According to Velvetech’s CEO, Yuri Yushkov, one of the key trends that has been influencing sales organizations is artificial intelligence, and it has bahamas phone number data become more imperative than ever to leverage it for efficient operations.
“Sales reps only spend around 30% of their time on sales activities, everything else is spent on other duties. So, the more meaningful automation we can attain to reduce the time they spend on data entry, research, and grooming existing records, the more time sales reps will have to nurture leads and have conversations with customers.”
— Yuri Yushkov
Yet, what does all this mean in practice?
Well, we are glad you asked because today, we’d like to dive into the subject of artificial intelligence in sales and discuss some of its most common use cases within this revenue-generating department.
Thus, if you’re interested in boosting the productivity of your sales team — keep on reading. No matter the industry you come from, insurance or why did you choose the review site? finance, retail or healthcare, the uses we cover today will definitely be relevant for your business.
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The Purpose of AI Development in Sales
Sales are challenging. After all, customers don’t just purchase your product or service as soon as they see it. Often, there are multiple touchpoints they have to go through prior to making a payment. Thus, with the sales department facing so many prospecting and lead generation activities, teams often get slammed with repetitive, manual work. Here, AI can come in to save the day.
Despite being still in its nascent stages, it is a technology that already presents a myriad of opportunities for the sales department. contact lists In fact, according to HubSpot, 52% of sales professionals say AI plays an essential part in their daily activities.
However, it’s important to note that AI is here not to replace sales representatives, rather to augment their capabilities through automation. Thus, it brings a lot of benefits with it, including:
- Improved efficiency
- Granular analytics
- Accurate forecasts
- Reduced human errors
- Decreased costs
If you want to reap the above-mentioned rewards, now would be a great time to start thinking about AI software development for your firm. Otherwise, you risk falling behind and having to play catch-up with competitors who have long embraced this innovative technology.
Uncover more Sales Technology Trends That Shouldn’t Be Ignored
Types of AI Tools Used in Sales
Before exploring how to use AI in sales and get the maximum benefit from this technology, we need to look at what kinds of artificial intelligence sales professionals can actually embrace in their daily activities. Although there can be other AI-based tools like predictive analytics, voice recognition, or even emotion AI, we’ll focus on the key four that, in our opinion, set the ground.
NLP
Natural language processing, most commonly used as NLP, is a branch of AI that enables the interaction between computers and humans. In essence, it allows machines to understand, interpret, and even generate human-like language. That’s why it’s called natural language processing.
AI-powered sales assistants and chatbots rely on NLP to comprehend and respond to conversations. Sentiment analysis is also about this technology to understand customer attitudes, preferences, and potential concerns. Another example here is email parsing, which sales reps use to extract meaningful information from emails.
RPA and SPA
Turning to robotic process automation services is a great strategy for those who deal with lots of manual activities and want to eliminate their quantity. It involves the use of robots or software bots to automate rule-based tasks and help employees focus on more strategic and complex things.
Read more about the Benefits of the RPA Approach
In sales specifically, it’s called sales process automation that applies RPA to support sales-related tasks, such as data entry, lead scoring, or order processing. SPA contributes to enhanced speed and accuracy of sales processes by streamlining workflows and reducing errors.
AI Data Analytics
AI-based data analytics lies at the heart of many sales operations, being especially helpful for scrutinizing calls. We’ll talk about it further in detail. It generally supports teams in analyzing customer behavior, finding patterns, and informed decision-making. Particularly, predictive analytics can be used for lead scoring, sales forecasting, and optimizing pricing strategies.
On top of that, analytics and artificial intelligence merged together provide a helping hand in training sales reps. Companies can rely on AI algorithms to scrutinize performance data and find what works and what doesn’t in the sales workflows, then train their employees based on the found insights. We’ll also discuss this use case a bit later.
