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 different aspects including sales. And, when it comes to sales, sometimes the situation gets complicated for organizations 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 help sales teams work more efficiently and 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 best use cases 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 the data insights to decide when to get in touch with clients 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, 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 behavior and identifying trends that are associated with higher sales volumes. Through a deeper comprehension of the variables influencing consumer choice, solutions to raise conversion rates 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.
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.