Revenue forecasting and sales force management using statistical analysis
The invention is directed to statistically quantifying sales opportunities in order to forecast revenue and generate solution-oriented sales plans. The system includes a database of business opportunities and associated conditions. The database represents a mathematical model, such as a Bayesian model, where the conditions and business opportunities are represented as objects within the model. A statistical engine analyzes the database and generates a probability set indicating the probability of successfully achieving the business opportunities. A network interface allows a user, using a remote computer, telephone or personal digital assistant (PDA), to communicate with the system and input data, such as the status of the particular conditions. The statistical engine adaptively adjusts the model. A marketing engine generates a sale plan as a function of the probability set. The sales plan includes a list of activities necessary to achieve each business opportunities. A reporting engine generates a revenue report as a function of the probability set.
1 . A method comprising:
storing a mathematical model in a database, wherein the model includes a plurality of objects representing business opportunities and associated conditions for achieving the business opportunities;
storing a first set of probabilities received from a user representing estimated probabilities for achieving the opportunities;
receiving input data from a sales organization indicating a status of at least one condition associated with one of the business opportunities; and
calculating a second set of probabilities as a function of the input data, the mathematical model, and the first set of probabilities, wherein the second set of probabilities indicates the probability of successfully achieving the business opportunities.