What is Artificial Intelligence?
Artificial intelligence (AI) is having computer systems to think and perform intelligent tasks like humans such as reasoning, discovering meaning, learning from past experience, and understanding language. In other words, we can say an AI system or product performs cognitive tasks that previously could only be done by humans involving time-consuming and complex decision making processes.
From a business perspective, Artificial Intelligence could be seen as a tool that can make use of data and various technologies involving algorithms such as machine learning, predictive analytics to discover or make out certain solutions against business cases or problems. Once arrived these solutions have to be brought into action to automate the operation process or decision-making process linked to the business case or problem being solved.
Natural Language Processing
Smart Data Discovery
Artificial Intelligence Techniques
Machine learning, the core driver of AI will keep learning from big data and helps to bring out intelligent insights to assist or enhance human decision making, whereas Natural language processing is used to aid computers to understand human’s natural language, enabling the system to find patterns in big data including unstructured data like email text, response templates or meeting notes.
Predictive Analytics is the branch of advanced data analytics used to make predictions about future events, based on patterns in historical data. Prescriptive Analytics is another interesting area of advanced data analytics that combines the findings of descriptive and predictive analytics, to recommend the specific courses of action to take and the likely outcome of each of these decisions.
Deep learning is an advanced technique that keeps tweaking a specific task a little to continuously improve the outcome.
Benefits of Artificial Intelligence
- Future Predictions
- Risk Prescriptions
- Next Action Recommendations
- Intelligent Automation
- Strategic Insights
How AI Can Be Applied For Sales?
As identifying the prospects which are profile fit and has the best probable chance to win involves analyzing multiple factors & patterns, AI can help with ML backed scoring techniques to do this job for the sales reps.
For sales reps, it will be difficult to always keep track of signals that impact pipeline performance manually. Instead, if AI can help to predict best standards/actions that have a probability for high pipeline performance and recommend the sales reps automatically whenever they are out of the track, it can translate in enormous sales wins.
Another area where sales reps usually struggle is for successful customer engagements. This is where AI can help sales rep with recommendations on the best channel (Email or Call) and timeline to reach customers based on the historical engagement data, thus helping them to finetune their customer reach out strategies.
Accurate Sales Forecasting
Achieving Sales forecast accuracy still remains the prime target of most of the sales managers. As achieving it with just manual analysis and gut instincts will not yield expected results, AI-backed predictions tools can help to precisely predict the expected closure time and the winning probability of forecasted deals thus improving the accuracy.
Team Performance Coaching
Sales managers spend most of their productivity in tracking their sales rep performance. Factors that holds a significant impact on top-performing sales reps performance are sometimes less obvious and difficult to find. This is where Ai backed team performance intelligence tools can help to analyzes such patters and helps sales managers to guide their underperforming sales reps with right performance prescriptions.