With lead management, you create lead records that help your sales and marketing teams in gathering and storing information about a lead. In opportunity management, the leads have been qualified and have become opportunities. Like lead management, opportunity management is the tracking and storing of information.
When your lead record has become an opportunity record, you can start to track more sales-related information such as quotations and competitors. Tracking the competition for the sale can give you valuable information about how to win the opportunity and gain another customer.
When you manage your opportunities, you can also give probability percentages and prognosis ratings to the opportunity and track the probability percentage, or chance that the opportunity will become a customer.
As soon as you have provided quotations and the contact at the opportunity has made a decision, you can track whether you won the opportunity and the reason why you won it. If you have lost the opportunity, you can list why and to whom you lost the opportunity, as this information might be useful later.