Did you know that only 28% of the forecasts are close to being accurate? Why? Because often sales reps overestimate which results in deals not closing or lingering in the pipeline.
In the dynamic world of business, accurate sales forecasting determines the trajectory of a business. It enables companies to project future sales, anticipate market fluctuations, and identify potential obstacles well in advance. Without a comprehensive sales forecast, businesses navigate through uncertain waters, facing disruptions, and missed opportunities.
Hence, you can no longer rely solely on intuition and guesswork.
Enter sales forecasting software, the game-changing ally for businesses across industries. They comprise advanced analytics, machine learning, artificial intelligence, and automation, to give you accurate predictions. They analyze vast volumes of data, identify patterns, and generate precise forecasts. This helps businesses to anticipate market trends, optimize resources, and drive sales performance.
In this article, we bring you the 12 best sales forecasting software solutions that transform strategies and propel growth.
What is a sales forecasting software?
Sales forecasting software is an application or tool that automates the process of analyzing sales data and generating accurate predictions for future sales figures. It is a valuable tool for businesses to make informed decisions, align resources, and develop effective sales strategies.
There are mainly two types of sales forecasting software:
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- Sales pipeline forecasting focuses on analyzing current sales opportunities and their progression through the sales pipeline, providing insights into potential revenue streams.
- Historical sales forecasting examines past sales data and trends to identify patterns and make projections for future sales performance.
Sales forecasting software is like a super-smart assistant that automates data analysis. It processes heaps of sales data from various sources, using advanced algorithms and machine learning to spot patterns and generate accurate predictions.
But that's not all! This software also plays a vital role in identifying trends and analyzing historical data. It looks at past sales performance, market conditions, customer behavior, and other external factors to uncover valuable insights and patterns.
Oh, and let's not forget about it predicting the future, well, at least in terms of sales figures. It predicts future sales figures which come in handy for estimating revenue, planning budgets, setting sales targets, and allocating resources smartly. This magical tool empowers you to make informed decisions and develop effective sales strategies.
12 Best Sales Forecasting Software
Here’s our curated list of the top sales forecasting tools that will empower your business to make accurate predictions, and achieve growth.
CRMs with Forecasting
- Salesforce Sales Cloud
Salesforce is a powerful CRM (customer relationship management) tool that's supercharged with predictive AI for forecasting. Salesforce Sales Cloud is a sales tool that offers a suite of features to streamline sales processes including pipeline management and forecasting solutions. It provides the necessary tools to make accurate sales predictions and effectively manage your sales teams. Also, it integrates with many third-party plugins and apps like Luru where you can access, view and update the CRM without visiting the Salesforce platform.
Features:
- Win probability forecasting to gauge the likelihood of closing deals.
- Sales forecasting functionality can project future sales based on historical data and market trends.
- Advanced sales reporting provides in-depth insights into your team's performance, to identify strengths and areas for improvement.
- Pre-built deals dashboard with monthly forecast analytics,
- Custom forecast reports
- Process automation
- Out-of-the-box key performance indicators (KPIs) and quick filters for real-time visibility of sales pipelines.
Pros:
- User-friendly interface with extensive customization options.
- Predictive AI capabilities.
- A comprehensive suite of features for a holistic view of sales activities.
- Empowers data-driven decision-making and improved sales performance.
Cons:
- Requires initial setup and configuration which may be time-consuming.
- Higher pricing structure and is more suitable for larger enterprises.
Price: Salesforce Sales Cloud offers various pricing plans tailored to different business needs:
- Essentials plan: starting at $25 per user per month
- Unlimited plan: starting at $300 per user per month
- Customized enterprise plans available for complex requirements
- HubSpot Forecasting
HubSpot Forecasting is a CRM (customer relationship management) software that offers specialized forecasting tools with the Enterprise plan. It gathers customer information from sales, marketing, and service teams, providing a comprehensive view of the sales pipeline for holistic sales forecasting. Its intuitive interface makes it easy for users to navigate and analyze sales data. Also, it allows third-party integrations like Luru using which you can access, view and update the CRM from meeting apps, messaging apps, and any web page.
Features:
- "Categories" feature for real-time adjustments to forecasts based on specific criteria or segments.
- Holistic sales forecasting by integrating customer data from multiple teams.
- Intuitive interface for easy navigation and analysis.
- Wide range of integration with various tools and platforms.
- Accurate sales forecasting for informed decision-making.
- Comprehensive view of the sales pipeline.
Cons:
- Advanced features may require training or familiarization for optimal utilization.
- Some users may find the learning curve steep for certain functions.
- Available only in the Enterprise plan.
Pricing: HubSpot Forecasting is available with HubSpot’s Enterprise plan.
- Pipedrive
Pipedrive is a sales CRM software that comes with a range of features including forecasting. It provides a customizable forecast view to tailor your forecasting experience according to specific needs. It offers in-depth, easy-to-understand, and customizable sales reports to analyze past performance and assess the current state of the sales pipeline. You can identify bottlenecks and winning patterns to predict future results with greater accuracy.
Features:
- Customizable forecast view for personalized forecasting.
- Insights Revenue Forecast (Professional and Enterprise plans) to gain deep insights into your sales performance.
- In-depth and customizable sales reports for analysis.
- "Subscription Revenue" report to factor recurring payments into the sales forecasts.
- Drag-and-drop updating to simplify the forecasting process.
- Sales trend analysis for identifying patterns and informed decision-making
- Accurate prediction of future results based on data analysis.
- Easy updates with drag-and-drop functionality.
Cons:
- Certain advanced features may have a learning curve for new users.
- Pricing may vary based on the selected plan and additional features required.
Pricing: Pipedrive offers different pricing plans, starting from the Essential plan at a lower cost and scaling up with more advanced features in the Professional and Enterprise plans.
- Zoho CRM
Zoho CRM is a CRM software that offers advanced features to improve forecasting accuracy. It includes a predictive AI called Zia, which you can use to configure custom predictions specific to your business needs. You can monitor forecasts, including achieved deals, pipeline deals, and pipeline shortages, and the software automatically generates reports based on forecast numbers. Leveraging AI-based predictive forecasting and recommendations, you can make data-driven decisions and enhance your sales forecasting accuracy.
Features:
- Predictive AI, Zia, for custom predictions
- Customizable forecasts based on specific conditions
- Monitor forecasts, achieved deals, pipeline deals, and pipeline shortages
- Automatic report generation based on forecast numbers to save time and improve efficiency.
- A warning system that alerts on forecast discrepancies, such as sales target mismatches and pipeline shortages.
- Drill-down analysis to closely monitor pipeline and performance.
Cons:
- Advanced features may require some learning or training for optimal utilization.
- The user interface may feel overwhelming for new users initially.
Pricing: Zoho CRM offers different pricing plans, including a Free edition and various paid plans with different features and levels of support.
- Freshsales by Freshworks
Freshsales by Freshworks is a CRM software that incorporates the power of AI, Freddy, to enhance sales forecasting capabilities. Your AI buddy, Freddy, runs across the entire CRM, providing valuable insights and automation for accurate sales predictions. In the deal timeline view, you can categorize deals based on expected close dates. Freddy then automatically generates the estimation using historical win/loss data, providing a clear overview of their sales pipeline.
Features:
- Customizable quota metrics to align with specific sales goals.
- Recommendations for deals likely to convert based on historical data
- Access to Freddy's insights on individual deals through the "deals insight column"
- AI-powered sales forecasting through Freddy for accurate predictions.
Cons:
- Advanced features may require initial setup and configuration.
- Users may need some familiarity with AI-driven systems for optimal utilization.
Pricing: Freshsales offers different pricing plans, including a Free edition and various paid plans with different features and levels of support.
- EngageBay
EngageBay is an all-in-one CRM that offers robust sales forecasting features to track sales performance and trends with ease. With the ability to review data by month, quarter, or year, you can rely on past data to enhance the accuracy of your future sales predictions. Additionally, on-demand reports provide comprehensive insights into sales team quotas, open and closed deals, closed deals count, and projected revenue, ensuring you have the most up-to-date sales forecasting data at your fingertips.
Features:
- Customizable forecasting views for a personalized forecasting experience.
- In-depth sales reports and analytics to analyze past performance, monitor pipeline health, and identify growth opportunities.
- AI-powered predictive analytics for accurate sales predictions.
- Integration with other tools and platforms for seamless data synchronization
Cons:
- Some advanced features may require training or familiarization for optimal utilization
- Pricing may vary based on the selected plan and additional features required
Pricing: EngageBay offers different pricing plans, including a Free plan and various paid plans with different features and levels of support.
Forecasting Tools
- Anaplan
Anaplan is a flexible sales forecasting software where you can forecast sales by account, territory, or product line. This helps in gaining granular insights and targeted decision-making. Anaplan's "Predictive Insights" feature identifies the best opportunities, so you can allocate resources effectively. You can generate custom forecast reports and build reports based on existing spreadsheet models. It supports collaborative planning across sales, finance, HR, and operations teams, to work better together and plan for growth.
Features:
- Flexible tool supporting various workflows
- Win probability forecasting
- Advanced sales reporting
- Custom forecast reports
- Dashboarding for visualizing data
- Ad hoc analysis and reporting
- Modeling and simulation capabilities
- KPI monitoring
- Qualitative and quantitative analysis
Cons:
- Advanced features may require training or technical expertise for optimal utilization
- Small but annoying issues while scheduling plans and storing data.
- No free trial or free version.
Pricing: Anaplan offers three pricing plans: Basic, Professional, and Enterprise which you can choose according to your needs.
- Intelligence 360
Intelligence 360 uses advanced AI capabilities to streamline the forecasting process and deliver accurate results. You can forecast sales for specific regions, products, and other segments to gain detailed insights for targeted decision-making. You can analyze forecasting by month or quarter to track performance over time.
The tool maintains all change records so that you can understand why you may have missed sales goals, providing valuable insights for improvement. The software comes with a rich library of over 350 out-of-the-box reports, empowering sales managers with the necessary tools to analyze data effectively. You can also examine individual client behaviors and repeat purchases, enabling case-by-case forecasts.
Features:
- Advanced AI capabilities for streamlined forecasting
- Forecasting for specific regions, products, and segments
- Ad hoc reporting
- Sales performance metrics
- Data visualization
- Trend and problem indicators
- Reporting and analytics
- RevOps dashboard
- Interactive reporting
- Conversational intelligence
- Change record maintenance for understanding missed sales goals
- Interactive and user-friendly dashboards for data exploration
Cons:
- Limited customization options
- Limited admin functionality
- Some might find the price a little expensive.
Pricing: Intelligence 360 provides a free trial with variable subscription models starting from $8000 per year.
- Gong
Gong is a sales forecasting software that gives you a complete view of your sales pipeline and uses AI to deliver accurate forecasting. It captures and analyzes every customer interaction, from calls to emails, to uncover valuable insights. Gong's AI algorithms then crunch these data, revealing meaningful trends and patterns to generate accurate sales forecasts. Gong goes the extra mile by providing you with valuable recommendations for your sales strategies.
Features:
- Total visibility into the sales pipeline
- AI-driven forecasting for accuracy
- Data collection from customer interactions (calls and emails)
- Identification of trends and patterns
- Sales forecasting based on trend insights
- Actionable recommendations for sales strategies
Cons:
- Limited search and filter options.
- No fixed pricing plans and varies on the additional features required.
- Not many integrations with other tools.
Pricing: Gong provides a customized pricing plan which depends on various factors like your team size, sales process activities, and other requirements.
- Aviso Predict
Aviso Predict is an AI-powered sales forecasting tool known for its high accuracy rate of 98%. It adopts a unified forecasting approach that combines human judgment with predictive forecasting AI, for reliable and insightful forecasts. In Aviso, you have access to advanced sales reporting features, including a pre-built deals dashboard with monthly forecast analytics.
Aviso offers deal-level forecasting to allow users to analyze individual deals and their impact on overall sales performance. It uses ensemble models to enhance forecasting accuracy and provides graphic data presentation for data visualization.
Features:
- Advanced sales reporting
- Pre-built deals dashboard with monthly forecast analytics
- Generate custom forecast reports
- Hierarchy management for easy collaboration within sales teams.
- Ensemble models for improved accuracy
- Graphic data presentation
- Reporting and analytics capabilities
- Forecasting AI capabilities
- WinScore insights for informed decision-making
- Pre-built deals dashboard for quick analytics
Cons:
- Has a learning curve that may require training or technical expertise.
- Limited customization options
- No real-time updating and refresh option.
Pricing: Aviso has no fixed plans and you need to book a demo to get the quotes.
- Clari
Clari is a sales forecasting software specifically designed for B2B leaders. It provides clear and accurate predictions in simple formats, making it easy to understand and communicate sales forecasts. Its advanced sales reporting capabilities, along with a pre-built deals dashboard and monthly forecast analytics, allow for a comprehensive analysis of sales performance.
You can also track changes to the forecast, ensuring transparency and visibility into forecast adjustments. Clari incorporates predictive forecasting to provide a better view of quarterly performance.
Features:
- Win probability forecasting
- Advanced sales reporting
- Custom forecast reports
- Real-time visualizations of revenue health indicators
- Predictive forecasting for improved quarterly insights
- Additional products for pipeline inspection, account engagement, CRM automation, and revenue intelligence
- Clear and accurate predictions in simple formats
- Strong graphics and template options for easy reporting and communication
- Ability to track changes to the forecast for transparency
Cons:
- The platform’s interface can be cluttered and a bit confusing.
- Reports can be at times difficult to interpret.
- Not smooth integration with certain tools.
Pricing: Pricing varies based on the selected plan and add-on features whose details you can get after filling out a form.
- Falkon AI
Falkon AI is a cutting-edge sales forecasting software designed to help businesses make accurate predictions and drive sales growth. With its advanced AI capabilities, it analyzes historical data, market trends, and customer behavior to generate precise sales forecasts.
The software offers a range of forecasting capabilities, including predictive analytics, data-driven insights, and customizable forecast views. Falkon emphasizes ease of use and collaboration, making it accessible to sales teams of all sizes.
Features:
- User-friendly interface for easy navigation and engagement
- Data visualization tools for better insights and understanding.
- Seamlessly integrates with existing CRM and other data sources.
- AI-driven forecasting to analyze data patterns, identify trends, and make accurate predictions about future sales performance.
- You can simulate different scenarios and assess their impact on sales forecasts.
- Facilitates collaboration among team members by providing real-time access to sales forecasts, performance metrics, and custom reports.
Cons:
- No free trial
- No smooth automatic software updates
Pricing: Pricing for Falkon.ai is available upon request. You will have to get in touch with their sales team for tailored pricing plans to your business needs.
Factors to Consider When Choosing Sales Forecasting Software
When choosing sales forecasting software, choose the right tool that meets specific business needs. Here are the factors you need to consider to make an informed decision.
- Evaluate the essential features and functionalities offered by the tool like its forecasting capabilities, reporting tools, integration options, and customization options.
- Take its cost and pricing models into account, considering both upfront costs and ongoing expenses. See if any additional charges that may apply.
- Assess how easy is the tool’s setup, configuration, and onboarding process. The lesser the learning curve, the better.
- Consider how compatible it is with the existing systems and software for seamless data integration.
- Check user reviews and ratings as they provide valuable insights into the software's usability, reliability, and performance. Gather feedback from current users to gauge their satisfaction and identify any potential drawbacks.
- Choose one with a track record of delivering quality products and providing excellent customer support. These factors contribute to successful implementation and long-term satisfaction.
- Evaluate its scalability and future-proofing. It should be able to accommodate your business's growth and evolving needs, supporting expansion and future requirements.
Conclusion and Accurate Forecasting
Sales forecasting software plays a crucial role in driving business growth and success. With advanced algorithms and data analysis, it delivers accurate predictions, improves decision-making, and boosts sales performance. It helps you anticipate market trends, optimize inventory, and increase revenue with ease. It's the compass that guides you to success.
Go ahead and explore the above tools. But remember that no forecasting tool will provide accurate forecasts unless you have enough accurate data. With accuracy, the freshness and quality of data are also important.
This is where Luru App comes into the picture. Although it is not sales forecasting software, it helps you with your sales process in other ways.
How? By ensuring businesses have 2X data available in CRM. Luru seamlessly integrates with your CRM like Salesforce, and HubSpot to simplify your CRM experience. You get frictionless CRM updates from Slack, automated alerts to remind reps to update missing fields, and can update CRM from meetings, and other work apps. Intrigued? Learn more about Luru now.
FAQs
- What is a sales forecasting tool?
A sales forecasting tool is software designed to help businesses predict and estimate future sales performance. It utilizes data analysis, statistical models, and predictive algorithms to generate accurate forecasts, providing insights into future revenue, customer demand, and market trends.
- What are sales forecasting tools used for?
Sales forecasting tools are used to support decision-making and strategic planning in sales and business operations. They help businesses anticipate market demand, plan inventory levels, set sales targets, allocate resources effectively, and identify growth opportunities. These tools enable businesses to make informed decisions based on data-driven insights, improving overall sales performance and driving business growth.
- How to pick the best sales forecasting tool for your business?
To select the best sales forecasting tool for your business, consider the following factors:
- Identify your specific needs and goals for sales forecasting.
- Evaluate the features and functionalities offered by different tools, ensuring they align with your requirements.
- Consider the ease of use and user interface to ensure the tool is intuitive for your team.
- Assess the integration capabilities with your existing systems and software.
- Review customer reviews and ratings to gauge user satisfaction and reliability.
- Compare pricing models and consider the cost-effectiveness of the tool.
- Seek recommendations from industry experts or colleagues who have experience with sales forecasting tools.
- What is the best sales forecasting method for sales?
There is no one-size-fits-all approach to sales forecasting, as the best method depends on the nature of your business and industry. Commonly used sales forecasting methods include historical data analysis, market research, trend analysis, and predictive modeling. It is often beneficial to use a combination of methods to gain a comprehensive and accurate forecast. Experimenting with different approaches and leveraging the capabilities of sales forecasting software can help identify the most effective method for your specific sales needs.
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