The client: Financial services client, Size: >$700 million in revenue, Area of engagement: Sales forecasting
The financial services industry comprises of several organizations including insurance companies, commercial and investment banks, consumer finance firms, hedge funds, and consumer finance firms. These firms help in managing money for corporations as well as individuals. This industry’s services are primarily related to investments, asset management, accounting, and foreign exchange.
Considering the current market scenario, the financial services industry is undergoing noticeable changes due to the developments in IT. Several new technology-oriented players are increasingly entering the financial services industry. This is the most visible manifestation of the impact that information technology has on the industry. Moreover, such advancements have deepened the financial markets via changes in the business models. Financial services companies are now increasingly focusing on developing enhanced strategies to reshape business portfolios to improve their product and service offerings.
Let’s take a look at the strategic forces that are expected to bring about significant transformations in the financial services industry over the next few years:
- Emerging Competitors: There is an increase in competition from financial technology companies. Also, several prominent companies are looking at investing in FinTech to achieve maximum benefits. Tech giants like Google and Amazon have already invested in the financial services ecosystem, testing the waters for possible new forays. The rising demand and popularity of FinTech companies have brought about significant disruptions in the functioning of traditional banking systems. This poses a huge challenge for traditional banks owing to the difficulties involved in adjusting to the changes in operations, culture, and other facets of the industry.
- Data-driven Product Development: Rapid digital and analytical advancements have resulted in the generation of vast amounts of data that offer details on customer preferences and behavior. Technologies like machine learning, artificial intelligence, and customer analytics will help firms drive product development and customer engagement over the next few years. Several financial services companies are also looking at devising new strategies to use their masses of data to gain maximum advantage. Moreover, this provides an excellent opportunity to develop products and services that meet or anticipate customer needs.
The Business Challenge:
Resilient, transparent, and smooth-functioning financial systems and capital markets contribute to financial stability, job growth, and poverty alleviation.
The client, a leading player in the financial services industry with several business units spread across the globe, was looking at developing appropriate strategic plans by improving their knowledge of the market space. The client wanted to leverage sales forecasting solutions to virtually manage all aspects of their business. Additionally, the financial services provider wanted to gain better insights on future sales and predict revenue and profit.
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The Solution and the Business Impact:
Strategies that we recommend to enhance product development and the overall improve sales performance
The sales forecast solutions offered several insights that helped the client in bridging the service delivery gaps. These solutions also brought about noticeable changes in accuracy by enhancing product development timing to improve sales. Moreover, our solutions were offered based on accurate sales forecast, which helped the company in better managing its inventory and avoid stock-outs and overstock situations. It also provided an opportunity to anticipate future sales and develop strategies to improve revenue.
Sales Forecast Solutions Insights:
Since the financial services industry is proliferating, there is a growing need to stay updated with the recent trends in this market space. Our sales forecast solutions help you gather relevant market knowledge to devise strategies that would improve the overall accuracy of operations. Moreover, our solutions help firms in exploring the possibilities to increase both net income and revenue. Accurate sales forecast solutions assist companies in improving several aspects of the business including better inventory management, achieve a higher OTIF delivery, and manage the entire supply chain across business units.
To know more about how our sales forecasting solution helped the financial services provider