More articles on Forecast Accuracy:
🚨 Important 🚨
You must have forecast submissions entered into the Platform for IS2 to perform Forecast Accuracy Calculations.
Intro to Forecast Accuracy
Producing accurate forecasts has a massive impact on the future success of your organization, and InsightSquared can help improve yours. Using your forecast submission data, IS2 will calculate forecast percent errors so you can report on the accuracy of your forecasts, discover where improvement is needed, and take action. We provide a Forecast Accuracy Dashboard to you right out of the box so you can start inspecting and improving the accuracy of your team and individual forecasts right away.
Why is forecast accuracy important?
Forecast accuracy provides you with the ability to:
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Identify Reps who are under forecast and help identify strong deals
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Coach Reps who are over forecasting on qualifying out opportunities
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Use this knowledge to better predict where you will end up
How is forecast accuracy determined?
There are many ways to calculate the accuracy of your team’s forecasts, InsightSquared uses the Forrester definition of accuracy* which is defined as the percent error of how close your initial forecast was to your final bookings. We also calculate the Percent of First Forecast Booked and Last Forecast Booked to illustrate in which direction forecasts have been inaccurate (<100% means forecasts were higher than bookings and >100% means forecasts were lower). InsightSquared uses Forecast dedicated properties for these calculations and provides graphed visualizations of the results.
More articles on Forecast Accuracy:
*Therrien, Dana, et al. “The Definitive Way to Measure and Grade Sales Forecast Accuracy.” Forrester, 8 Feb. 2016, https://www.forrester.com/blogs/thedefinitivewaytomeasureandgradesalesforecastaccuracy/
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