These days a lot of companies are using artificial intelligence in every way possible. This is done to advance their businesses to the optimum level. Artificial Intelligence is an area of computer science where you train a machine so that it has the ability to make decisions that mimic human ones in a certain field. If you apply AI in sales, you can make the machine make decisions based on all the data it gathers. You can make predictions if an item will sell based on how well it was sold previously. In layman’s language engineers create software for any specific task. The algorithm will do the specific task but if it doesn’t produce the desired output then it will learn what mistake it has made and then never repeat that mistake again. Artificial intelligence in sales is used at every step in the current scenario to have a look at a few examples let’s read further in detail if you have ever looked at some product on Amazon you will realize that your decision is always influenced by artificial intelligence. This is done through the association algorithm. There have been times when you’re looking for a product and it suddenly seems to pop up on your search engine immediately after your search for that particular product, this also is one of the ways of artificial intelligence to monitor your online activity. This is done through a classification algorithm. Such examples prove to indicate that Artificial Intelligence in sales is used to innovate your business strategies and planning. It certainly is aiming to change the sales process. Artificial intelligence in sales has paved a major role in changing the entire process. This artificial intelligence in sales uses various algorithms to work with utmost efficiency. This same type of artificial intelligence algorithms are mostly used by companies to encompass the best decision-making process as it helps to make great business planning and outcomes. There are about more than 60% of people in the business industry who believes that future success depends mostly by adopting artificial intelligence in sales and their basic working process which is turning out to be the beginning of a massive trend.
To understand further about how artificial intelligence is changing sales of a business, here are five most important areas where AI algorithms help your company to become better and enhance your sales:
- Price Optimization
The trickiest part that any company faces is allowing a discount to the users. This is one of the most tricky situations in any e-commerce business or a company. As an entrepreneur, you would always want to win over your clients or your customers by providing them products at a reasonable cost. With this, you would also want to make sure that you get enough value for the product that you provide in the market. To help you with this artificial intelligence algorithm clearly tell you what could be the exact and ideal discount rate that can be provided or proposed to the customers. This might ensure a smooth win over the deals that are floating in the market. Artificial intelligence figures out a list of possible solutions by looking at a specific feature of each deal that has happened before and that was lost or won. Then it automatically finds the solution to increasing sales by providing ideal discounts.
- Cross-selling and upselling
The most economical and fastest means to grow your revenue is to increase sales to your current client base. But the most important question here is who can likely to buy more? There are times when a businessman spends a lot of money on marketing something that the clients won’t buy. To avoid this you may use an artificial intelligence algorithm to help you identify your current client base and their preferences to buy a better version of what they currently have. You may also look at what new offerings they require. The overall net effect is the increase in revenue and a decrease in marketing cost. One must be aware of this technical aspect of any business.
A sales manager mostly faces intimating challenges of trying to protect where all the total sales of the company will fall in which quarter. If you use artificial intelligence algorithms, managers can now quickly be able to predict with a high degree of accuracy next quarter’s revenue. This will help the company to manage its resources and inventory. This would also help in any kind of operations work process. Forecasting always demands a great level of accuracy and efficiency. Humans can often commit errors while forecasting and planning. Therefore, to avoid any unnecessary errors, artificial intelligence plays a major role to get an efficient result.
- Managing performance
Almost every month of the year a sales manager have to look into the revenue pipelines of each salesperson that are appointed for this job. This should be done with utmost care and vigilance towards the deals that might stall. By using artificial intelligence a manager can successfully use dashboards to visually see what a particular salesperson is likely to hit. This will help the company to pay attention to the key people and hit the target quota of the company at the right time with utmost efficiency.
- Lead Scoring
A salesman who has a rich pipeline of capable clients needs to make an accurate decision on an hourly or daily basis. This decision is more focused while closing a deal to reach its monthly targets. Mostly this decision making is supposed to be done based on your instinct and gut. There is no proper information also available. But if the salespersons opt to use Artificial Intelligence, the process becomes much simpler and easier. It also brings in better accuracy and precision. The algorithm can combine all the information about the given client and rate the opportunities accordingly. This helps to give a successful rate while closing any deal with the client.
These are the five areas where artificial intelligence algorithm can be leveraged to help your company grow. The value of any prediction lies and how it can be used to guide a salesperson. Innovation and new ideas are massively opening new avenues for businesses that are running in the market today. Every business is aiming to get the best possible outcome. Artificial intelligence technologies are providing more and easily accessible information to empower the business industry to generate revenue to its maximum level. Companies are employing artificial intelligence tools to increase their capabilities and boost their sales productivity. While doing so they are also focusing on the account growth and customer retention.
To follow the right procedure of using artificial intelligence in sales you must begin with identifying the different types of data that exist within a company. This should be combined to give a more and complete picture of the customer base. Once you combine all the data of a particular department of sales now you may allow an artificial intelligence algorithm to make the accurate predictions about who is more likely to respond to an offer made by the company. Further, the data sets which were made previously should be combined with the customer relationship management platform. This will help you to understand the customer’s preferences and interactions. These platforms have various tools that allow you to analyze the exact data and generate the type of predictions. The only challenge for every company is to find out a new way to grow their revenue and reduce their cost. They also aim to expand their marketing share by reducing the risk to its minimum level.
To understand the working of artificial intelligence in sales is no rocket science. In fact, to be precise it is considered to be one of the most absolute and accurate means of handling the sales of a company. After a decade of hype Artificial intelligence in sales is finally taking a great turn to provide efficient results. It is enhancing the process and providing the desired result. Recently a few companies also started using artificial intelligence in cameras and phones. It is in short taking over the basic working process of any business or a company. This artificial intelligence in sales uses various algorithms to work with utmost efficiency. This same type of artificial intelligence algorithms are mostly used by companies to encompass the best decision-making process as it helps to make great business planning and outcomes. Artificial Intelligence is proving more scope to empower customer based relationship with the company. It enhances the sales process and overall efficiency of the working structure. It is forming a new trend and change in the business and marketing industry. Artificial intelligence in sales is used at every step in the current scenario. Artificial intelligence allows finding out the best possible solution of any problem the business is facing with accurate measures. By adopting artificial intelligence in sales one can improve the accuracy and efficiency of the business.