Improving revenue forecasting

Creating reporting and data tracking improvements to a CRM can improve user adoption by providing user teams with data that is easily accessible, relevant, and accurate.

In this case study, we share how Bayard Bradford integrated HubSpot and Salesforce allowing the association of a client’s website and marketing efforts to corresponding companies and contacts in Salesforce. The result was a PowerBi dashboard that clearly showed sales data paired with accounting data, thus allowing for better revenue forecasting over time.

The Challenge:
Streamlining Data CUSTOMIZATION

Bayard Bradford worked with a records retrieval company serving both law firms and insurance carriers across the United States. They were facing difficulties with the adoption of Salesforce internally, from both a technical and strategic standpoint. The existing “org” (Salesforce jargon for your customized system) had a crucial design flaw. Operations data was stored inside both the Accounts and Opportunities objects. This created a great deal of manual work and ultimately resulted in over-utilizing the available custom fields for capturing and managing customer data. In addition, since they were using Professional Salesforce, they were limited in their reporting and customization functionalities.

The Technology Approach:
A Relevant Accessible Dashboard

Bayard Bradford “split off” some functionality from both the Accounts object and the Opportunities object and placed it inside a new Operations object. Operations is the term we use to describe the data tracked and related to operational processes with accounts.

Additionally, we integrated Salesforce with a free Microsoft PowerBI to develop an executive dashboard that used a dynamic forecasting formula to predict profits into the future. Salesforce’s standard forecasting tool utilizes a percentage amount formula. Unfortunately, this tool is ineffective for almost all recurring revenue or contractually based sales because there is often an overtime payout of the value of the opportunity. It is possible to write the forecasting logic needed inside of Salesforce Enterprise but not inside of Salesforce Professional. 

PowerBI Dashboard in Salesforce

The Results:
Accurate Engagement Tracking

Bayard Bradford implemented a version of the structure shown below, which allowed them to create accurate deliverables for the sales team, the operations team and the executive team. For the past four years, Bayard Bradford has supported this client in making updates/changes to their Salesforce portal and will continue to do so throughout 2020.

The net result of their roll-out was a PowerBI dashboard that showed sales data paired with accounting data and allowed for recurring revenue forecasting over time. It also tied in engagement tracking for sales reps and goals/metrics associated with them. Bayard Bradford then integrated HubSpot with Salesforce so that their website data and marketing efforts were associated with the corresponding companies and contacts in Salesforce.

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