8 Reasons Why Sales Leaders Should Bet Big on AI-Fueled Sales and Marketing

5. Omnichannel CRM can help understand the customer context and optimize outcomes online/offline

A hotly desired capability to emerge in the past decade is referred to as omnichannel, or the ability to consistently and seamlessly interact with a customer through their preferred channel, be it mobile, a call center, online, text, email, or even via Alexa. Becoming truly “omnichannel” is not accidental, but rather results from a well-planned business and IT architecture. In this approach, critical business decisions such as offering recommendations or discount allowances are provided as a service. The customer interaction channels (mobile, web, text) are adapted to consume those decision services from a central location; in essence, functioning as the brain of the organization. And when adverse events arise, changes to offers or policy are rapid and will instantly take affect across all channels. 

To demonstrate the true power of omnichannel, consider one of our case studies from a large audio entertainment company. Streaming audio happens to be a prime example of discretionary spending, a fact that recently drove high call volumes from customers looking to cancel service. Prior to the pandemic, an AI price optimization capability had been deployed for their call center agents in an initial phase. This AI considers hundreds of predictors. When calling to cancel, the optimal price is presented to the agent and then to the customer. However, the call centers were overwhelmed, and customers had long wait times.

In less than two weeks, a relative blink of an eye in the world of enterprise IT, we were able to connect our AI-enabled pricing engine directly to the customer IVR. This allowed the AI to directly negotiate and present offers to their customers via the IVR and without agent involvement. In the next sprint, we were able enhance the logic so that it more selectively retains customers in the IVR or, if required, sends them to an agent based on their customer lifetime value. This allowed our client to route the highest-value customers to the highest-performing retention agent, aligning their best efforts directly to highest risks to revenue. 

6. AI-augmented sales representatives are considerably more productive.

Sales teams are always looking for an edge. And AI can certainly provide it. Today’s state-of-the-art AI can help guide the entire sales cycle and handle the busy work, freeing the sales rep to focus on the customer. In an account-based marketing (ABM) sales model, AI can analyze and prioritize customer prospects, selecting those with preferred attributes and/or matching against historical data and client profiles. AI monitors and scores inbound leads, sifting out wheat from the chaff. AI can help manage email with virtual assistants and can even recommend and draft responses using natural language processing (NLP). AI continuously monitors the sales pipeline and offers recommendations in terms of “next best actions” to nurture leads, progress deals, and grow the business. 

7. The big ROI in AI can help fix big problems on the balance sheet.

There have been many studies on the customer’s delight for personalization. McKinsey found that “personalization can deliver five to eight times the ROI on marketing spend and can lift sales by 10% or more.” This concept makes sense to all of us as consumers. Instead of asking “Does personalization work?” the real question should be “Can the AI successfully deliver on the promise of personalization, and at scale?”

In February of 2020, Forrester Research released a study on the total economic impact of four organizations that had deployed AI platforms like those described here. The results are indeed attention getting:

• ROI of 489% and NPV of $150 over three years;
• $107 million in profit loss avoided through increased retention;
• incremental revenue growth of $677 million over three years;
• payback in less than six months; and
• implementation time frames ranging from 3 to 12 months.

8. Companies that act with urgency can capitalize on pent-up demand in 2021, predicted by many to be a historic year of recovery.

What’s unique about this recession is that while consumer spending is down considerably, consumer saving has increased significantly. In April, the personal savings rate set a record of 33 percent according to the U.S. Bureau of Economic Analysis. For context, consumer saving has never exceeded 20 percent and since 2000 it consistently remains in the 5 to 8 percent range. Finally, the CBO expects that consumer spending will grow at an average annual rate of 22.6 percent in H2 of 2020.

In summary, the all-digital age is here, and the digital divide continues to widen. Artificial intelligence is no longer a backroom experiment; it should be considered a core aspect of a successful business recovery plan. Gartner predicts that by 2025 over 75 percent of organizations will have operationalized AI. Eventually, every company will need to make advances in AI in order to remain solvent. Companies with the foresight to act with urgency today will be ready to start reaping the benefits of resumed spending right around the corner.

Spencer Lentz is a principal at Capgemini, where he is responsible for growing the portfolio of Capgemini’s artificial intelligence, digital process automation, and digital customer experience solutions. Over the past 20 years, he has collaborated with his clients representing the leaders in telecommunications, media, entertainment, automotive, and the manufacturing industries, driving solutions to complex challenges and helping to shape their digital transformation journeys.