While many B2C companies are jumping on the artificial intelligence (AI) bandwagon, it seems B2B companies as a whole still seem a little far behind.
However, if these companies really do want to survive and give their customers what they want, they need to act quickly in regards to implementing AI such as machine learning and big data into their business models.
According to a 2016 report issued by Salesforce, by 2020, as many as 57% of business buyers will be happy to switch suppliers if they’re not getting the service they require.
The following are a few of the most effective ways that AI, machine learning and big data are helping these kind of companies currently:
Predictive sales and account management
Using AI in this area helps companies focus their attention more on their best customers and less on their not so desirable ones. It can businesses prioritize where their marketing should be in order to increase sales and maximise profits. Machines are able to detect patterns much easier than humans, making it easier for companies to reorganize their marketing efforts quickly and efficiently.
Monitor and react to consumer behaviour
Through the use of machine learning, B2B companies can use big data to really get to know their customers. In doing this, the business can respond by giving the customer what they want and need. The better companies can do this, the more successful they will be. There are already AI systems in place that can respond immediately to input from its customers and they seem to work well.
AI can save B2B companies hundreds of hours of manpower sourcing new prospective leads for the company to follow up. As well as gathering the initial data to begin with, AI can also be used to analyze that data to determine patterns and set who are the best prospects to pursue.
Lastly, integrating AI into any B2B company will enable humans to become free to do something else, more creative. While AI is brilliant at completing mundane, repetitive tasks, it’s not very good when it comes to anything that requires a little creativity, and that’s where humans will be needed more. If B2B companies adopt AI now, they’ll be ahead of the game. If they keep sitting back, they may find themselves in hot water very soon.