Business organizations use ‘Sales Forecasting’ to make better future decisions by estimating the average future sales. Sale forecasting enables the organizations to manage their work-forces, resources, cash flows and anticipate short-term & long-term performances to achieve their target. As sales forecasting has significance in the course of business, therefore many business organizations are using a modern technology, the ‘Artificial Intelligence (AI)’ to forecasts their future sales.
Although, the AI technology is not fully embraced by business mainstreams yet many organizations are enjoying its amazing benefits and try to be one step ahead of their competitors. With artificial intelligence e-commerce businesses are improving efficiency & accuracy of their customer relationship management systems. But many of the entrepreneurs and business organizations still do not know ‘How to integrate AI into business?’
This article addresses the issue of ‘How to apply AI technology in business, particularly in sales department’? And once it is integrated ‘How to collect the data and extract make it useful for sale forecasting’?
Getting Started with AI:
The sales team of any business can integrate the AI technology for identifying & qualifying more business leads, closing more sales and retaining a strong & loyal customer base
Combine Artificial Intelligence (AI) with Predictive Analytics:
With the help of big data the business organizations are somehow able to predict an impact made by the customers but to analyze and forecasts the sales the organizations need AI combined with predictive analytics. It will predict the appropriate time and method to send an offer to potential customers based on purchasing habits & patterns. Moreover, the organization can also predict the position of potential customers in their purchasing journey by increasing the conversions with the help of AI.
Correlate the ERP & CRM Systems:
The task of the sales team of any business is to predict the future sales on the basis of data present in their ERP and CRM systems. It is challenging for the sales team to study and analyze the sales transactions and sales activities in ERP and CRM software to predict the future possible outcome. The AI technology provides AI tools which correlate the sales data of the ERP system with the data available in CRM software as well as predicts the relation between past sales data and predictive sales outcomes.
Use the Apriori Algorithm:
Once the sales team is able to able to predict the future sales the next step is to implement & apply these predictions for developing a “Cross-selling” strategy. One way to apply the sale predictions is by using an “Apriori Algorithm”. The algorithm enables the sales team to find out ways to combine multiple products for generating large revenue. The algorithm helps the sales team to develop a selling strategy by identifying the associations.
Map out the Opportunities:
As the sales are made the opportunities for a business also extends which brings a large data in the CRM systems, which take hours to analyze by the sales team. but AI outdates the manual analyzation and by quickly identifying the ‘subtle buying patterns’ of customers and enabling the sales team to map out their strategies as well as predicts their potential customers who will actually buy the product/service.
A recent estimation has shown that only 1/3rd of the workdays is spend on actually selling while the 2/3rd of the day goes by entering the data and performing other menial administrative tasks. There is no need to perform all these tasks manually. The Al Technology makes the sales forecast and selling process easy, simple and better. The AI interprets all the tracked activities of customers and enables the salesperson to predict the motivating factor for its customers. The salesperson can also identify the platform across what the customer will respond against his offer.
Marketing and advertisement play a major role to increase the sales & revenue. AI also assists the organization in marketing and outreach matters. The organization can automate its marketing and outreaching systems with AI which is valuable to dramatically increase the sale conversions quickly. The AI tools can be used to persistently elevate the customer response rate and revenue of the organization.
Prevent the Risk of Delayed Sales:
Despite the fact that organizations forecast the circumstances, time and resources for sales but the sales cycles can be still delayed. The delay in the sales cycle can be due to a number of reasons such as waiting for the customer’s feedback on a certain proposal, customer signatures on the contract, making follow-up calls and many more. These delays in sales cycle will impact the revenue. But the sales team can prevent the delay in the sales cycle with the help of AI. The AI technology allows the sales teams to ‘Shorten’ up a specific sale cycle. With AI integrated machines the sale person can easily analyze the data and structure his communication with the customer.
Scale Customer Support:
The customer support system of any business organization is loaded with tons of data which is basically the customer inquiries. It is unable to analyze and interpret all the data of the customer support manually unless the organization manages revenue to appoint a big work-force to do so. This situation will result in the loss of revenue and missed opportunities. To avoid this situation the organization can use the technology of AI to interpret and analyze the data in customer support. The artificial intelligence technology enables the sales team of the organization to predict the increased in customer traffic. The AI predicts this increase on the basis of events happening in the industry, current buying trends, and the buying habits of the customers. It also enables the sales team to predict the appropriate time to respond to the inquiries of their customers by using a best engaging way/communication mode.
Final Word on AI Integration in Sales Forecasts:
There are multiple benefits of artificial intelligence which enables the company to not only forecast their sales but also how to evolve the sales. The better and more often companies will use & understand the AI technology the greater advantages they will gain.
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