[Music] welcome to our second chapter on opportunity management in crm i am lynette sharon in our first video we learned how to manage leads in erp next in this chapter we will learn more about opportunity management by the end of this chapter you will have a better understanding on how to create opportunities capture details of client requirements benefits of opportunity management sales stages auto assign opportunities and auto close scale opportunities let's first look at an opportunity from a sales perspective an opportunity is a qualified lead it means that there is a match between the potential customers requirements and the products or services that your company offers a sales executive qualifies a lead into an opportunity once they understand the potential customers requirements better and dedicate more time and attention to turn them into a customer an opportunity can also come from an existing customer when they inquire about more products and services it is important for every sales executive to log and update opportunities since it will help all the stakeholders to understand who is working on which opportunities the details of the opportunity and also the likelihood of closing an opportunity this will help your company's sales managers to observe patterns and improve sales processes and also project accurate revenue before moving on let us understand the role of opportunities in crm and how it is linked to different scenarios while acquiring a customer in the image shown here you will be able to see a basic sales flow chart and also be able to understand how leads and opportunities are linked to each other in erp next there are two ways to create opportunities to view the opportunity list from home click on crm and then on opportunity under sales pipeline you can also navigate directly using the awesome bar click on add opportunity select lead in the opportunity from field if you are creating the opportunity for a lead or select customer if you are creating the opportunity from an existing customer select the right lead or customer set values in source opportunity type sales stage and the expected close date alternatively you can open the lead and click on create and then on opportunity in the drop down menu the status field will help you differentiate between the opportunities that are open converted lost replied or closed in most cases you will have to interact with a potential client multiple times before you can conclude a deal successfully it is important to diligently track your interactions in some cases you may have to involve your colleagues as well you can enter details of who needs to contact the potential client next when they need to contact and what needs to be discussed in the follow-up section this will also create a to-do which helps in making sure that a scheduled interaction is not missed further the details of potential deal value the probability of successfully closing the deals can be entered in the sales section also make sure to select the right currency so that sales pipeline reports can be generated accurately if you check the with items check box it will show you an items table where you can add details of products and services that are relevant this feature allows other people in your team like an inventory manager or a production manager to see what products might be ordered in the future contact person and address details can be entered in the contact info section when you further expand the more information field you will be able to view details like company name opportunity date and print language once you've filled in all the required information you can click on save if the potential customer has shared any documents with details about their requirements or if there are any brochures you may need to share with the potential customer you can attach them using the attach files button and directly assign this opportunity to a user using the assign to button if you want to share this opportunity with other users you can use the shared with button and add tags as well in high value deals typically an opportunity will pass through multiple stages before it is concluded a sales stage indicates the stage in which an opportunity is and what activities are being done to push it forward typical stages are prospecting qualification negotiation etc you can create additional sales stages as per your sales process and update the sales stage for each opportunity if an opportunity is lost you can update the status and also log the reason why it was lost this will help sales executives and leaders to analyze and improve the process and also the products and services if there are multiple opportunities coming into your erp next system it might get difficult to understand which opportunity is being tracked by which sales executive in order to automate the assignment process and make sure no opportunity goes unattended you can use the auto assignment rule to make sure every opportunity is being assigned to someone here is an example you can go to assignment rule list and once you add a new assignment and fill in the details with doctype as opportunity you will be able to see this you can change priority assign or unassign conditions and add assignment days and users here you can pick a rule that will be used to assign opportunities to users the assignment can be in round robin fashion load balancing or based on the field once you've added all the details just click save and the new auto assignment rule is created some potential clients may not respond to your emails or calls after showing some interest initially it is important to keep your opportunity list updated so that you spend time on the right opportunities you can configure erp next to update the status of an opportunity automatically if there are no replies from a potential client for a specific period of time you can configure this in selling settings to open this from home click on selling and then on selling settings under settings set value in close opportunity after days field that's it for today i hope this video was helpful in understanding how to manage opportunities effectively and close more deals you can read more about erp next on docs.erpnext.com in the next video you will learn about quotations thank you