What is Forecasting?
Sales forecasting is the process of predicting future sales revenue over a specific period, like a month, quarter, or year. It's a crucial activity for any business, as it informs decisions about budgeting, hiring, and resource allocation. Accurate forecasting is both an art and a science, involving a mix of historical data, market trends, and the judgment of the sales team. In a channel sales model, forecasting can be more complex, as you need to gather sales predictions from all your partners. A good PRM system can help by providing tools for partners to submit their forecasts.