June 28, 2017
What would you do differently if you knew that a key customer was showing signs of attrition? Imagine if you were able to prescribe a resolution plan for your sales executives for at risk customers? Or even, troubleshoot an issue before it became a more serious problem?
Does your business have hindsight, insight, or foresight? That’s become the 1-Trillion dollar question as AI associated with CRM activities is expected to boost global business revenue by $1.1T within the next four years, according to IDC. Case in point, Salesforce’s recent launch of Einstein Analytics and Einstein Discovery. This new portfolio of role-specific, self-service analytics apps marks a significant milestone in the evolution of AI in CRM, providing the full spectrum of analytics capabilities where business leaders make and act on decisions across sales, marketing, and service:
- Descriptive analytics, using data aggregation and data mining to answer: “What has happened?”
- Diagnostic analytics, using drill-down, data discovery, data mining and correlations to answer: “Why did this happen?”
- Predictive analytics, using statistical models and forecasts techniques to answer: “What could happen?”
- Prescriptive analytics, using optimization and simulation algorithms to answer: “What should we do?”
Analytics maturity reflects AI’s business value–how useful is it to achieving the broader goals of acquisition, expansion, cost-savings, and retention. And yet, as Bluewolf found in a new survey, The State of AI, among the companies who are using AI applications in their business today, just 52% of their employees report having a good understanding of what AI means and how it can benefit their business.
Organizations with advanced analytics may know what they should do, but that doesn’t necessarily mean they can put insight into action. Together, Einstein Analytics and Einstein Discovery provide actionable AI, prescriptive analytics made accessible and easy to use. For businesses with analysis paralysis–either overwhelmed or underserved by their analytics capabilities–these new Einstein offerings are helpful to closing the AI Investment Gap, a discrepancy among C-Level executives who understand AI and those who have yet to deploy it.
IDC also reports that 40% of digital transformation initiatives globally will be supported by AI capabilities by 2019. That’s soon enough that companies of all sizes should start preparing for an AI-powered future, today. Salesforce Einstein is only available on its new UI, so companies who want the competitive advantage of AI capabilities in Salesforce but haven’t already transitioned to Salesforce Lightning will need to.
Because both AI and analytics are fueled by data, many of the challenges that can delay success with analytics will also derail an organization’s success with AI–the most common being insufficient analytics or data maturity, which can delay, or in some cases, completely eliminate your organization’s ability to benefit from emerging AI technologies. And while AI can be used to improve the quality of your data, it can’t make up for corrupt or unreliable data. It’s important that an organization is ready to transition to Lightning before it can consider implementing the actionable AI of Einstein Analytics.
Connect with an expert to find out if your business is ready