Machine learning software, once thought of as highly technical and complicated, is now widely available. Machine learning, which allows computers to learn from experience without being specifically programmed, heightens an organization’s ability to build data-backed applications to enhance the customer experience and make it fully personalized from the first interaction.
Well-known e-commerce sites have been using machine learning to advertise and recommend products and services unique to customer profiles, based on buying behavior and browser history. Think about the last time you searched for a product online. Shortly afterward, did you receive advertisements similar to the products you searched for? Chances are that you did. These shifts in the way businesses interact with potential customers are part of machine learning.
But how will machine learning improve the sales process?
Think of Pandora and Netflix, two customer-centric companies that learn and smartly adapt on the fly, based on customer feedback, ratings, and selections, all through algorithms. When applying these ideas to a sales-oriented business, one can only imagine what the future has in store.
Machine learning can transform a new salesperson into an experienced engineer by suggesting the right products and services to up-sell and cross-sell to the customer automatically, without intensive training. These tools can also be used to help salespeople understand how certain discounts affect personal sales goals as well as company goals, greatly reducing risks in low-margin quoting.
Mixing Machine Learning with CPQ
With machine learning being mixed into configure, price, quote software, one can dedicate precise and tailored options to every customer and prospect. With integration into a customer relationship management and enterprise resource planning system, predictions will be more accurate and intelligent, and decisions by the potential customer will be quicker and more easily made.
Improving the Customer Experience
Customer-centric organizations have long focused on the buyer’s experience. And delivering an authentic and emotional connection to customers and partners continues to be a priority in almost all companies. It’s often said that by the time prospects reach out to a salesperson, they have already done ample research on their own and many times have already made up their mind on which company best fits their needs. Machine learning could be the vehicle that takes these customers through a precise, tailored, and individual experience that organizations have been attempting to create manually.
Humans have been doing the heavy lifting for years, but with machine learning, salespeople can be relieved of cumbersome tasks and use their skills to focus on customer engagement and sales development.
Learn about Oracle’s new Adaptive Intelligent Applications, which blend third-party data with real-time analytics and behavioral inputs to create cloud applications that adapt and learn.