Tech

Artificial Intelligence for Business in a Nutshell  

Technology has extraordinarily developed in recent decades, and companies are now excited to welcome Artificial Intelligence (AI) to boost their businesses in automation, forecasting, and optimization. This tendency towards AI has raised a lot of concerns questioning its actual benefits and future.

At PEMAVOR, we have realized a need for slight clarification for AI capabilities and benefits, and with this article, we are going to highlight:

TABLE OF CONTENTS

Benefits of AI. 1

The Current State of AI. 3

Future of AI. 4

Frequently Asked Questions. 4

As always, we share our expertise and knowledge to fulfill the needs of marketing and AI enthusiasts. We hope that this content will motivate and guide salespeople to dive deep into AI and show you how it will impact the future of marketing.

Benefits of AI

Predictive Forecasting

Predictive forecasting creates excellent value for sales teams. With the right inputs, AI in sales can show the right vision for your business. That is, AI-supported applications can forecast future outcomes based on the analysis of historical sales data. AI systems will eventually:

  • Scale your business growth,
  • Help you finding targeted prospects.
  • Generate prospective leads that may be highly interested in what you’re selling.

Price Optimization

So, you’re running a substantial B2C business and spending a lot of time defining the right price or discount rates. Luckily, price optimization can be more effective with the use of AI in sales. By analyzing the data related to the past deals, an AI algorithm can find out the ideal discount rate of a proposal that would let you win a better value. An AI algorithm can take below into account and define the optimized price and discounts:

  • Size of the deal
  • Number of competitors
  • Product specification compliance
  • Company size
  • Client’s industry and annual revenues

Lead Scoring

B2C or B2B Lead Scoring is quite essential for scaling a business. Sales managers need to make strategic decisions quite often to know where they need to invest their time when closing deals to hit their weekly, monthly or, quarterly quota. With the use of AI, a perfect algorithm can analyze the existing clients based on past information such as customer interaction history via such communication channels:

  • Facebook chatbots
  • Emails
  • Voicemails
  • Text messages

Upselling & Cross-Selling

The most suitable way to boost your business earnings is to sell more to your client base. AI helps you find which of your existing clients are interested in buying a better version of what they currently own and which clients will most likely want a different product.  The most suitable way to boost your business earnings

Performance Management

Sales managers have to access the pipelines to find out potential deals. By using AI in sales, they can make use of dashboards to see which salespeople are likely to hit their quotas. So, they can keep an eye on the performance of their sales team.

The Current State of AI

AI is the Controller of Numerical Data

Businesses can now optimize their prices to their best interest by making use of AI applications. With the help of machine learning, AI can perform statistical analyses of numeric data. That is, huge numeric data allows companies to analyze prices by calculating the optimal numbers. They are then changed in real-time, providing better revenue expectations by relying on the power of data and math.

Inspirational cases

Prospective buyers at Kanetix can easily find car insurance deals to compare with each other. They can evaluate different policies, rates and decide by getting offered by 50 distinct providers.

In another example, IBM Interact is used to evaluate customer data across all its internal channels by the Bank of Montreal (BMO). So they can offer personalized products to customers.

AI is the Controller of Data

Non-numeric data can be easily analyzed by AI applications, primarily by using speech and image recognition capabilities achieved with deep learning neural networks.

Inspirational case

Stitch Fix delivers apparel directly to customers without requiring the customers to engage in a formal shopping task. No Stitch Fix retail location exists. Instead, customers fill out style surveys, provide their physical measurements, evaluate sample styles, create links to their Pinterest boards, and send in personal notes. Stitch Fix’s proprietary machine learning algorithms examine numbers, words, and Pinterest pins, then summarize the findings for the company’s fashion stylists, who in turn select suitable clothing to send to each customer.

Numerical Robot Form of AI

An AI robot replaces specific automation tasks with numerical data. In other words, it can be described as a robot that can process numerical data inputs, depending on the industry and the need of a business.

Inspirational case

A robot barista can serve up to 120 coffees per hour at Café X. Visitors place their orders on a kiosk touchscreen (or via an app), so all inputs are numeric. Here the goal is not to replace baristas but rather to augment baristas’ capabilities by taking over more routine operations.

Data Robot Form of AI

The robotic form of AI can also process all types of data (not only numeric data).

Inspirational case

Bossa Nova Robotics is working with Walmart to deploy robots in its stores, so they scan products. The aim is to automate time-consuming and predictable tasks with robots. In this way, humans would have more time to associate with customers, leading to brand loyalty.

Future of AI

  • AI can help companies predict what customers will buy. Companies may even change their business models. They can provide services to their customers on an ongoing basis, stemming from data and predictions to their needs.
  • AI can provide real-time feedback to salespeople to help them improve their sales pitches based on assessments of customers’ verbal and facial responses.
  • AI is also expected to play an essential role in predicting what customers want to buy and what price to charge, and whether price promotions should be offered in a short period of time.
  • AI can analyze customer communication and social media content in ways to devise future communications that are more persuasive or increase engagement.

Frequently Asked Questions

  1. How will the AI market grow?

According to PwC, the industry is likely to worth more than $15 trillion by the 2030s.

  1. Are companies interested in using AI?

The number of companies that make use of AI technologies increased 3 times between 2015 and 2019. (Gartner)

83% of companies say AI is a strategic priority for their businesses today. (Forbes)

  1. Does AI have a future?

According to CB Insights, during the second quarter of 2019, startups that use AI technologies were able to receive almost $8 billion in funding.

  1. Will AI systems (actually robots) replace the jobs of salespeople?

Nope. According to Business Wire, 8 out of 10 tech leaders say that AI increases job opportunities and creates extra productivity.

9% of new US jobs in the following 5 years will be consisted of machine learning, automation, AI, and robotic applications. These new opportunities will be automation specialists, data specialists, content curators, and monitoring professionals (Forrester).

  1. People hate robots and AI. Is it true?

Of course not. 63% of consumers believe AI will be able to solve complex problems in the future. (PwC)

  1. Which industries are using AI?

75% of respondents at banks with over $100 billion in assets say they’re currently implementing AI strategies, compared with 46% at banks with less than $100 billion in assets. (UBS Evidence Lab)

52% of telephone companies now employ chatbots. (Gartner)

Different designs of autonomous vehicles are produced by 25 different countries currently. (DriversED.com)

Volkswagen has invested $2.6 billion in self-driving car software developer Argo AI. (The Robot Report)

Visual reference

Link: https://www.freepik.com/premium-vector/positive-tiny-people-working-with-artificial-intelligence-isolated-flat-illustration_12446995.htm#query=artificial%20intelligence%20marketing&position=83SE

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