Financial Services Industry Overview
The financial services industry comprises of several organizations including insurance companies, commercial and investment banks, and consumer finance firms. Today, the rise of digital technology has dramatically transformed the landscape in the financial services sector. The financial services industry is also beholding a transformation toward a consumer-centric environment to increase market liquidity and reduce business leverage. Financial services companies are now increasingly focusing on developing enhanced strategies to reshape business portfolios to enhance their product and service offerings.
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Types of Financial Services
Financial services are those services which help people in the management of their finance-related problems in a well-organized manner. Types of financial services include:
- Banking – An individual can deposit his/her money and can get a return in the form of interest.
- Insurance – An individual in the event of any mishap can get his/her money back from the insurance companies.
- Stock market – By investing the funds into the stock market, the individual can get dividends and capital appreciation.
- Mutual funds – With mutual funds, an individual can get stable returns.
Sales Forecast Methods: Why is it Important?
Sales forecast helps businesses gain better visibility into the real-time sales data and improve sales predictability by fine-tuning the forecast accuracy. Accurately forecasting your sales and building an effective sales forecast template can help you to avoid unexpected cash flow problems and manage your production, staff, and financing needs more efficiently.
Sales forecast methods include:
- Qualitative forecasting – An approach to forecasting that is based on an intuitive or judgmental evaluation.
- Quantitative forecasting – An approach to forecasting where past demand data is used to predict future demand.
- Graphical forecasting – Use of visual information to predict sales patterns.
- Trend forecasting – Methods for forecasting sales data when a definite upward or downward pattern exists.
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Quantzig has supported the clients across the globe with end-to-end data modeling capabilities to leverage analytics for sound decision making. We believe that the strength to tackle the actionable data is what drives a company towards success.
About the Client
The client is a leading financial service provider, rendering financial services and products including wealth management, asset allocation, and financial planning to private corporations and individuals.
Building a sales forecasting model is the first step towards creating a data-driven company. Request for more information to find out how we can help you build one.
A renowned client in the financial sector wanted to determine future sales and predict short-term and long-term performance. The client wanted to leverage sales forecasting solutions to virtually manage all phases of their business. Moreover, the client wanted to rely on a sales forecasting solution to efficiently forecast their business and subsequently manage its workforce, cash flow, and resources.
The sales forecasting solution offered by Quantzig supported the client in the financial sector precisely predict the achievable sales revenue and profit margins. These solutions also brought about notable changes in accuracy by enhancing product development timing to increase sales. Moreover, the solution also distinguished the potential key performance indicators that assisted the client track and map their progress to fulfill specific needs and business goals.