SugarCRM Trends

4 min read

SugarCRM & The Manufacturer: New Research on How Advanced Sales Forecasting is Revolutionizing the Manufacturing Industry

The manufacturing industry is undergoing a significant transformation driven by rapid technological advancements, evolving customer expectations, and emerging customer experience trends. In a collaborative effort to shed light on the changing dynamics of the manufacturing sector, SugarCRM has partnered with The Manufacturer to produce an in-depth report exploring the industry’s latest trends and challenges.   

To further analyze the findings of this report, leaders at SugarCRM and The Manufacturer met to discuss the transformative power of accurate sales forecasting in driving profitability and gaining a competitive edge in the manufacturing sector. 

This webinar provided a comprehensive analysis of these trends and highlights the critical role that modern Customer Relationship Management (CRM) systems play in navigating this new landscape. We started the session by meeting the speakers: Paul Farrell, CPO, at SugarCRM, Alex McCraken, Marketing Consultant for The Manufacturer, and Tom St. John, Multimedia Editor at The Manufacturer. 

Importance of Accurate Sales Forecasting 

Accurate sales forecasting is pivotal in modern manufacturing, offering invaluable insights into future demand and market trends. This enables manufacturers to optimize resources, streamline processes, and enhance customer satisfaction. A recent survey conducted by SugarCRM and The Manufacturer revealed a startling fact: 40% of manufacturers do not engage in formal sales forecasting. 

Challenges in Sales Forecasting 

The discussion highlighted common challenges manufacturers face in sales forecasting:

• Data Accuracy: A significant challenge, with 59% of survey respondents citing a lack of accurate data as a major hurdle. 
• Technological Investment: High costs associated with technology tools were a concern for 30% of respondents. 
• Data Integration: The difficulty of integrating data from multiple sources was identified by 37% of participants. 

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Revolutionizing Forecasting with Intent Data 

The innovative use of intent data in sales forecasting revolutionizes how manufacturers predict sales. Intent data captures signals indicating a prospect’s readiness to purchase and is increasingly recognized for its power in empowering sales teams. However, the journey towards full digital transformation is ongoing, with many yet to harness the full potential of their data. 

Becoming Advisors: Understanding Customer Journeys 

A significant theme of the webinar was the evolution of sales roles in manufacturing. Today’s sales teams are transitioning from a purely transactional approach to a more consultative role. By deeply understanding customer journeys, sales representatives can provide personalized solutions, thus building long-term relationships. Customer Relationship Management (CRM) systems are essential in this shift, with 62% of manufacturers acknowledging its importance in managing customer data and interactions. 

Leveraging Technology for a Competitive Edge 

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Integrating advanced technologies is essential to staying competitive. Sales force automation and revenue intelligence tools can provide a comprehensive view of the sales pipeline, helping teams focus on the most promising opportunities and engage customers at optimal times. The key to success lies in using technology to turn data into actionable insights. 

4 Pieces of Advice on How to Stay Ahead of the Curve as Manufacturers   

1. Strategic Sales Forecasting: Accurate forecasting is not just about numbers; it’s a strategic tool that guides decision-making, optimizes operations, and enhances customer satisfaction. 
2. Data-Driven Transformation: Embracing data-driven strategies is crucial. Manufacturers must invest in digital tools and analytics to stay ahead in a competitive market. 
3. Evolving Sales Roles: The shift from transactional to advisory sales roles requires a deep understanding of customer needs and journeys. Robust CRM systems facilitate this transformation. 
4. Technological Integration: The integration of CRM with advanced analytics and automation tools is essential for achieving a true 360-degree view of sales data and enhancing sales performance. 

Additional Resources 

Interested in watching the full on-demand recording of this webinar? Click here.   

If you would like to learn more manufacturing-specific insights on how to use your CRM to set you up for success, we highly recommend these resources: 

• Blog: Unlocking Manufacturing Growth: Harnessing Accurate Sales Forecasting for Profitability and Competitive Edge 
• Blog: Building Success: Using CRM to Improve Manufacturing Demand Forecasting 
• Podcast: The Manufacturer Podcast: New Series! | AI Guided Selling | Euros Fever 
• Infographic: Unlocking Manufacturing Growth: Harnessing Accurate Sales Forecasts for Profitability and Competitive Edge 
• Research Report: Unlocking Manufacturing Growth: Harnessing Accurate Sales Forecasts for Profitability and Competitive Edge 

Emily Jahn Emily is the Manager of Content Marketing at SugarCRM with years of experience working in the SaaS industry. Her strong suits include long-form and short-form content creation, SEO-optimized writing, and editorial planning and promotion. When she's not reading, writing, or editing, Emily enjoys everything the outside world has to offer—hiking, camping, backpacking, and most importantly, skiing!