From peace of mind at home to industrial scale protection, there is big business to be had in the manufacture of security products. Determining where opportunities and sales can be found, what trends are going to make an impact, and where to direct your security manufacturing company throughout the year is something that needs careful planning and consideration. Accurate sales forecasting plays an essential role in this process. In this article, we take a look at the security products manufacturing industry, the challenges involved with making predictions and manual sales forecasts for the year, and how to create accurate sales forecasting with automation and the right tools.
The security industry is one at the forefront of technological innovation and development, with many security products now being designed as smart technology, integrating with the industrial internet of things (IIOT), or utilising cutting edge biometrics as part of the product.
As part of the wider whole, Statista has found that the cyber security services market is expected to reach $92.91bn (USD) in 2024, and expand at a CAGR of 5.41% between 2024 and 2028 to reach $114.70bn (USD).
According to Pelco, physical security and information technology (IT) security remain the top priorities for business owners and security professionals, and that effective and reliable security technology typically includes:
Companies in the security manufacturing industry are looking at increased growth and opportunities. Gallagher Security in their 2024 report asked participants, when asked whether their security budget would increase, decrease, or remain the same in the current economic climate. 56% expected their budget to increase, 28% believed it would remain the same, with the remaining 16% being equally split (8% each) between expecting a decrease or not knowing.
When evaluating the overview of the security sector for 2024, there are clear challenges and opportunities which must be assessed. Utilising tools such as TEB Apps allows for precise forecasting supported by accurate data, and flexible reporting.
As the fastest growing Customer Relationship Management (CRM) software in the security sector, TEB Apps is well positioned to support your security manufacturing needs.
Manufacturing businesses have a lot of moving parts, and are often operating across global borders. With strict legal obligations, taxes, import and export duties, and a need to provide high-quality products, it is essential that sales forecasting is accurate so that resources can be managed and assigned appropriately.
Manual sales forecasting can be extremely challenging, especially if there is a lot of data or instruction being delivered by the client, and communication between multiple teams and locations is taking place.
Some of the main challenges that come with sales forecasting for the security manufacturing industry include:
As well as the challenges that come from handling data and the analytics that are required, manufacturing businesses of all types can also struggle to account for economic growth, supply chain stability, labour supply, inflation, and other external elements which will impact the accuracy of the forecasting process.
This has led some companies in the industry to ask do security companies need CRM software and associated data tools. TEB Apps has been particularly highly embraced by many of these businesses because of the high quality data collection, accuracy of reporting, and automated processes which streamline the forecasting process and offer near real-time evaluation.
In order to create accurate and reliable sales forecasts, your security manufacturing business needs to have the right structure and tools for the task.
When developing a sales forecast, you essentially need to:
The vast majority of the sales forecasting process requires you to have your business data on-hand, and the ability to review your sales history and the industry over the specific time period.
Utilising automated processing and sales forecasting tools which are designed to work with reporting software and visualisations makes this much simpler, cheaper in terms of man-hours, and removes the possibility of the data being compromised by human error.
TEB Apps is designed to be intuitive and easy to use. With seamless automation and kanban style pipeline management, your data can be put to its fullest use with accurate and repeatable processes.
When you make use of TEB Apps for your sales forecasting you can:
Book a demo today and discover for yourself how TEB Apps can take your data-driven forecasting to higher levels, and help to secure the growth of your company.
