In the realm of customer relationship management, Salesforce Einstein offers powerful tools to assist businesses in making informed decisions. One of its noteworthy features is Opportunity Scoring, which aids in predicting the likelihood of closing deals. By Enhancing Opportunity Scoring with Salesforce Einstein, your team can focus on the right opportunities so you can close more deals. Opportunity scores tell you the likelihood that an opportunity will be won. In mortgage scenario, the likelihood of loans to close.
- Each opportunity is given a score, from 1 to 99, which is available on opportunity records and list views.
- If you use Collaborative Forecasts, opportunity scores are also available on the forecasts page.
- Use scores with reports, Process Builder, and workflows.
- For each opportunity score, Einstein shows the factors that have contributed the most to the score, both positively and negatively.
Data Requirements and Access level
- Sufficient Closed and Lost Opportunities:
- To effectively utilize Einstein Opportunity Scoring, your organization must have a minimum of 200 closed-won opportunities in the past 24 months, each with a lifespan of at least 2 days.
- You must have at least 200 closed lost opportunities in last 24 months, each with a lifespan of at least 2 days.
- Opportunity History Updates:
The opportunity history should reflect an average of one update per closed opportunity. This data is instrumental in making accurate predictions.
- Standard Opportunity Stage Field:
- Maintain the standard opportunity Stage field as it is used to calculate win rates.
- Accurate win rates are vital for generating precise scores.
- If you modify the names of the opportunity stage picklist values, ensure they are correctly mapped to Open, Closed/Won, or Closed/Lost stages.
- Avoid Skewed Win Rates:
- Extreme win rates, whether exceptionally high or low, can skew your scoring results.
- Make sure opportunities are assigned to the correct closed stage to prevent skewed scores.
- Win rates are calculated by dividing the last two years of closed-won opportunities by all closed opportunities in the same period.
- Global Model:
- If you lack sufficient opportunity data, Einstein uses a global model based on anonymized data from multiple Salesforce customers.
- However, as your organization accumulates more opportunity data, Einstein can build a scoring model tailored to your specific needs.
- Data Analysis Time:
- Upon enabling Einstein Opportunity Scoring, it may take up to 48 hours to analyze your data, construct a scoring model, and assign scores to opportunities.
- You can monitor the progress from the Einstein Opportunity Scoring setup page.
- If the analysis continues beyond 48 hours, you can toggle the feature off and on or make necessary settings adjustments.
- Person Account Related Opportunities:
- Depending on your Salesforce edition and when you purchased Sales Cloud Einstein, scores might not be available for opportunities linked to person accounts.
- To rectify this, disable and then re-enable Einstein Opportunity Scoring.
- License Eligibility:
Even if your organization lacks Sales Cloud Einstein licenses, eligible users with Salesforce user licenses can access scores on all opportunities. Contact Salesforce Customer Support to determine your eligibility.
Einstein Opportunity Scoring is available in both Lightning Experience and Salesforce Classic. It is included in Sales Cloud Einstein, which is accessible in Performance and Unlimited Editions, and can be added to Enterprise Edition for an extra cost.
- High activity levels on the related account.
- Rapid progression through opportunity (loan) stages.
- Low activity levels on the related account.
- Overdue closed date.
Key Fields and Considerations
In a mortgage firm using Salesforce Sales Cloud, the standard Opportunity object can be customized to store Loan information of Borrowers. Provided every standard fields and custom fields are created to store loan data, keep in mind the following under consideration before attempting Einstein Opportunity scoring.
- Loan Amount
- Close Date
- Standard Opportunity Stage Field
- Loan Purpose
- Loan Status
- Number of Activities
- Close Date Overdue
To learn more about Einstein Opportunity Scoring , click Einstein Opportunity Scoring (salesforce.com)
Take Five Consulting is a technology company, based in Virginia U.S., that specializes in the Mortgage Banking vertical especially LOS implementation and application development. Take Five Consulting creates and implement mortgage technology and software specifically for Mortgage Industry.