Learn Some Facts about Artificial Intelligence for Business

Artificial Intelligence is an old concept that has been around for decades. A mention of this term makes several people think of a robotic power that will eventually outsmart humans and takeover the world. In reality though, AI is an application that humans can hardly do without these days. It is applied in almost every area of life, especially in business. As we speak, business ai is all the rage now and is expected to keep on thriving in future.

Artificial Intelligence and businesses

AI does not exist to do away with the human’s clever and knowledgeable mind. Instead, it is designed to support humans when they are using technology. Besides being unable to finish basic common sense tasks in the real world, AI is good enough to process, analyse big data and complete its work faster than a human user. Thus, Artificial Intelligence promotes brainstorming and decision-making processes by completing tasks faster than the human brain itself.

As big machine-learning companies state, AI is a big breakthrough after software development technology. It is a form of software that is able to make autonomous decisions. It’s better than traditional software because it can take proper actions in scenarios not noticed by programmers. Thus, it offers a wider scope in the decision-making process than the older software ever did. That’s why business ai is so real and highly valuable in several industries. As well as its monitoring and managerial duties, Artificial Intelligence software can direct, speculate and promote security.

Cybersecurity relies heavily on AI, which empowers the job of human experts. Cybersecurity is a role that continuous to get complex and this technology is a dream come true. The AI tool is also revolutionizing and changing Customer Relationship Management systems. CRM software tools that depend mainly on humans can operate much more powerfully if AI were to be applied to them. A single CRM software tool can become self-reliant to an extent of updating and auto-correcting itself. Within the financial sector, AI is commonly used and it’s super versatile. As we speak, Artificial Intelligence is being integrated into bank operations like home loans. It is a technology that will see mortgage operations transformed and simplified.

A mortgage loan holder will receive updates each time their loan renewal has to take place to avoid defaulting. Additionally, AI integration into the bank functions will simplify how people search for properties on sale and new mortgage quotes. The AI technology is expected to make several changes in the financial sector, including making things quicker and easier. The right information will find the correct users at the time they are expecting, thanks to AI applications.

What’s the future of business ai?

According to most experts in this area, how computers process common sense is likely to improve from how it is at the moment. In other words, robots will become extremely useful to our daily lives in the coming days. Robots will use AI and deep learning techniques to perform the most difficult and tedious tasks on behalf of humans. They will probably automate driving to an extent that robots will drive you home from the office and locate a free parking lot. In a restaurant, AI tools will perhaps pick the right entertainment to offer based on visitors in attendance. Maybe it will also anticipate the preferences of a crowd and deliver them on a human’s behalf. The 2-dimensional interface of the current games we play might be transformed by AI and instead, people will make their own 3D live experiences that can be felt.

AI implementation at work

AI is thought of as a technology that will soon make human duties obsolete. Some experts say that AI will not cause unemployment when it automates several tasks while others think that it’s a menace that needs instant solutions. While the structure of your workforce is changing, AI may not replace jobs. Instead, it will create a knowledge-packed economy and use this to improve automation and quality of life. If you want to implement business ai, call 360ai.net today. The company boasts the best solutions to your problems.

Learn Some Facts about Artificial Intelligence for Business

Setting the Sales Quota

All sales representatives will be given targets and quotas that need to be reached. Sometimes it will be for a week and these can be hard to beat. Monthly, quarterly and annual ones are a little easier, as there is time to make up for a barren few days. Certain companies will set a specific number of sales, while others will want them to bring in a certain amount of money. For a sales representative’s ego, it will be the thing that keeps them driven, and for the company management the way that their importance to the company can be measured.

When setting sales quota, the managers must be realistic. If they set them too high, the representatives could fail and if nothing else lose confidence in what they are doing. A basically good salesperson could be lost due to unrealistic expectations. If the target is too low, money can be lost and a representative can be given an easy ride. It will be in the managers’ best interest, as they will be judged by the overall actions of their team.

Things to Consider

If it is a weekly or monthly target that is being set, the manager should take several things into account before releasing figures. This will include: –

  • The amount of days that will be worked. If there are either national holidays or the rep has leave booked, this will give them less time to hit the target. Even a day or two less than expected can mean the target will not be reached.
  • Holidays in general – over Christmas and during the summer a lot of people will be on holiday. It will be unfair to penalize a sales agent who missed their target because the decision makers in other firms are not available to place orders.
  • Seasonal needs. If the product is geared towards hot weather then clearly the figures expected will be higher in the summer than the winter. The same will apply in winter. How many people will buy sun-cream in winter and Christmas cards in July?

There are figures that show that more than 2/3rds of sales people are not able to hit the targets that they are given. Almost a quarter of companies are not aware if their sales reps hit targets or not. This could be catastrophic to the fortunes of the firms involved and needs to be addressed as soon as possible. If the data is wrong, it will be hard to issue the correct sales quota to staff.

A major problem for sales managers is the fact that they have a lot to do and issuing and monitoring quotas is not always on the top of the list. Having the right tools and data will help a lot and the job will be much easier.  CRM can help here as it will put all the data in order and allow accurate monitoring. Issues can be identified and corrected before they get out of hand.

Remedies and Ways to Track Sales

  • Track the number of calls that the agent make as well as emails sent. Then, measure this against the amount of sales and the profit made. This way you will know what it takes to make a sale, and whether it is the calls or emails that lead to a greater profit.
  • Encourage a change to the one that yields the most, although research has shown that there will only be around 32 sales options for every 1000 calls made. If this is the case for your company, then it will be best to check the source of the leads that the reps receive.
  • Try to deal more with previous and repeat customers as well as companies in the same sort of area. Cold calling is much less effective for hitting sales quotas than contacting someone with a genuine need for the product or service you offer.
Setting the Sales Quota