AI News, BOOK REVIEW: Artificial intelligence: potentials and application in B2B sales artificial intelligence

PayThink Artificial intelligence is the final straw for B2B checks

As the consumer world progresses into a new payments paradigm with peer-to-peer solutions leading the charge, B2B payments continue to lag behind—at a shockingly large rate.

While the bulk of these advancements support internally facing procedures—like fraud monitoring—that focus already has begun the shift to external customer needs.

For example, a 2017 MIT Sloan Management Review/Boston Consulting Group study found that 83% of businesses see AI as a strategic opportunity, and 84% believe AI will allow their companies to obtain or sustain a competitive advantage.

concludes: “For financial accounting systems in general, AI can now be used to perform journal entry and reconciliation, and soon the technology will be able to spot and potentially resolve audit issues in real time, advancing organizations from traditional quarterly closing to continuous closing capabilities.

Thanks to these types of applications, AI has the potential to boost labor productivity by up to 40%.” While in its infancy in influencing B2B payments, AI ultimately will change the way businesses of all sizes run their financial operations.

Smart solutions will simplify processes, electronically linking systems and accounts and allowing for everything from automated data entry to new forms of automatic electronic payments.

#SecretToSales - Is AI going to take your job?

The sales profession is in the midst of a major shift and functions that were once the domain of sales professionals are on trackto be transformed, absorbed, or some think, even completely obliterated.

In the world of sales, the predictive power of new algorithms is changing the way sales organizations function as companies eagerly invest in AI applications with the potential to enhance sales functions and aidin the development of more efficient sales processes.

By recording sales conversations with all the voice and recording technologies, they’re able to tease out insights in how to make sales reps better.

One of the things to pay attention to if it freaks you out is -it’s just one more guess of what the future is going to look like, but it’s not a thinking machine and it’s not going to replace you any time soon.

The Role Of AI In Customer Experience

In this post, I will lay out why artificial intelligence is a game changer in CX, take a look under the hood at how AI is applied to CX, and explore use cases for how leading edge companies are already reaping benefits from AI applications in customer experience.

Salespeople, call center agents and employees in other customer-facing roles cannot be expected to understand a customer’s entire history and derive their own insights from it in real time.

The successful application of AI in customer experience requires 3 fundamental capabilities: Data unification to create a single customer view is a must for any type of behavioral analytics.

Customer journey analytics platforms provide this service for a fraction of the cost of the dedicated data services providers of yore—even delivering a level of data integration free of charge.

The truth is that, in addition to elegant SaaS data streams, most enterprises must rely on myriad on-site, home-grown and legacy touchpoint data sources—product interfaces, payment platforms, point-of-sale systems, customer care, etc..

Customer journey analytics platforms are now filling this gap with a host of APIs options and development kits to deliver comprehensive, real-time touchpoint integration with minimal investment.

By context, I mean more than simply designating a certain interaction as an “inbound call” and another as “order fulfillment.” AI must know the significance of these events in shaping a customer behavior.

That requires an awareness of both the journey that these touchpoints helped to shape and the KPIs which were subsequently impacted by that customer behavior—whether related to revenue, profitability, customer lifetime value, customer satisfaction or other factors driving high-level business performance.

With proper business context, an AI can find touchpoints and tactics which actually shape the customer behaviors behind the business’s primary measures of performance.

Now that we understand what it takes to successfully apply artificial intelligence in customer experience, let’s delve into some of those applications to see how AI is unleashing disruption across various aspects of customer experience by unifying data, providing insights in real-time, and incorporating critical business context.

As I previously mentioned, salespeople, call center agents and employees in other customer service roles cannot be expected to ingest and understand a customer’s entire history prior to each conversation.

Mining insights across billions of unique customer journeys using traditional analytics methods and tools is a laborious and slow process, which tends to confine it’s usage to a small set of pre-defined problems.

The power of AI-enabled customer journey analytics is that it can sift through a much, much larger and more complex data space and thereby uncover many more business opportunities—even opportunities you didn’t realize you should look for.

Artificial intelligence-enabled customer journey analytics can find answers to important CX queries like: Leading companies are constantly experimenting to determine the best way to employ AI to improve customer experience.

These companies have unified disparate customer data sources, analyzed end-to-end customer journeys and are using machine learning algorithms to predict future customer behavior.

Nordea also partnered with an AI-based text analytics solution provider to interpret hundreds of inbound customer communications per second and intelligently forward them to the right business unit.

Sephora has thoughtfully considered the entire customer journey—the Visual Artist tool ties in to Sephora’s entire inventory of products seamlessly, and driven by the AI engine, personalized recommendations and offers are made in real-time.

AI presents an opportunity to turn many-siloed, multi-channel enterprises into singular “personas” who remember, understand, and respond to their customers’ achievements and setbacks in a meaningful way.

Most companies find it difficult, if not impossible, to accomplish those tasks on their own, given the dearth of data scientists, the fact that disparate systems are not AI ready, and the need to rapidly build new systems, apps, and capabilities.

Survey Suggests AI Is The Future of B2B

Artificial intelligence was greeted with more than a touch of scepticism when the tech was first banded about.

An additional 18 per cent are already using artificial intelligence to reach more buyers.

Of those who invest in AI, a staggering 84 per cent anticipate results within 12 months or even less.

It helps businesses identify gaps in customer spending, so that they can be individually targeted by automated marketing.

It uses dynamic pricing, customer segmentation and a raft of other advanced technologies to make selling effortless.

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