With AI sweeping through across industries, the technology advancements are already making its presence known in core and support business functions. In fact, AI investments are projected to hit $200 billion globally in 2025, half of which will come from the US, according to Goldman Sachs Economic Research.
AI offers a host of opportunities to boost business from nearly every job function with sales and marketing leading AI use even before its explosive growth in 2023. In the case of sales, AI-powered tools have simplified and optimized sales processes.
However, AI use in sales is more than just automating tasks; it can be a real game changer that can significantly impact the bottom line. McKinsey & Company reports that companies that invest in AI are seeing a 3 to 15 percent boost in revenue and a 10 to 20 percent spike in sales ROI. It all depends on how the revolutionary technology is utilized.
Unleashing AI’s Potential
While only 37 percent of all sales organizations are currently using AI in sales processes, 57 percent of high-performing sales organizations leverage AI. The number is projected to balloon in the next couple of years as early adopters have demonstrated AI’s transformative power and impact. It is high time for sales leaders to close the deal on AI and reap its many benefits, including:
- Improved Productivity and Operational Efficiency – Sales reps need to spend time building relations with prospects and customers to make a sale. However, the unfortunate reality is that only 37 percent of their time is spent doing so, according to a HubSpot report. AI can liberate sales teams from repetitive tasks like data entry and scheduling meetings. It allows them to devote most of their time to connecting with prospects, closing deals, and nurturing customer relations – high-value tasks that are key to selling.
- More Accurate Sales Forecasting – AI’s capability to process large amounts of data and pinpoint patterns, trends, and behaviors makes it a powerful tool for sales predictions. Armed with these data-driven insights, sales organizations can make better, more informed decisions regarding leads, deals, strategies, and plans. AI eliminates the unpredictability and the guesswork that typically plague sales teams when keeping up with market trends and customer behaviors.
- Deeper Customer Engagement – From writing proposals to closing deals, AI can aid sales organizations every step of the way, delivering highly personalized and contextually relevant interactions with prospective and current customers. Such customization of customer engagement can add tremendous value amid a highly competitive business landscape.
Breaking Down Barriers
The road to any successful technology adoption is not without resistance despite obvious benefits. For one, the fear of the unknown is a fundamental human emotion. Thus, it is up to forward-thinking sales leaders to assure their teams about how AI can help them perform their work better. It is all about being transparent about the technology use and educating the team regarding what they can and cannot do with AI.
It is also important to acknowledge that there may be ethical and legal considerations when it comes to AI use, including data privacy concerns, data security, and system biases. Sales leaders need to have stringent policies in place regarding AI deployment to protect not only their organization but also their customers.
An AI implementation strategy is crucial to overcoming hurdles and successful technology adoption. This includes identifying goals, vetting AI tools, training the current workforce, and acknowledging any skills shortage.
The Future Is Now
AI holds much promise for sales organizations. The challenge for sales leaders is unlocking all the technology’s capabilities and potential and turning them into profits. As Gartner analyst Adnan Zijadic explains, sales leaders must be prepared for “the convergence of new forms of artificial intelligence, dynamic process automation, and reinvented deal-planning activities that will transform the sales function.” The art and science of selling, after all, have never been static.
