Create a Timeseries Target
Before creating a target, we need a basic understanding of the flow of target creation. Creating targets follows the flow as shown below:
Here are the steps below to create a target with a basic definition and a goal:
- Go to the Design tab and click on Set Targets under Territory Design.
- You are redirected to the Targets tab. Click on Add New.
- Fill in the Target Name, Type, Actuals, Fiscal, Role, Split Type, and Group.
- Expand the Goal bar and fill up the goal number in the edit box.
- Click on Save.
When you have selected a Type as Timeseries, you'll see the option to define the Schedule and add any Adjustments needed.
What are Schedules
Apply schedules when you first create a time-series target or when providing bottom-up feedback.
When you have an annual goal (e.g., like quota), it may not be equally distributed every month. To fix this, you can add a month-by-month schedule to break the target down. For each month in the fiscal year, you can set what the monthly breakdown of the annual goal should look like.
❗️Time Series Metrics and Targets
You can only create a schedule breakdown for a time series-based metric. You cannot create a schedule for a scalar actuals metric, and the schedule tab will not show up
There are three options available when you select Add Schedule:
- Manual - Customize the breakdown percentages by the month for the fiscal period for which this target is valid.
- Seasonality – Use historical business cycles to set the appropriate targets. The seasonality can break down a target as a percentage of the total amount for each month based on an existing time series metric (e.g., last year’s revenue or the previous three years of revenue). Selecting this option will auto-populate the schedule form for you.
- Rule of 78 - This method uses the rule of 78 to break down by percent each month to get to the desired goal. Selecting this option will auto-populate the schedule form for you.
In any of the scheduling methods, adding up each month's action percentage should be 100% in total.