July 10, 2019

How AI is Disrupting Sales

Artificial intelligence has been celebrated over recent years for automating routine tasks and analyzing Big Data to accelerate business processes. So, when it comes to sales, an intrinsically human-based job founded on the art of charisma and communication, how is AI enhancing the process? 

We’ve already seen the applications of AI with banks and delivery services; large shipping companies and local banks are deploying chatbots. In many parts of the world; this is not only the norm, but it is also expected. In fact, chatbots can save companies up to $174 billion according to research. [1]  

AI for Sales Means Less Administration, More Time

Customer relationship management (CRM) platforms are usually part of every sales team, and it helps them manage and keep track of their clients’ information and where they are at their customer journey – going as far as tracking customers’ purchasing history and spending habits.

Although CRMs are integral to sales, they are excruciatingly time-consuming, as manually adding information for every customer takes up a lot of their working hours – costing them time, and costing the company money. 

This is where AI comes in. CRMs that are empowered by AI reduce time spent on necessary administrative task and allow sales professionals to dedicate their energy on their main KPI: closing deals. CRMs enhanced by AI automatically fill in information through their provided relevant media such as social media accounts or calls with customers.  

AI Increases Chance of Closing Deals

The most significant advantage of AI is that it can analyze data. So, while it can automate time-consuming administrative tasks, AI can also be integral to analyzing leads – even predicting what they may do and suggesting the best course of action in a customer’s journey. 

By analyzing extensive data and providing recommendations accordingly, AI can assist sales professionals in what to say, and suggest personalized upsell and cross-sell methods for each customer. 

25% of the world’s top 250 global retailers have already integrated some form of AI into their processes, and average sales have increased by up to 14% for retailers who use AI product recommendations for their customers. [2]

AI Improves Sales Lead Generation

In 2017, more than 50% of AI investments were made by sales and marketing functions, according to the market research company, Forrester. [3] 

Some companies are already leveraging AI to recommend new leads by finding connections between current leads and their surrounding environment; this helps AI systems suggest and recognize who falls into a category that drives higher leads and sales. 

Overall, AI will not replace sales professionals but assist them in optimizing the sales process to remain focused on high-value tasks – from suggesting new quality leads to helping with the sales process.

 

Want to integrate AI into your business? Get in touch http://saal.ai/contact/

 

Sources: 

[1] Oracle, Infographic “Chatbots 101”

[2] Salesforce, “Millennials, Gen Z, Boomers, and Beyond: How Each Generation Shops Differently”

[3] Forrester, “The Promise and Potential Peril of AI