How to setup Forecasting in Salesforce
- Enable forecast users. From Setup, click Manage Users → Users. For each user you want to enable, click Edit. Under General Information, select Allow Forecasting.
- Define your role hierarchy. Define your forecast hierarchy – the forecast hierarchy is based on the role hierarchy, but specifies which users are forecast managers.
- Choose one or more forecast types. From Setup, click Customize → Forecasts → Settings. Doesn’t yet have any forecast types enabled, click Add a Forecast Type.
- Select the fields that appear in the opportunity pane for each forecast type.
- Enable Quotas. From Setup, click Customize → Forecasts → Settings. Under Quotas, select Show Quotas.
- Enable forecasts adjustments for your organization and for specific user profiles to make this functionality available in your organization. From Setup, click Customize → Forecasts → Settings. ...
- Make sure the Forecasts tab is visible to forecasting users. You can set Quotas for each user. When you use Collaborative forecasting, you can set quotas only by API.
- From Setup, in the Quick Find box, enter Users , and then select Users.
- For each user that you want to enable, click Edit.
- Under General Information, select Allow Forecasting.
- Save your changes.
How to effectively use the forecast function in Salesforce?
Consider all the criteria that affect your sales forecasts:
- Trends — trends that affect your products can increase or decrease the potential for your sales.
- Competition – your competitor’s actions have a direct effect on your sales, unfortunately! ...
- Future payments – When a customer will make payments over a period of time for a completed sale. ...
What is the forecast category in Salesforce?
The Forecast Category field in Salesforce classifies each sales opportunity in terms of the salesperson’s confidence in winning the deal in a given period. the Forecast Category on each deal is often determined by the opportunity stage. Opportunity owners can adjust the Forecast Category on each opportunity, based on how likely they think the deal is to close successfully.
How to be successful with Salesforce?
- Analyze what the needs of the users are, then design, test, and develop software that meets those needs
- Design Salesforce solutions and create effective project plans. ...
- Suggest new software upgrades for the customers’ existing apps, programs, and systems
What are the opportunities in Salesforce?
- Opportunities may have quotes, proposals and orders.
- Using Opportunities we can forecast sales in an organization.
- Opportunities are one of the most widely used and heavily customized objects on the platform.
Can you do forecasting in Salesforce?
Customizable forecasting in Salesforce is an accurate, flexible tool that has helped countless organizations accurately predict revenue from sales. Customizable forecasting also enables you to get a sneak peek of the products or services you are likely to sell.
What does allow forecasting in Salesforce?
Enable Forecast Adjustments: With help of this feature, users can adjust forecasts without affecting close dates, amounts or forecast categories of the opportunities shown in the forecasts page. Enable Manager Adjustments: When enabled this feature, manager can adjust the amounts of their subordinates.
How do I add a forecast tab in Salesforce?
Click the profile that needs access to forecasts. Click Object Settings and then Forecasts. Click Edit. From the Tab Settings dropdown list, select Default On, and then save your changes.
How do I view forecasting in Salesforce?
Find the adjusted forecast that you want to view or edit....To view the adjustment details, do one of the following.In Lightning Experience, click .In the Salesforce mobile app, tap the forecast.In Salesforce Classic, hover over the forecast.
How do I enable forecasting?
From Setup, in the Quick Find box, enter Users , and then select Users. For each user that you want to enable, click Edit. Under General Information, select Allow Forecasting. Save your changes.
What is Account forecasting in Salesforce?
Recalculate forecasts for all the identified accounts at any time during your company's fiscal year. You can view the data volume used and number of times certain operations have run for account forecasts in your Salesforce org. Compare this usage with the defined limits by checking the percentage of the limit used.
What is forecast management Salesforce?
In Salesforce, a forecast is based on the gross rollup of a set of opportunities. You can think of a forecast as a rollup of currency or quantity against a set of dimensions: owner, time, forecast categories, product family, and territory. You can also collaborate on forecasts with all the necessary people.
How do I edit a forecast in Salesforce?
Customize Forecast Categories in SalesforceFrom Setup, click Object Manager.Click Opportunity > Fields & Relationships > Forecast Category.Click Edit next to the value that you want to edit in the Forecast Category Picklist Values.Enter a different category name in the Label field, then click Save.
What is a forecast category in Salesforce?
A forecast category is the category within the sales cycle to which an opportunity is assigned based on its opportunity stage. The standard forecast categories are Pipeline, Best Case, Commit, Omitted (not included in forecasts), and Closed.
How do I create a forecast type in Salesforce?
Create a forecast type.From Setup, in the Quick Find box, enter Forecasts Settings , and then select Forecasts Settings.In the Available Forecast Types section, click Create a Forecast Type. ... Click Start.Select the object on which to base the forecast type, and then click Next.More items...
Forecast Category and Opportunity Stage relationship
There are several opportunity stages but at high level it is close (lost and won) and open. At open stage there are many stages.
Modifying Standard Forecast Categories
We can edit the category and probability for each stage based on business use case
What are quotas?
Quotas are used to set target sales goals for forecast users. This can allow organizations to establish greater accountability for meeting sales expectations.
What is sales forecast?
A sales forecast is an expression of expected sales revenue. A sales forecast estimates how much your company plans to sell within a certain time period (like quarter or year). The best sales forecasts do this with a high degree of accuracy.
What should a forecast be based on?
What: Forecasts should be based on exactly what solutions you plan to sell. In turn, that should be based on problems your prospects have voiced, which your company can uniquely solve.
What is CRM in sales?
Customer relationship management (CRM) is the best way to forecast sales revenue. A CRM solution helps you find new customers, win their business, and keep them happy. Salesforce is the #1 CRM, giving sales leaders a real-time view into their entire team’s forecast.
Is sales forecasting transparent?
No matter how a company calculates its sales forecasts, the process should be transparent. And at the end of the day, sales leadership has to be responsible to call a number. Whether met, exceeded, or missed, the forecast responsibility falls on them.
What is a Forecast Category in Salesforce?
Let’s simplify Salesforce Forecast Categories some more. You have a new sales opportunity in the very first stage, Prospecting. That’s great! However, at this early stage of the sales cycle, it’s hard to accurately predict if the Opportunity will be won.
How to Adjust Forecast Categories
You can change the forecast category of an Opportunity stage by editing the Opportunity stage picklist value.
Viewing Forecast Categories
In addition to viewing the forecast category on the Opportunity page layout, you’ll also see your forecast categories when viewing the Forecast tab. When you view the forecast, you will not see anything that has been omitted.
Forecast Category Rollups
Forecasts can be either single or cumulative. Single forecasts will display the value from a single forecast category. Cumulative forecasts can be enabled and will display the value from multiple categories:
Summary
So, that was Salesforce forecast categories in a nutshell. A great feature to categorize Opportunities and predict the likelihood of winning!
