What is Artificial Intelligence?
Artificial Intelligence is the potential of a computer or robot to perform the same kind of tasks or duties that human beings do. It includes technology that improves enterprise performance and productivity by automating processes or tasks that generally require human capabilities.
AI makes sense of data on a scale that humans are incapable of. The capability can return substantial business benefits and growth. Many companies prioritize data science and invest in it for business growth.
AI has value for almost every function, business, and industry. It includes general and industry-specific applications, which include:
- Using transactional and demographic data to predict the amount of money specific customers will spend throughout their association with their business. This is also called a customer’s lifetime value.
- Optimizing pricing based on customer behavior and their preferences.
- Using image recognition to examine X-ray images for signs of cancer or other diseases.
Artificial Intelligence is important in the sales department for several different reasons. For starters, it helps companies boost volume, rates, and overall sales performance. AI can automate and augment a lot of sales processes.
AI helps companies analyze sales data by studying millions of conversations, running them through algorithms, and pulling out specific conclusions on what works in sales and what doesn’t.
With this enhanced technology, it is possible to automate small parts of the sales funnel. These parts include:
- Crawling the web and matching new customers with existing ones.
- Finding phone numbers, social media accounts, and background information using email address lookup tools and customers’ current details.
- Calculating the most appropriate moment for sales to follow up on a lead or send off the best-worded email.
- Cross-selling the right product for the right person.
- Tailoring the perfect sequence of documents to sell to each customer.
- Predicting which price will work on each customer.
- Monitoring phone calls and providing tips to improve customer engagement.
- Informing the sales team to make better decisions and automate actions to make life easier and business smoother.
There are three main contributing factors that are driving the development of AI across different industries. These include:
Affordable, high-performing computing capabilities are readily available.
The abundance of computing power in the cloud enables easy access to affordable, high-performance computing power for a fraction of your average expense.
Large volumes of data are accessible for training.
AI needs training on massive amounts of data to make the correct predictions. The surfacing of different tools for labeling data, plus the ease and affordability with which organizations can store and process data, enables organizations to build and train algorithms best suited to their needs.
Applying AI delivers a competitive advantage.
Businesses are increasingly recognizing the competitive advantage of applying AI insights to business objectives and are making it a business-wide priority.
For example, targeted recommendations provided by AI can assist businesses in making better decisions faster. Many of the different features and capabilities of AI can lead to lower costs, reduced risks, faster time to market, and increased revenue.
There are a few different benefits of incorporating AI into sales. A few of these benefits are discussed below:
- AI can help recognize email spam through email address lookup tools. Recognizing these fake clients can save the company from ransomware, spyware, and trojans.
- Chatbot-based customer support is one of the most implemented AI concepts. AI chatbots can provide prompt answers with fast responses. They help reduce the workload of sales agents by resolving a high number of customer queries with high accuracy. This allows for sales agents to focus on building better relationships with clients.
- Cost reduction and resource optimization. This happens by automating some of the most common obstacles in sales and marketing. An example of this would be email marketing. Rather than creating individual emails and sending them out accordingly, automated emails with marketing campaigns can help reduce costs and save valuable time.
- 24-hour support. Automated customer service allows issues to be resolved as soon as they arise. This increases customer satisfaction and provides excellent customer service.
- Improves human interactions with customers. AI messaging enables customer service agents to handle customer queries with the help of chatbot assistants. These assistants can scan emails, tag them, and direct them to the relevant office.
- Personalized user experiences. AI helps analyze customers’ data and key metrics and recommend products or services to customers based on their browsing and purchasing preferences. AI can analyze vast sets of data. It draws information such as weather and location and suggests relevant content to customers based on many different factors.
- Gathering data. AI-powered systems are more adept at proactively requesting customer data without human interaction. They can quickly analyze behavioral patterns and respond to the needs and sentiments of customers.
- Predictive insights revenue. Predictive personalizations make customers feel that each product or service is specifically tailored for them. It also provides companies with more power over their future, helping them identify business opportunities and mitigate potential risks.
- Nuanced insights from customer data. Brands can excavate a nuanced understanding of their customers. By effectively implementing AI, brands can analyze every customer action, discover their interests, and utilize these insights to drive successful targeted marketing campaigns.
- Assisting customers to make better decisions. Personalized touchpoints are needed to support the customer’s decision journey. Automated AI-powered assistants answer customer queries and gather details regarding the product or service.
- Simplified task management. AI-powered bots or other systems are capable of handling various tasks at once. AI can give automated replies to customers and provide them FAQ content. AI helps through sifting data, procuring more data, analyzing data, and searching for required data. It can also respond to repetitive questions and perform menial tasks.
AI has the potential to mirror a task and refer to the previous solution in case the issue arises again. It is also able to analyze unstructured data within seconds.
AI uses natural language processing (NLP) to scan a ‘ticket’ and instantly send it to the correct office. Tagging tickets also helps solve issues that could get out of hand if not addressed immediately. Tagged tickets are analyzed and can gain insights from the internet, social media sites, product reviews, and app reviews.
Businesses need to incorporate AI into their systems to gain customers, retain them, and ensure loyalty to your business. AI makes the customer experience more engaging and helps you stay ahead of the game.
Companies put money into strategies and tools created to react to customer interactions. As a result of these methods, customers are presented with products and offerings similar to their current preferences and wishes.
Artificial intelligence and machine learning are what retailers and marketers are looking for. Advances in these technologies allow the segmenting of content and products for customers based on analyzing and understanding their purchasing habits.
AI can provide individualized customer experiences by forecasting how customer behavior will influence current business models and help change marketing campaigns.
Artificial intelligence and machine learning offer evident benefits for businesses. With the power of these technologies, marketers can correctly forecast the value of individual customers and the potential revenue from specific segments of the client base.
As a result, marketing budgets are spent more effectively and generate more profit for retail businesses.
AI increases productivity by allowing knowledge workers to be more productive by automating mundane tasks. It helps improve the production process by enabling companies to collect samples and analyze data much faster.
This allows them to find and eliminate production waste or inefficiencies quickly.
AI in the production process can reduce errors, standardize knowledge, and make complex operational decisions on its own.
You get more out of your data by running an in-depth analysis of your customer information. There are two main ways to identify a cross-selling opportunity for a customer. These include auditing customer data to look for opportunities or by receiving a request about a business’s current engagement that can be expanded.
AI can audit your customer data to gather the information to guide recommended conversations. Based on this information and knowledge, you can design and automate highly specific upsells.
Predictive analytics allows businesses to stay one step ahead of their competitors. It assists marketers in understanding human behavior and trends, predicting future shifts, and planning their campaigns accordingly.
Standard predictions that AI systems can make include:
- Deals or prospects that are most likely to close.
- Deals or options to target next sales.
- New customers that may be interested in what you have to offer.
Predictive analytics use data models, statistics, and machine learning to predict future events. This can make better decisions concerning media planning and buying in sales and marketing. Using this tool, marketers can better understand which campaigns are working and what sort of advertising will increase sales.
Offering sales support through AI tools can boost employee satisfaction, leading to higher productivity. Automation can be used to replace rote and unproductive tasks.
AI has plenty to offer the business world.
Many benefits fit in with this adoption, including more accurate, real-time operations to improve employee satisfaction and better customer service opportunities.
Technology will only advance from here as more and more companies realize its potential and unlock new uses. Staying up to date with the newest technology is critical for expanding your business.
Emily Andrews is the marketing communications specialist at RecordsFinder, an online public records search company. Communications specialist by day and community volunteer at night, she believes in compassion and defending the defenseless.