When a pharma giant was looking to create an effective marketing pipeline to increase sales, then Akaike’s deep learning model on the automated Next-Best-Action Sequence came to the rescue.
Artificial intelligence (AI), an umbrella term that covers several different technologies, such as machine learning, computer vision, natural language processing, deep learning, and more, can help organizations in embracing the future.
How does Artificial Intelligence Improve Sales Operations?
And, when it comes to sales, sometimes the situation gets complicated for business owners due to several reasons such as:
- Highly competitive market
- Preconceived assumptions
- Repetitive Tasks
- Not-so-useful insights and more
Artificial intelligence (AI) in sales is the use of advanced algorithms and analytical tools to automate and improve sales operations. By automating repetitive tasks and analyzing customer data, AI can revolutionize marketing and help sales teams work more efficiently to close more deals. Companies instead of taking their major sales decisions based on assumptions and institutions can rely on AI solutions and data insights that will help them make better decisions by deriving insights and analyzing data to uncover trends.
Moreover, AI-enabled solutions like chatbots have improved customer interactions and related services in the B2C (Business-to-Consumer) domain. Sales intelligence provides marketers with precise information about buyers and improves the process of content mapping and creation. The accessibility to real-time, enriched company data helps salespeople to boost their lead generation process and transactions. The following pointers briefly mention a few of the benefits of AI in sales:-
- Using AI to predict sales for a good or service is one of the oldest methods. This kind of forecasting involves examining sales that happened around the same period last year and then projecting what will occur this year.
- AI may give sales teams a plethora of knowledge. They can use data analysis and insights to decide when to start customer engagement campaigns and what kind of offer or message or information will work best for them at what specific time. AI helps in generating customer priority lists and helps in building marketing and sales pipeline for optimum conversions.
- One of the most common applications of AI in e-commerce, OTT websites, or other similar platforms such as Amazon or Netflix is product recommendation. Based on previous purchases, sales companies, retailers or OTT platforms can precisely showcase the most relevant and appropriate products their customers are likely to buy next using machine learning.
- AI can also assist in sales forecasting by examining consumer behaviour and identifying trends that are associated with higher customer acquisition. Through a deeper comprehension of the variables influencing consumer choice, solutions to raise conversion rates, fix the pricing strategy and boost revenue may subsequently be developed.
- The other best way nowadays for better customer relationship management to enhance sales is through an AI-based model on customers’ speech intentions where customers’ expectations can be ascertained using a voice analytics solution. As a result, a sales representative may readily engage customers with creative solutions, services, and tactics.
How do you control losing deals with AI?
By utilizing automated lead generation tools, your sales reps and managers can benefit from more efficient leads that are actually interested in your product or service at the moment. Rather than chasing potential customers who only filled out a form, imagine having an automated system that schedules and books appointments with those who are genuinely interested. This can potentially lead to more closed deals and less wasted time for your team.
Using pre-written scripts for AI customer interactions can also help route customers to the appropriate funnel for their specific needs. This nurtures long-term leads and allows hot leads to be passed off to human agents for real-time assistance. As a result, your staff is freed up to focus on leads that turn into an immediate business, making your business more profitable and responsive.
Responsiveness is crucial because if you don’t answer right away, customers will move on to the next business on their list. From an ROI perspective, AI is virtually unbeatable because it delivers qualified leads at a cost-effective rate of $250 per month for smaller businesses. Scripted AI can also determine which customers are ready to buy from you now and where they are in their customer journey, enabling you to efficiently move them through the pipeline. Ultimately, this makes it easier for your customers to do business with you while keeping your pipeline fuller and richer.
What’s the Role of Akaike Technologies in Implementing Artificial Intelligence for Sales?
Akaike Technologies helps to transform data into insightful information, ensure operational excellence and give you a competitive edge. Our customized AI solutions helped pharma leaders, online giants, big retailers, and tech startups in improving their sales pipeline. Our tailor-made solutions as per customer needs, quick model deployment, and integration of AI solutions to their existing platforms have helped gain the organizations a competitive edge against competitors.
AI has demonstrated a potential impact on the sales industry over the past decade. Exponentially increasing data volumes, and strict regulations are encouraging organizations to reconsider their traditional business strategies.
Thanks to this power to augment and improve sales performance, analysts writing in Harvard Business Review mention that AI can create $1.4 to $2.6 trillion of value in marketing and sales. The increase in the use of AI in companies is evident as Artificial Intelligence (AI) Software Market size was valued at USD 53.54 Billion in 2021 and is projected to reach USD 850.62 Billion by 2030, growing at a CAGR of 41.30% from 2022 to 2030. Salesforce also found that high-performing teams are 4.9X more likely to be using AI than underperforming ones.
Ultimately, the goal of AI in sales is to boost efficiency and effectiveness while reducing costs and certainly AI helps organizations to achieve their business goals. Keep visiting our website for regular more in-depth updates about AI solutions for various use cases in different domains of healthcare, retail, and online.