In the era of marketing, sales forecasting is crucial. It provides insights into the sales expected in the upcoming period.
Sales forecasting is the process of estimating future sales. Accurate sales forecasts enable businesses to make informed decisions and predict short-term and long-term performance. Companies can base their forecasts on past sales data, industry-wide surveys, and economic trends.
It is easier for established businesses to forecast future sales based on years of past data. Newly established businesses need to base their forecasts on less-verified information, such as market research and competitive intelligence, to predict their future sales.
Sales forecasts provide insights into how a company should manage its workforce, revenue, and resources. In addition to helping a company allocate its internal resources efficiently, accurate sales data is crucial when seeking investment capital.
