Artificial Intelligence is getting pretty wild, y’all. Google and Uber are both working on developing AI systems with self-doubt, the University of Cambridge added a “Superintelligence” modification to popular computer game Civilization, and Japanese scientists can basically read minds with deep neural networks now.
Artificial Intelligence (AI) broadly covers the idea of machines and technology carrying out “smart” tasks. AI is driven by machine learning (ML), which allows devices to analyze data and learn through pattern recognition.
AI’s potential is widespread, from personal assistants like Siri and Alexa, to services like Pandora and Netflix. Utilizing machine learning (ML) software, these services apply algorithms to data sets to analyze and learn user preferences.
Whenever you like a movie or show on Netflix, you get suggestions of what you may like based on previous reactions, watching history, and Netflix’s extensive dataset. Machine learning does the analysis work, while Netflix as a service is considered something that uses AI.
Many companies use AI and ML to evaluate and manage data. In 2016, $20-30 billion was spent worldwide on AI. Of this, ninety percent went to research and development, which speaks to global interest in improving and increasing AI technology.
As the amount of worldwide data increases, AI and ML can help manage information and deliver insights across a variety of industries, including retail, real estate, education, energy, manufacturing, and so many others.
Sales can particularly benefit from AI since it reduces the manual labor of researching prospects and qualifying leads. With AI, sales teams can determine when to engage prospects, and which information will be most relevant.
Additionally, AI provides insight into which content is doing well so sales teams can better optimize high-performing strategies. In turn, this can improve engagement based on insights instead of intuition to increase close rates.
Close analysis of data doesn’t have to be a tedious administrative task with AI and ML. By finding out what your customers need based on close data analysis, you can create targeted, personalized solutions.
Plus, AI can help reduce lost sales by evaluating product availability, and implement dynamic pricing along and demand forecasting.
In terms of customer support for sales, you can already easily implement chatbots that use machine learning to answer frequently asked questions and generate leads.
We’re not exactly at Westworld levels of automation yet, but the future is leaning towards AI. Those in the sales industry can greatly benefit from implementing artificial intelligence solutions to save time and increase productivity for anyone who’s still human on the team.