Business Forecasting
Prediction of future developments based on the current trends and patterns is known as business forecasting. Business forecasting uses machine learning algorithms to get insights and based upon those insights better business strategies are developed.
Business Forecasting
- Reduced Error
- Provides necessary feedbacks to improve the accuracy
- Refines forecasting processes leading to improved overall forecasting accuracy
- How accurately future events can be predicted
- What factors to be considered next time While forecasting
- What are the factors that affects the most to business
- How demand is varying with Price
- Helps in understanding Habits of consumer
- Determining purchasing trends
- Improvement areas to meet expectation of customer
- Describes the difference between Predicted value and actual value
- Accuracy of the predictions
- Lower Error represents higher accuracy
- Tracking Order fills
- Total orders fills by time period
- Total order fills by product or service
- Areas of improvement to achieve the Goal
Insurance
- Average Cost per Insurance Claim
- Categorize based on type of claims
- Properly assess the risk associated with each policy type and adjust pricing accordingly
- Number of claims in a period
- Irrelevant products or difficulties in claiming affects customer satisfaction
- Business management can be improved with thorough understanding of the incurred claims ratio
- Average time to settle a claim by Policy Type
- Identify the policy type that takes a longer period of time to settle and find out ways to reduce the time
- Automation of processes can lead to a better customer experience
- Sales generated per Broker over a period of time
- By identifying your top sales performers, you can ensure that the tentative leads are sent to the experts to be converted
- Can lead to workforce decisions
- Measures the amount of policy renewals and new policy sales over a period of time
- Track impact on profitability
- Identify big ticket value opportunities
Sales
- Total sales by time period
- Sales by product or service
- Sales by lead source
- Revenue per sale
- New vs. returning customer sales
- Track impact on profitability
- Opportunity for repeat orders for a steady cash flow
- Identify big ticket value opportunities
- Stimulate frequent orders
- Correlate service and quality based on customer association time
- Top regions for customer churn by satisfaction index
- Period trends of churn
- Track low performing sites / services
- Correlate time of service to customer plans
- Verify your lead scoring or qualification process
- Approach customers through preferred channels
- Make sure the right people are involved throughout
- Equip executives with the right content at the right time
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- Foster learning opportunities for your sales reps to improve the sales process and win more future deals
- Uncover aspects of your brand that potential customers appreciate and ones they don’t
- Fine-tune messaging, adjust campaigns, and create stronger content to highlight company strengths
