SAN FRANCISCO–(BUSINESS WIRE)–Dreamforce — Although customer relationship management (CRM) is almost universally adopted, sales quota attainment industry wide has declined for each of the last five years, according to a Forbes.com article by contributor Ken Krogue, cofounder of InsideSales.com; in collaboration with David Boyce, chief strategy officer of InsideSales.com; and Justin Lindsey, senior vice president of analytics for BamTech Media.
While CRM has become ubiquitous in sales for most organizations, it is insufficient for resolving the modern challenges of selling, the article states. CRM is architected to manage a linear sales process—from lead to cultivation to sale. However, the majority of today’s sales are multi-faceted and non-linear—following processes that are largely influenced by the customer in accordance with the preferences and policies of their organizations.
The topic will be addressed at Dreamforce 2017 by Vice President of InsideSales.com Labs Gabe Larsen in the session “Real AI for Growth”—Wednesday, Nov. 8 from 5:00 to 5:40 p.m. at the Marriott Marquis Hotel (Foothill G1-G2) in San Francisco. See more information on the session here.
“CRM can only tell you things you already know—the things your company has experienced and recorded within it,” the Forbes article states. “It can’t answer questions like ‘who should I engage?’ and ‘how should I engage them?’”
To overcome this issue, the article says, the business world should look beyond “smart CRM” and its ability to only use past data to predict future data. With the shift in buying behavior and the amount of information available, something beyond CRM is required, and the answer—according to the article—is an “AI System of Growth.”
An AI System of Growth utilizes Neural Data—human behavioral data with outcomes, ideally from multiple companies and geographies; paired with Sales Artificial Intelligence (AI), which applies the data of all sales prior to the situation at hand; and Sales Enablement Apps, including email, voicemail and social media. When combined, these components create an “AI System of Growth.”
Likely candidates to deliver on this AI System of Growth include:
- Microsoft, with its LinkedIn data
- Amazon, with its B2C and B2B purchasing data
- InsideSales.com, with its Neuralytics data
The article predicts that CRM will continue to exist in this new world, but will likely be relegated to its most fitting function as a mission-critical commodity—because its fundamental architecture will prohibit it from being the focal point of the data and flexibility required for a successful system for revenue growth.
Likewise, the authors predict that within five years, more than 50 percent of Fortune 500 companies will be using a combination of Neural Sales Data and Sales AI to optimize sales. In fact, they mention that at least seven of the Fortune 30 companies, including Apple, General Electric, Verizon, Bank of America and Microsoft, are already leveraging this new sales model for growth.
For more information, readers can view the entire article here.
InsideSales.com offers the industry’s leading AI-fueled sales acceleration platform powered by Neuralytics™, a predictive and prescriptive self-learning engine that drives revenue growth. The platform helps companies acquire new customers faster, improve cross-sell/upsell conversions, and rep performance. InsideSales.com has received numerous industry awards including the 2017 AIconics Award for Best Artificial Intelligence Application for Sales and Marketing, Forbes Cloud 100 list, CNBC Disruptor 50, AlwaysOn Global 250, OnMedia 100 Top Private companies, and more. InsideSales.com accelerates sales for enterprise customers like ADP, Bank of America, CA, Caesars Entertainment, CenturyLink, DexYP, Fidelity Investments, Groupon, Microsoft, Waste Management, and Workday. For more information visit www.insidesales.com.
Kelly Wanlass, 801.602.4723