Apart from meeting the customers’ raised expectations, artificial intelligence in business can help in making result driven decisions, prompt actions, and accurate solutions. On the top, when the global pandemic has slowed down economic growth, the need for artificial intelligence in business management has become necessary. AI in business intelligence has the potential to revive back business back on track in many ways.
How Can Artificial Intelligence Help Businesses Today?
The growing impact of AI on business isn’t hidden from anyone. At TrackOlap, we have been working on introducing artificial intelligence in business management for ages now. With smart CRM, employee efficiency, remote monitoring, and plenty of other solutions, we have made AI – an integral part of businesses. But, the journey is still very long and full of surprises.
Currently, the world has merely touched the surface of AI technology as there so many new inventions are waiting to change business trends. The businesses can gain leverage from AI in multiple different ways in the present situation, such as –
#1. Build a Lead Scoring Model
Lead generation and the lead following are the two prominent worries of businesses. The gap between the lead generation and converting it into sales - is a huge problem. It is the responsibility of marketing people to generate leads and pass on to the sales person to convert them into a sale. But, there is numerous hindrance between these two phases that sometimes turn hot leads into cold ones.
In this situation, AI-based tools can be used to predict the behavior of leads to improve the conversion rate. When the sales team knows that a certain lead has higher chances to convert, they can dedicate more time and effort to it. With AI in business intelligence, businesses can build a lead scoring model based on the following factors –
Behaviour Analysis – By understanding how potential buyers are interacting with a company, the lead conversion rate can be improved. For instance, your marketing team can record potential customers' calls and share them with the sales team, which helps in analyzing the behavior of customers to prepare a better sales pitch. Furthermore, retargeting old customers become easier with behavior analysis.
Company’s Due Diligence – Apart from the customers' behavior analysis, B2B companies have to consider multiple internal factors to define lead scoring parameters. The companies need detailed information on the annual revenue, merger and acquisition details, legal information, and many more. With the AI tools, comprehensive reports can be generated before following the B2B sales.
Level of Engagement – When someone inquires about your products or services, it shows that the person is interested in buying it; he just requires little pursuing. For example, if a customer makes frequent calls to inquire about your services, you can record those calls and prepare a personalized sales pitch to target him. The engagement level analysis can help in lead generation to a great extent.
With a large number of customers and unstructured data, it became difficult for businesses to miss an important piece of information. The use of AI tools can fine-tune lead scoring models such that the ‘hot leads’ are at the top of the pipeline. Additionally, the AI algorithm can generate automated reports to streamline the lead generation process.
#2. Customized Sales Strategy
When sales representatives know when and whom they should reach to improve conversion rates, it can be highly beneficial for them. They can create customized sales strategies based on historical data. Before AI tools, sales reps have to rely upon their experience and instinct to target a prospective – which can go wrong anytime.
But, when sales reps are using AI tools in sales, they are approaching potential customers based on real-time data-driven from the customers. Using unstructured data fragments like emails, social media interactions, and small meeting details, the sales rep can understand customer sentiments.
For example, when a sales rep visits a prospect, he or she can share minute details of meeting with his superior in real-time. He can also access the historical data of the prospect and make on the spot changes based on relevant data. This way, personalized marketing strategies can be formed revolving around the various factors like competitors' analysis, prospect’s preferences, and so on.
#3. Insightful Business Databases
The importance of data has been understood by all the business sectors. Today, businesses have established dedicated cloud platforms to store their data safely for easy access. However, data is only useful when it is processed properly. The unstructured and unfiltered data can’t benefit anyone.
Artificial intelligence in business management helps in mining a large amount of data and arranging in a systematic format. AI can process billions of data points effectively and establish a quick relationship to assist businesses.
For instance, an AI tool can compress the attendance data of employees and present a graphical presentation so that management can understand the productivity and performance level. Based on the attendance data, businesses can make data-driven decisions to improve productivity levels.
#4. Reduce Latency in Business Operations
In the present scenario, where the sales rep can’t personally meet clients due to the social distancing norms, it became very difficult to avoid latency in the business operations. Additionally, employees are working from their homes, and many offices have banned visitors, which has created the problem of latency.
AI tools can help with the problem of latency by cutting down the time to spend on repetitive tasks. Suppose the manager wants to schedule a video conferencing meeting with the sales team and potential clients instead of personally call each sales team member – he can broadcast a message to everyone. Now, the tool will automatically remind employees about the meeting so that they won’t miss it. Similarly, the AI tool can send automatic task reminders as well. Overall, AI in business can eliminate the problem of latency.
#5. Effective Decision Making
One of the most important business aspects is making correct and timely decisions. It doesn’t matter whether the decision is small or big; it has to be based on accurate information. Importantly, a decision is only impactful when it’s taken at the right time. In the manual process, it is very hard for businesses to find relevant information at the right time.
AI systems can quickly abstract insightful information from massive datasets. When CRM software is integrated with AI technology, businesses can efficiently retrieve insightful customer and employee data to make intelligent and timely decisions. Nowadays, business decisions are based on the ‘customer focus’ and ‘personalized offers’ policies due to AI systems.
When you want to make the decision of firing or rewarding your employees, you can use real time data entered into your CRM software to make the right. Furthermore, when your decision is based on authentic facts, no one can challenge it.
#6. Improve Business Efficiency
Small business organizations are already have limited resources to run their operations. Thus, it becomes highly important for them to carefully use their available resources. Now, when your manager has to spend an hour to log employees' attendance data into the system, it is a sheer waste of resources. Therefore, when employees can punch in and out their attendance directly from their mobile devices and AI can process data, so much time can be saved.
Now, time spends on mundane tasks can be used to do other important work. This small step serves as a game-changer for SMBs – it can clear up the time of employees to perform vital business operations, which requires extensive human knowledge. Therefore, using Artificial Intelligence in small businesses serves as a transformative move.
Whether you are struggling to manage your business leads or properly utilizing your business resources, AI is the best solution for you. Artificial intelligence in business management can bring numerous reforms that can improve productivity and efficiency to a great level. One AI system can help businesses in surviving and thriving in a slowdown. In a nutshell, AI in business intelligence is a stepping stone for a prosperous future.
If you want to integrate your business with a highly powerful and smart AI solution, you drop your queries at the TrackOlap website today!