What is opportunity status in SAP SRD-CRM-OPP - CRM-Opportunities?

SAP Term: opportunity status

• Component: SRD-CRM-OPP

• Component Name: CRM-Opportunities

• Description: A status indicating the current stage in the life cycle of a business document or business partner, for example, In Process.

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• Key Concepts: 
  Opportunity status is a field in the SAP CRM-Opportunities component that indicates the current stage of an opportunity. It is used to track the progress of an opportunity from initial contact to closure. The status can be set to one of several values, such as Open, In Progress, Won, Lost, or Cancelled. 
  
  How to use it: 
  The opportunity status field can be used to track the progress of an opportunity. When a new opportunity is created, the status should be set to Open. As the opportunity progresses, the status should be updated accordingly. For example, if a customer has accepted an offer, the status should be changed to Won. If a customer decides not to pursue an opportunity, the status should be changed to Lost or Cancelled. 
  
  Tips & Tricks: 
  It is important to keep the opportunity status up-to-date in order to accurately track progress and ensure that opportunities are not overlooked or forgotten. Additionally, it is helpful to create custom statuses that are specific to your organization’s needs. This will allow you to better track and manage opportunities. 
  
  Related Information: 
  For more information on using the opportunity status field in SAP CRM-Opportunities, please refer to the SAP Help Portal (https://help.sap.com/viewer/product/CRM_OPP/7.0/en-US).