The Next Chapter of Digital Sales and Revenue GrowthBy: Gary Tubridy Chief Sales Executive Events, Digital Transformation, Revenue Growth Strategy, Sales Leadership, Sales Strategy
2018 Chief Sales Executive Forum guests heard about artificial intelligence and the implications for revenue growth from Chris Klayko, managing director, Google Cloud, Americas & Global EDU and Dave Spencer, president N.A, BackOffice Associates.
They made three key observations:
- Digital is affecting every business
- Digital certainly includes intelligence (AI) and machine learning
- You need to ask yourself, How does AI fit in? What does it mean to my organization? How can I leverage it?
Big data has changed the game. Whereas data discussions previously focused on customer records, the parameters of what is gathered, analyzed and reported today are far more expansive. Unstructured data…social media…is huge! This drives a step change in the sheer volume of data available. With access to such data comes the ability to pursue new insight. This is the opportunity. But there is also risk.
Competitors have the same opportunities. The race is on for companies to bring the value to their customers that AI can unlock.
Said Klayko, “Popular imagination has it that machine learning looks something like this: lots of data + complex mathematics in multidimensional spaces = magical results.” In reality, asserts Klayko, harnessing machine learning involves six logical steps:
These steps need not take an excessive amount of time. The power of cloud computing is being applied to machine learning and is, according to Klayko, “democratizing AI by making it easy and fast for all developers and users.”
As a result, companies (including your customers) are increasingly using AI to help solve important problems. Examples shown include using AI to assist with scheduling, pricing, predictive analytics, customer segmentation and risk analytics.
Klayko and Spencer recommend three main actions to gain traction in the digital technology ecosystem:
- Use data to generate customer insight. Inventory the data you have. What does the data tell you about the market, your customer base and your strengths and weaknesses?
- Accelerate use of machine learning and AI applications within your organization. Use your AI experience to help solve problems for your customers…what can you tell them about their customers, opportunities and potential exposure?
- “Use innovation to win!” Companies will either disrupt or be disrupted. There is no third option. Leverage AI to help your sellers become more efficient (get in front of the right customers at the right time) and effective (by bringing valuable insight).
Want to connect with peer revenue leaders in your industry and unlock more valuable insights? Discover more about the Alexander Group Leadership Events. Or contact our events team to secure your spot at the 2019 Leadership Series.