Print
Entrepreneurs

Adding AI To Sales Forecasts

By Johanna Cano, posted May 7, 2021
EMERGING COMPANY | SMARTFOX TECHNOLOGIES PHIL EVERHART, FOUNDER & PRESIDENT | YEAR FOUNDED: 2019 | EMPLOYEES: 1 (Photo by Michael Cline Spencer)
When it comes to running a business, one important aspect is sales forecasting, which can help owners and leaders predict their revenue to plan for employee pay, operating expenses, buying more inventory and attracting investors.
 
Accurately forecasting sales, however, is easier said than done, according to Phil Everhart, who founded SmartFox Technologies as a solution to this issue.
 
“In 2019, a study from a notable company called Inside Sales Lab was performed on 270,912 closed-won opportunities making up over $18.1 billion in closed sales revenue from many companies involved,” Everhart said. “Sales forecasts were wrong 72% of the time outside of 90 days of closure and 47% of the time within 90 days of closure.”
 
The reason why forecasts are usually inaccurate is that sales representatives often log in subjective forecasts based on emotion rather than objective data points, including previous data such as accomplishments and milestones, Everhart said.
 
Having previous experience in the field as a sales manager, Everhart knew many of the pain points in sales forecasting, and as a response, created the SmartFox Technologies application SmartFox Prime, a business forecast management system that uses artificial intelligence (AI) with the goal of making predictions more accurate.
 
The application is available within Salesforce, a cloud-based customer relationship management (CRM) company, under a software-as-a-service model where users can pay per month.
 
“The SmartFox Prime further provides specific functionality such as SmartFox Prime’s algorithms and calculations, which define the way the application makes recommendations and forecasts suggestions for sales representatives to utilize,” Everhart said.
 
Being on the Salesforce platform gives SmartFox the opportunity to grow alongside the growing CRM.
 
In addition, technologies like AI are being used more by businesses.
 
“Artificial intelligence in business is now one of the biggest topics in the business world especially due to the effects of COVID-19,” Everhart said. “Based on research performed by Salesforce, AI is the top growth area for sales teams – its adoption is forecasted to grow 139% over the next three years.”
 
In a previous interview, Everhart, who currently works with five advisers, said he hopes to hire a development team and sales representatives. The company also has the goal of having at least 500 users by the end of 2021.
 
Another growth strategy for the startup has been to establish a public relations effort, including working with PR firm AuthorityTech, to grow awareness of the use of AI in businesses as well as its product.
 
“We’re writing monthly articles for Salesforce, talking about behavior science and forecasting using AI,” Everhart said. “We wrote one recently and they put us on the front page of their ecosystem. So that’s how we’re getting the word out on how our product can fix these issues.”

Click here to meet all of this year's CEA winners

Ico insights

INSIGHTS

SPONSORS' CONTENT
Mc2 56882

Landing Whales Requires A Larger Ocean With More Food

Scott Byers - Majestic Kitchen & Bath Creations
Dane

Can You Do Well By Doing Good?

Dane Scalise - GriffinEstep Benefit Group
Kellyerola headshot lcflc

7 Signs It May Be Time For Hospice Or Palliative Care

Kelly Erola - Lower Cape Fear LifeCare

Trending News

Developers Pour Investment Into Soda Pop District, Plan Transformation

Cece Nunn - Oct 26, 2021

Downtown Staple To Close For A Month For Renovations

Cece Nunn - Oct 27, 2021

Truist Announces Local BB&T, SunTrust Branch Closings

Jenny Callison - Oct 26, 2021

Site Plans Submitted For Office Buildings At Autumn Hall

Cece Nunn - Oct 25, 2021

Wilmington Industrial Buildings Sell For $9M To New York-based Firm

Staff Reports - Oct 26, 2021

In The Current Issue

Defending A Digital World

More everyday operations of companies, governments, individuals and other institutions are housed digitally, leaving important information v...


Health Care Heroes: Community Outreach

The Community Outreach category this year recognizes the large teams of area health providers and professionals who have responded throughou...


Health Care Heroes: Lifetime Achievement

“He’s a very quiet-spoken guy, and you would never know what a big deal he is just by talking with him,” said Jim Price, a retired OB/GYN, o...

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100