The Emergence of Advanced Technologies 4
The fourth advanced technology is Data Analytics.
This AI component acts like the human brain’s mechanism for storing and recalling information in memory banks and performing the computations that enable decision-making.
Data Analytics examines large amounts of data from multiple disparate sources to uncover hidden patterns, find correlations, reveal trends, and detect insights that were previously unknown or not readily apparent due to the inability to access large volumes of information.
Data Analytics also includes a mechanism for displaying analytics results—in the form of either reports or visual dashboards—that are used to monitor performance of key metrics and progress toward achieving goals.
Here are a few examples:
1) Sales management views a performance dashboard to visually monitor overall sales. They view performance above (or below) quota in total, or drill down to view performance by region, by product, and by individual sales rep.
2) Sales management generates a new sales forecast detailing each deal amount for each customer opportunity. This includes a “win rate confidence level” based on several factors, including deal complexity, customer business value, sales process steps completed, and salesperson profile.
3) Salespeople access reports on the most effective lead development programs by region.
4) Salespeople determine the best target customers to include in a new marketing program to optimize the revenue results of the campaign.
5) Sales operations predicts the percentage of leads that will convert into sales for each customer buying segment. This is determined by several factors, including lead source, customer loyalty level, and age of the lead.
I’m DJ Sebastian, and we will cover the other emerging technologies in the next briefings.