How to Improve Sales Forecasting Using Generative AI by Salesforce

How Generative AI by Salesforce Einstein Can Improve Sales Forecasting
Salesforce Einstein’s advanced ML capabilities provide personalised predictions and actionable insights, empowering businesses with Generative AI-powered sales forecasting.

Let’s get one thing straight—forecasting sales is a pretty tricky business.

Most sales teams optimistically aim for the best-case scenario in every forecast meeting, and staunchly believe that the coming year is when they will make that striking difference in revenue numbers—even when their track record shows otherwise!

That’s why futuristic businesses today turn to AI-integrated CRMs that promise realistic predictions based on actual historical data.

In this blog, we will dive into the subject of AI-powered sales forecasting and explore how Salesforce’s AI-powered analytical tools can help sales teams make accurate forecasts—better and faster!

What is AI-powered sales forecasting?

AI-powered sales forecasting is the method of predicting your organisation’s future revenue with the help of Artificial Intelligence (AI). It leverages Machine Learning (ML) algorithms to derive more accurate and reliable sales forecasts—enabling sales teams to actually bring in the revenue they were projecting!

What is the logic behind the AI forecasting model?

Generative AI tools, such as Salesforce Einstein, use data science and machine learning to predict how much your sales teams will sell at the end of a forecasting period.

Salesforce Einstein, for instance, analyses your team’s past opportunities to create a predictive model. The criteria used in the analysis include the record details, history, and related activities of your sales opportunities and their related accounts. Data about the opportunity’s owner, such as yearly win rates, is also used to calculate the score.

Who benefits from using AI in sales forecasting?

Incorporating AI into sales forecasting processes allows sales reps as well as business leaders to create more profitable pipelines. AI-powered analytical tools, therefore, benefit:

Sales Teams: AI forecasting provides sales teams with accurate predictions, allowing them to set realistic targets and strategize effectively to meet their goals.

Marketing Departments: With insights into future sales trends, marketing teams can tailor their campaigns and optimise marketing spend to align with evolving customer demands.

Supply Chain Managers: Accurate forecasts enable supply chain managers to manage inventory better, thus reducing the risks of overstocking or stockouts, and ensuring timely fulfilment of customer orders.

Financial Analysts: AI-driven forecasts contribute to more precise financial planning and budgeting, aiding in investment decisions and resource allocation.

Executives and Decision-Makers: With a clearer picture of future sales, executives can make informed strategic decisions that drive business growth and adaptability, both in the short term as well as in the long run.

Is AI forecasting suitable for all kinds of businesses?

Yes, unless you’re a non-profit business owner! Any business runs and thrives on the performance of its sales teams. And the fact is that, regardless of your industry, you need a solid business forecasting strategy to stay and compete in your space.

Thanks to the emergence of data analytics tools powered by predictive and generative artificial intelligence, sales forecasting not only becomes easier but also reliable, more accurate, and scalable. Advanced AI-powered CRM tools, such as Salesforce Einstein, have been designed to handle enormous volumes of data. As such, it not only helps your deals grow but scales and adapts according to your ambitious projections.

Discover the many benefits of Salesforce Generative AI for your unique business challenges. Request your complimentary discovery session today!

Improve Sales Forecasting Using Generative AI by Salesforce

What are the pros and cons of adopting Generative AI for sales forecasting?

Although AI has been around for a few decades, it is still considered an emerging technology in business. Over the years, artificial intelligence has branched into Generative AI and Predictive AI to adapt to business requirements everywhere.

While Generative AI helps business users curate unique content in the form of text or images, Predictive AI helps businesses forecast future trends. CRM giants, like Salesforce, have been increasingly utilising Generative AI for sales forecasting, thus improving the AI’s accuracy, efficiency, and scalability, and generating reliable predictive insights.

Since Generative AI involves algorithms that generate predictions based on patterns learned from existing data, it helps businesses forecast better by analysing historical sales data, customer behaviour, market trends, and other factors relevant to sales. Not only is Generative Artificial Intelligence faster, more accurate, and more efficient, it can provide real-time insights, detect subtle correlations in sales data, and identify complex patterns that human analysts might miss.

Moreover, since Generative AI models are constantly exposed to new data, they are able to continually refine and update their forecasts, helping businesses be more agile.

On the flip side, however, the accuracy of Generative AI models depends heavily on the quality and availability of business data in your on-premise or cloud applications. AI models trained on historical data may perpetuate existing biases, potentially leading to skewed sales forecasts.

Is AI-powered sales forecasting better than traditional forecasting methods?

Absolutely! Although it might seem intimidating to understand and adopt AI technology initially, the pros of adopting AI for sales forecasting far outweigh the cons. Some of the major benefits AI-powered sales forecasting brings to the table over traditional methods include:

  • The ability of AI-integrated CRMs to handle vast and ever-growing volumes of data
  • The reliability of predictions, as they are completely data-driven and free from human bias or errors
  • The ability to handle complex data patterns and unstructured datasets
  • Speed of collecting, organising, preparing, transforming, and modelling data for business analytics
  • The convenience of dynamic real-time forecasting and a more nuanced approach as compared to traditional forecasting methods

How does Salesforce facilitate AI-powered sales forecasting?

Salesforce is arguably, the best-known and most sought-after Customer Relationship Management (CRM) software in the world today. From breaking down data silos to unifying your sales, services, marketing, customer relations, and IT under a single umbrella, Salesforce helps you focus on providing a unique, satisfying, and wholesome customer experience.

One of the major advantages Salesforce has over other CRMs in the market today is its AI-integrated Sales Cloud module that helps businesses improve sales productivity and see a tangible increase in bottom-line results. Known as Salesforce Einstein, the AI can be used across the entire sales cycle—from following up with leads to closing a deal—in faster and more seamless ways.

Salesforce Einstein—the first-of-its-kind comprehensive AI for CRM—offers an integrated set of AI technologies that can also help you become more predictive about your customers, thus facilitating more reliable sales forecasting. It helps you anticipate newer opportunities, and gain insights via data constantly—thereby, helping salespeople become more agile in their approach towards potential customers. It also equips you to increase selling efficiency by analysing lead behaviour and needs.

Salesforce Einstein has been seamlessly integrated into many Salesforce products that comprise the Customer 360 portfolio (such as Marketing Cloud, Sales Cloud, and the Service Cloud). This means that customisable, predictive, and generative AI can be used across your business to not only forecast sales, but also to enhance productivity, improve customer experience, and ultimately increase profits.

Decoding Salesforce Einstein GPT, Einstein Copilot, and the Einstein Trust Layer

Launched in March 2023, Salesforce Einstein GPT is the world’s first Generative AI for CRM. Einstein GPT was designed by Salesforce to infuse its proprietary AI models with Generative AI technology and real-time data from the Salesforce Data Cloud. This helps to ingest, harmonise, and unify all of a company’s customer data, enabling customers to connect the synchronised data to Open AI’s advanced AI models out of the box. They can then use natural-language prompts directly within their Salesforce CRM to generate content that continuously adapts to changing customer information and needs in real-time.

A year later, Salesforce went on to introduce Einstein Copilot, its customisable, conversational, Generative AI assistant. Copilot has been natively embedded across Salesforce applications to help deliver a consistent user experience that can answer questions, generate content, and dynamically automate any action to deliver better productivity, deeper customer relationships, and higher margins.

Salesforce has recently fortified Einstein GPT and Copilot with the Einstein Trust Layer—a secure AI architecture, built into the Salesforce platform that helps companies use Generative AI in a secure and ethical way. Einstein Trust Layer contains a set of agreements, security technology, and data and privacy controls that can help keep your company data safe while using Salesforce’s Generative AI solutions.

How does Salesforce Einstein GPT predict future sales?

Einstein GPT integrates seamlessly with Salesforce CRM and leverages both public and private AI models to revolutionise how businesses interact with their data to derive accurate insights.

For instance, Einstein GPT allows users to input natural-language prompts directly within the Salesforce CRM. The AI then generates content that is continuously adapted to the changing needs and information of customers. This means that every piece of content, whether it’s an email, chat reply, or marketing material, is personalised and up-to-date.

Salesforce Einstein GPT is also capable of creating personalised content across every Salesforce cloud. It utilises data from the Salesforce Data Cloud and models from OpenAI, among others, to craft messages that resonate with customers on a deeper level.

The Salesforce Einstein platform is built on a suite of builders that allow the customisation of prompts, skills, and models so that businesses can tailor their AI experience to their specific needs. Einstein GPT, therefore, not only delivers AI-powered predictions but also provides a conversational UI for AI in every app or workflow. 

Let’s now look at how Salesforce Einstein’s Generative AI and Einstein Copilot can help you improve sales forecasting for your business.

Top 10 benefits of AI forecasting and planning by Salesforce Einstein

Salesforce Einstein GPT and Einstein Copilot are uniquely positioned to revolutionise sales forecasting by combining personalised insights, automation, and real-time assistance.

Let’s dive into how businesses can leverage these tools to not only create achievable predictions but also to drive growth and make data-driven decisions.

1. Enhanced Predictive Accuracy

One of the most significant advantages of using Salesforce Einstein GPT in sales forecasting is its enhanced predictive accuracy. Traditional forecasting methods often rely on historical data and manual analysis, which can lead to errors and inaccuracies. Einstein GPT leverages advanced AI algorithms and machine learning models to analyse vast amounts of data, identify patterns, and make highly accurate predictions. This ensures that sales forecasts are based on reliable insights, enabling sales teams to make informed decisions and set realistic targets.

For example, consider a sales manager who needs to forecast the next quarter’s revenue. With Salesforce Einstein GPT, the manager can input various data points, including historical sales figures, market trends, and customer behaviour patterns. The AI model processes this information and provides a precise revenue forecast, reducing the risk of overestimating or underestimating sales potential.

2. Automated Data Analysis

The primary reason why most companies pivot to AI is because manual data analysis tends to be time-consuming and prone to human error. Salesforce Einstein automates the data analysis process, allowing sales teams to focus on strategic activities rather than getting bogged down by numbers. The AI integrates seamlessly with Salesforce CRM—analysing data from various sources, such as customer interactions, sales activities, and external market data. This automation streamlines the forecasting process and ensures that insights are derived quickly and accurately.

Imagine a sales representative who needs to analyse customer interactions to identify potential upsell opportunities. With Salesforce AI, the representative can rely on automated analysis to pinpoint customers with high upsell potential, freeing up time to engage with those customers and close more deals.

3. Real-Time Insights

In the fast-paced world of sales, having access to real-time insights is crucial. Salesforce Einstein GPT provides up-to-the-minute data and predictions, allowing sales teams to adapt their strategies swiftly in response to changing market conditions. While Einstein Copilot is capable of providing real-time insights during sales calls, helping sales representatives adapt their approach, Einstein GPT analyses historical data to predict future trends, aiding accurate forecasting.

For instance, if a sales team member notices a sudden spike in demand for a particular product, they can quickly adjust their focus to capitalise on the trend. Einstein GPT’s real-time insights make it possible to pivot strategies and capture opportunities as they arise.

4. Improved Customer Segmentation

Understanding customer segments is vital for effective sales forecasting and targeting. Salesforce Einstein GPT enhances customer segmentation by analysing customer data and identifying key characteristics and behaviours. This allows sales teams to create more personalised and targeted campaigns, increasing the likelihood of conversion and revenue growth.

Let’s consider a company that sells software solutions to businesses of various sizes. With Einstein GPT, the sales team can segment customers based on factors such as industry, company size, and purchasing behaviour. This segmentation enables the creation of tailored marketing campaigns that resonate with each customer segment, driving higher engagement and sales.

5. Optimised Resource Allocation

Effective resource allocation is a cornerstone of successful sales operations. Salesforce Einstein AI helps sales managers optimise resource allocation by providing insights into which opportunities are most likely to close and which ones require additional attention. This ensures that sales teams focus their efforts on high-potential leads, maximising productivity and revenue.

For example, a sales manager can use Einstein GPT to identify which deals are at risk of falling through and allocate resources to salvage those opportunities. By prioritising efforts where they are needed the most, the manager can ensure that his team improves their overall success rate and achieves better results.

6. Enhanced Collaboration

Salesforce Einstein GPT and Copilot foster enhanced collaboration within sales teams by providing a unified platform for data sharing and analysis. Team members can access the same real-time insights and predictions, ensuring everyone is on the same page and working towards common goals. This collaborative approach promotes transparency, accountability, and a more cohesive sales strategy.

Let’s imagine a scenario where a sales team is working on a large deal with multiple stakeholders. With Copilot, all team members can access the latest updates and insights, allowing them to collaborate effectively and present a unified front to the customer. This collaboration increases the likelihood of their closing the deal and achieving the desired outcome.

7. Proactive Risk Management

Identifying and mitigating risks is essential for maintaining a healthy sales pipeline. Salesforce Einstein GPT helps sales teams proactively manage risks by analysing data and flagging potential issues before they escalate. Whether it’s identifying deals that are likely to stall or detecting changes in customer behaviour, Einstein GPT provides early warning signals that enable sales teams to take corrective action.

Consider a sales team that notices a decline in engagement from a key customer. With Einstein GPT’s risk management capabilities, the team can investigate the issue, identify the root cause, and take proactive steps to re-engage the customer. This hands-on approach can prove valuable in preventing revenue loss and strengthening customer relationships.

8. Data-Driven Decision Making

Data-driven decision-making is considered the hallmark of any successful business. With AI-generated predictions and recommendations by Salesforce, sales teams can align their strategies with actual market conditions and customer needs. The CRM’s Copilot Analytics is capable of tracking usage and helping admins optimise Copilot deployment while providing superior data analytics to refine and tailor sales strategies.

For instance, a sales director can use Copilot’s data-driven insights to develop a comprehensive sales plan for the upcoming year. By analysing historical performance, market trends, and customer behaviour, the director can set realistic targets and allocate resources effectively, ensuring the plan is grounded in data and positioned for success.

9. Increased Sales Productivity

Salesforce Einstein GPT can help you significantly boost sales productivity by automating routine tasks and providing actionable insights. Sales representatives can spend less time on administrative activities and more time engaging with customers and closing deals. This increased productivity translates to higher revenue and a more efficient sales operation.

Most sales representatives tend to spend hours each week updating the CRM and generating reports. Salesforce Einstein helps them automate their day-to-day data entry tasks, thus affording them more time to focus on building relationships with customers and pursuing new business opportunities.

10. Continuous Learning and Improvement

Salesforce’s AI technologies have been designed to continuously learn and improve over time. As the AI models are exposed to more data and real-world scenarios, their evolving intelligence

makes them become increasingly accurate and effective. This continuous learning ensures that sales teams always have access to the latest and most relevant insights, allowing them to stay ahead of the competition.

For example, as a sales team uses Einstein GPT and Einstein Copilot over several quarters, the AI models adapt and refine their predictions based on new data and outcomes. This adaptive intelligence provides the sales team with ever-improving insights, enabling them to make more precise forecasts and achieve better results over time.

Leverage Salesforce Einstein GPT—the Best AI-powered sales forecasting tool for futuristic businesses

As demonstrated throughout this article, Salesforce AI has been designed to be deployed for any organisation, regardless of industry, region, or size, and can help sales teams advance on their path to cash flow growth. Salesforce Einstein can not only help you build a smarter pipeline but also help you improve forecasting accuracy, get forecast predictions, and track how sales teams are doing.

Moreover, with the additional advantage of the Einstein Trust Layer, you can now boldly trust Salesforce AI with your company secrets and your customer data while balancing the benefits of Generative AI.

If you would like to commence your journey with Generative AI powered by Salesforce, Corptec Technology Partners can show you the way.

Corptec can empower you to strategically adopt AI in your various business functions by ensuring you integrate Salesforce Einstein in your CRM. Our AI Coach can help you:

  • Assess your AI readiness
  • Explore the capabilities and value of AI for your specific business model
  • Build an actionable roadmap to get you started with Salesforce Generative AI

Take the guesswork out of sales forecasting with Salesforce Einstein’s Generative AI and Copilot services. Book your discovery session now!

Improve Sales ROI with Salesforce AI by Corptec Technology Partners

As a trusted Salesforce consulting partner since 2018, Corptec Technology Partners has designed customer journeys for organisations across Australia by helping them maximise the potential of this leading CRM platform. We offer full-cycle implementation of Sales, Service, Marketing, and Financial Services Clouds, and support custom Salesforce integrations with any ERP or third-party applications.

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We collaborate with businesses to use technology to manage and transform their operations. Our focus is to provide customized technology solutions that combine the latest advances in digital transformation with a deep understanding of your business goals.

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