Opportunity-level data can be automatically imported for forecasting

Description

Automatic importation of opportunity-level data for forecasting, in the context of Corporate Performance Management (CPM) software, refers to the automatic integration and utilization of existing business opportunities data into forecasting models. This functionality provides insights into the impact of these opportunities on future performance and aids in strategic decision-making.

Example Use Case

Scenario: A manufacturing firm uses CPM software to streamline financial planning. However, it currently manually integrates sales opportunities from CRM into their forecasting models, which is time-consuming and prone to errors.

Solution: With automatic importation of opportunity-level data, the CPM software can pull relevant details from the CRM and feed them directly into the forecasting models. This means that the forecasting considers the potential impact of current sales opportunities, providing more accurate and timely predictions and strategic insights for the company.

Considerations

Data integrity is a common issue with CRM tools - duplicate deals, incomplete deal notes, out of date information in large part because they are dependent on salespeople to keep updated. This might necessitate an intermediate layer to approve or edit CRM information before committing to the forecast. This depends entirely on sales management. Are they rigorous with CRM updates? If so, go ahead and let the data be rolled in automatically to save time. If not, evaluate if you should be using the CRM opportunities in the first place.

Some tools will delete all the opportunities and re-upload each time there is an update, at least in that given time period. This will delete any edits you made to the opportunity records. Make sure to investigate this if you will be editing the opportunity records directly inside the CPM tool.

Questions to Ask a Vendor

• Updated Opps: How does the system treat opportunities that have been updated since the last import? Does it update them, or does it delete all the opps and re-upload each time?
• Data Update Frequency: How frequently does the system update the imported data, and can this frequency be customized?
• CRM Fields: Which fields from the CRM are used in the forecast?
• CRM Customization: We have a unique setup in our CRM. Will your system accommodate the way we have our opportunities configured? If not, what do we need to change in the CRM?