Sales technology has emerged in the last years as the sales rep’s best friend. A new study by IBM shows that companies who outperformed their peers are more likely to adopt cognitive computing (AI). By contrast, slower performing companies are less likely to adopt artificial intelligence (57%), shows the study.
The Most Successful Sales Leaders Believe in the Power of AI
The high performers are also more likely to believe that the technology will be important to their organization’s future (91% vs 64%). They are also more likely like to believe that AI is mature enough to be market ready (93% vs 59%), shows the study published by IBM Institute for Business Value.
Sales and marketing leaders are taking a ‘start small’ approach towards integrating AI into their tech stack. They will agree that they expect certain benefits from this technology:
• Customer satisfaction improvement
• Revenue increase from larger orders and shorter sales cycle
• Customer retention improvement
• Customer acquisition cost reduction
The most common challenge about cognitive computing is integration with current systems – or the need to ‘rip and replace’ a legacy software. According to the IBM study, sales and marketing leaders need to focus on three key areas, to be able to implement AI successfully in their company: technology, people and culture.
The Future Looks Bright for Artificial Intelligence
The recent InsideSales.com study, “The State of Artificial Intelligence”, also shows that adoption is increasing for AI systems. User report that they are using AI daily in their personal lives, as entertainment or navigation systems. In their professional lives however, the technology is not as well integrated.
Companies are increasingly investing in intelligent systems which are capabile of offering them real results. Moreover, venture capital organizations are also increasingly funding companies which develop these systems.
In 2016, there were 40 acquisitions of companies working to advance artificial intelligence (A.I.). The A.I. market was worth $644 million. The market value of A.I. is expected to double and then grow exponentially in 2017, eventually reaching $38.6 billion less than ten years from now.