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
