Tech getting better and better means your business and its processes can get more efficient, but it can be difficult to keep up with all the iterations and updates.
One of the most exciting technological advancements in recent years has been the leveraging of artificial intelligence (AI) for business purposes.
How Can AI Apply to a B2B Company?
At its most basic, AI is the capability of a machine to imitate intelligent human behavior. So how can that intelligence be utilized for B2B companies?
Primarily, AI is leveraged in this context in order to:
- Automate relatively simple tasks
- Provide reminders
- Anticipate requests
- Uncover and highlight valuable information to users
This is executed via processes like machine learning (computing systems that can learn, adapt, and solve when exposed to new data) and deep learning (advanced machine learning that uses neural network structure to learn with little to no human supervision).
Some features that derive from these processes, which you’ve probably heard us mention in past blog posts, include prescriptive, contextual, and predictive analytics, as well as natural language processing (NLP).
Benefits of Implementing an AI Strategy
There are numerous benefits of leveraging an AI strategy for your B2B company and for your customers.
Benefits for Business
- Provide you access to deeper insights and analytics
- Help you create a more efficient and enabled workforce
- Allow you to make more informed decisions faster
- Leverage predictive marketing to increase the identification and conversion of new prospects and leads
- Help you accurately identify and prescribe actions to drive customer relationships and business performance
- Boost customer satisfaction and loyalty
- Improve margins, profits, and revenues
Benefits for Customers
AI takes away some of the burden on customer service desks (which can be a significant benefit to your business) by allowing customers to interact with an AI bot to answer simple questions or gathering preliminary information before handing the customer over to an actual person.
Furthermore, customers may interact with a guided selling bot or AI powered interface to select a specific product based on a series of questions, helping them decide which product suits their needs best, allowing them to configure a product, and handing them off to a human at the right point—complete with a summary of all actions taken by the customer.
The AI bot can then work behind the scenes with the customer service or sales person that's now taken over the conversation, providing further guidance on how to package and price the solution that the prospect needs.
- The burden on call centers is reduced because only prospects that are ready to buy or who need additional help will engage with a human
- Prospects engage a brand in the way they like best (by phone, via email, etc.)
- Collaborative commerce is enabled between AI bot, prospect, sales rep, and anyone else that needs to be engaged in the sales process
FPX + Zilliant
The integration of the Zilliant Price IQ™ technology within the FPX CPQ architecture will improve organizational ability to efficiently provide consistent, accurate price quotes for every customer in any situation.
The solution delivers accurate quotes with cost-aligned and market-value prices in shorter time frames. This not only assists sellers with real-time approvals, it ensures business rules and objectives regarding pricing and discounting are maintained consistently, ultimately giving confidence to sales teams with the help of personalized pricing guidance based on deep customer profile data.
FPX and Zilliant’s combined capabilities allow B2B companies to:
- Streamline complex processes and quotes
- Offer more accurate and consistent pricing
- Improve the end-to-end user experience
- Boost customer loyalty
- Increase deal profits across channels
All of which help boost the business’s bottom line.