The sales intelligence technology has deepened its roots across the worldwide landscape with its wide range of advantages; thereby, significantly raising its demand. The tools offered in this technology help in eliminating most of the hard work that goes into making marketing more efficient. The sales process isn’t all about attracting new customers to the business; it’s all the more about closing a sale. The most important factor while selling a product or service is the identification of the right customers.
What is sales intelligence?
Sales intelligence can be understood as an umbrella technology that covers a pool of practices, technologies, and applications. These aspects ease the process of collection, integration, evaluation, as well as analysis of the customer data. Sales intelligence tools are a medium that helps to get pertinent information about the impact of marketing campaigns of an organization.
Through this technology, marketers can see the prospects to whom they’re selling, where they belong to, and craft case-specific solutions. Data is useful only when it helps in actual selling. Sales intelligence solutions are created to help the sales team do their job more effectively. The intelligence tools will give priority automatically to follow-ups. They may also categorize leads to groupings based on qualifications and values.
Sales intelligence trends that are making a huge impact on different sectors:
The banking industry is actively using business intelligence
With new technologies through computers, mobile devices, and the Internet of Things (IoT) around every corner, the amount of big data produced every day is expected to increase enormously. Just in the last two years, 90 percent of the world's data has been generated. While the upsurge of information brings a chance to gain a deeper insight into customer behavior and the industry as a whole, banks and financial institutions are adopting business intelligence practices to ensure that they make the most of the data revolution.
Keeping in mind the volume of information that most businesses have distributed through various applications and services, having a 360-degree view of your customers and industry as a whole can be a challenge for any size company. A cohesive aggregate of data is an absolute must-have to use business intelligence practices to the company's advantage. For this reason, companies are using software tools to quickly understand, analyze and find value in big data.
The role of artificial intelligence for the healthcare industry
The healthcare industry's landscape has changed with the advent of disruptive technologies. Today, it is no longer a guess-game, but rather a space of precision and progresses. The peculiarity of artificial intelligence research has brought in new medical innovations. AI supports all aspects of human health and wellness with groundbreaking methods and findings, from disease identification to its treatment and post-treatment prevention and maintenance.
In the healthcare industry, the role of artificial intelligence is to estimate human decision-making on health and wellness. The technology has been used in various aspects of the medical industry including detailing treatment procedures, drug development, medical imaging, personalized medicine, and patient monitoring. Many AI-enabled algorithms and applications are used to analyze complex medical data and to draw specific conclusions without explicit interference by humans.
The retail sector and business intelligence
Trade and e-commerce are among the leading sectors when it comes to using digital technologies. New, advanced technologies are improving customer experience and helping to optimize supply chains. The scope of mass data (big data) is, however, completely expanding as a result. Additionally, chain stores face the challenge of linking and evaluating online and offline trading data.
Business intelligence & analytics enables retailers to keep pace with changing market dynamics and tackle the problems. Retailers need to have detailed insights into how the actual results look as compared to the expected figures, sales by product–store–location–area and various other factors. Retailers are also required to manage operating costs to ensure the optimization of production costs. And all of this, when considering the impact of factors such as hours of service, sufficient allocation of resources, recruiting, training, etc. on revenues.
Sales intelligence trends that are bringing a new wave of future in the industry:
The machine learning and AI in sales
Machine learning and AI inclusion have begun to take place in many different industries. Although it will take time to get the Jarvis customized, this system will startle the industry for good. Most companies are doing selling experiments with AI technology. AI will streamline the sales process and help the salespeople boost their efficiency. Analyzing the mega data with less time consumption will simplify sales strategy and give enough selling time.
Creating an omnichannel experience
With Generation Z quickly gaining tremendous purchasing power in the market, companies can use AI to provide them with an omnichannel experience. The younger generation of consumers and shoppers will seek a more seamless experience when making the purchase. AI can effectively offer a personalized experience on multiple channels thanks to the technology and their habit of using multiple devices.
Big Data and the Internet of Things (IoT)
Many large companies are trying to figure out how to leverage unstructured data terabytes, such as streaming data, video data, computer data, etc., to enhance business decision-making and business outcomes. Business data is obtained not only from internal operational and transactional systems but also from physical devices such as IoT sensors and computers, and human sources such as social media, image designers, etc.
Free Valuable Insights: Global Sales Intelligence Market to reach a market size of USD 3.8 billion by 2025
Here’s how industry giants are playing their part:
In September 2019, Zoho introduced Zoho One, the operating system for businesses. This system has been designed for running the entire organization from marketing, sales, finance, and HR to operations and business intelligence.
Oracle launched a new CDM for B2C Service and a new high-velocity digital sales solution in November 2019. The CDM for B2C service provides B2C enterprise brands with the ability to create and maintain the golden customer record for tens of millions of customers. The Digital Sales Solution delivers a user interface, which prioritizes speed and intuitively guides the selling process.
In the same month, LinkedIn, a Microsoft Company launched their new sync-with-CRM data feature named as Data Validation. This new feature helps the current Microsoft 365 and Salesforce CRM customers in connecting their Sales Navigator with the rest of the B2B Sales stack. With the new CRM sync, LinkedIn Sales Navigator users can bring the changes in profiles of contacts within 24 hours.
The big picture
The sales intelligence market is becoming a big thing across every industry. From banking to healthcare and retail, technology has deepened its roots with disruptive innovations and advancements. With the advent of trends like big data, machine learning, and the Internet of Things, artificial intelligence is a more impactful trend that’s winning the heart of rising industry verticals.
Artificial Intelligence (AI) can greatly improve the sales and marketing practices of companies, and eventually, their overall fortunes. It may indeed be impossible for businesses to move forward without this. AI-powered chatbots, self-checkout devices, automated experiments, and e-commerce platforms have already allowed many consumers to collect all the information they need and complete the entire purchasing process without ever engaging with an actual human salesperson.
There's a plethora of data out there just waiting for the companies to gather and leverage it to perform better outreach, keep their most valuable customers, and close more deals. Artificial Intelligence enables to quickly scan through all of these data and extract valuable insights that can help you better understand their customers and satisfy them in exactly the way they most want.
Given the technological advancements, the industry giants have been observed to stay active in adapting and implementing such trends and initiating thorough strategies to take the market forward.