The business community has been adopting artificial intelligence in greater numbers over the last few years. In 2020, business AI trends include predictive analytics, machine learning-driven cybersecurity and AI for productivity and work balance.
In terms of business and sales, here are a few reasons why your team should consider adopting an AI revenue intelligence platform.
Why Should You Consider It
Companies have been gathering information about their clients since the electronic point of sales system was introduced. They did not know it, though. The last decade has seen a rise in data capture through the use of artificial intelligence. Customer relationship management systems, for example, are a software development. This software allows companies to manage their sales pipeline more efficiently. While that has been a great improvement, some have found that the data is still overwhelming. So, in conjunction with AI, revenue intelligence platforms have been developed.
A revenue intelligence platform allows a sales team and to make decisions based on fact instead of opinion. These facts give you the opportunity to maximize your business operations.
Business teams are simply searching for clarity about their target audience. This is the latest tool that helps in that quest. This is the tool that currently delivers the closest reality of a desired market. Since AI such as this has no bias or feelings, it is easier to ask the tough questions while hammering down the data.
How Revenue Intelligence Has Changed Sales And Marketing
Revenue intelligence is a fairly new concept. It is essentially the next generation CRM. This platform helps the sales team be more efficient. It takes data from the marketing department as well as from product data usage through AI. The sales team now has keener insights that lead to improved sales opportunities.
Insights Include:
Buying signals
Targeting data
Forecasting information
The platform identifies prospects that are more likely to close a deal. Your sales team no longer has to spend time combing through leads blindly. Now, they can focus their attention on cultivating relationships with pre-qualified, future clients.
How it Helps You Better Understand Your Customers
The AI used in revenue intelligence software helps management and the sales team better understand your customers.
This platform picks up on actions such as site visits and interactions as well as content downloads, email opens and clicks. It is looking at behavior to determine level of interest. Incoming and outgoing phone calls, answer rates and messages left are also taken into consideration in addition to callbacks and conversation analysis.
As the sales team walks through the sales process with prospects, deal progression, adherence to the sales playbook and predictive analytics are also taken into account. Five tools that are used are automation, overall customer view and real-time data as well as facts and company-wide connectivity.
How AI Enhances Customer Understanding
In some circles, it is believed that the sales and marketing teams are usually at odds with each other. Since the sales team is customer-facing, they are the ones dealing with rejection and approval. With a revenue intelligence platform, tension can be lessened. This is a centralized system with the freshest and best possible data. That data is automatically dispersed to the correct team and individuals based on role.
The data collected indicates the customers that are prepared for a successful upsell as well as those who are not using a product or service thoroughly. It also weeds out those who are simply not interested.
It was not that long ago that CRMs were the rage. As AI keeps evolving so do the systems that can make companies more successful like revenue intelligent platforms.
