Ratings

Oracle Engagement Cloud (formerly Oracle Sales Cloud) is a sales automation software accessible through Microsoft Outlook, iOS, and Android, along with territory and quota management and social collaboration.

6 Ratings

One of the world's leading providers of business software, SAP delivers products and services which help accelerate business innovation for its customers. The vendor believes that doing so will unleash growth and create significant new value – for their customers, SAP, and ultimately, entire indu...

SalesDirector.ai is a AI based Sales Forecasting and Sales Coaching tool. The Most Advanced AI Platform for Sales. Machine Learning and Cognitive Analysis For Your Sales Pipeline. By connecting CRM, Email, Calendaring and call log data, SalesDirector.ai can tell you which deals are REAL and which...

3 Ratings

MoData's AI-powered sales intelligence software delivers: (a) 100s of out-of-the-box Sales KPI charts/reports. (b) Forecasting &amp; Quota Tracking (c) Track pipeline changes &amp; Funnel progression. (d) Account Based Sales &amp; Target Account Engagement Tracking. (d) Pipeline Predi...

2 Ratings

TopOpps is a sales pipeline management and sales forcecasting solution. This solution provides pipeline visibility and a unified workflow for both inside and outside sales teams. The forecast tool is designed to give users an accurate representation of the sales pipeline in real time.

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Azurepath provides automated lead management and sales forecasting solutions.&nbsp;

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ForecastPRO is a sales forecasting and analytics software solution offered by Business Forecast Systems, Inc.

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Right90 is a sales forecasting and analytics software solution offered by Right90.

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Axtria SalesIQ is a cloud-based platform that helps sales management run an effective and efficient sales operation. The solution includes modules for planning, deployment and performance management.