Oct 31, 2019

AI For Setting Sales Target

USING ARTIFICIAL INTELLIGENCE (AI) TO SET SALES TARGETS

this topic is raised at HARVARD BUSINESS SCHOOL  at 22nd October 2019 by Michael Blanding

Setting an appropriate sales target is a very difficult task and it must be done properly to avoid any negative consequences for an organization in the long term.

Setting the target too low makes it easily achievable which limits the ability of an employee to perform his or her best.

similarly,

If the target is very high then it become really difficult to achieved. Professor at HBS said that if the target is very high then the salesperson will be discouraged and unable to perform at his full potential.

Heres the role of Artificial Intelligence comes into the picture to find that sweet spot to set the sales target accordingly, Mr. Chung professor at Harvard business school found that there is a dramatically improved productivity in companies once they adopt the advanced analytical methods.

"in real life, scenarios companies try so many trial and error methods to find the best method for sales targeting"

To improve the productivity companies has to give compensation to the employees and to find the best-suited compensation they have to experiment until they get the best method.

PAST PERFORMANCE DATA IS USED FOR SETTING SALES TARGET FOR UPCOMING YEAR


Most of the companies set the sales target higher than the previous year which could have its own drawbacks.

"suppose Mr.A is an employee at XYZ company he has given a sales target of 100 products in 2019 he worked hard and achieved his target but he can sell 120 products if he wants to in the same year but he stops himself at the target which is given to him and in next year company might giving him a target of 120 products ,So the company is not utilizing the full potential of Mr.A and this is the real problem faced by any organization"

PUTTING ARTIFICIAL INTELLIGENCE TO WORK


AI uses various algorithms and computing analysis to set the appropriate target as per the ability of an individual salesperson AI went through various variables and set the target accordingly.
As an MBA student, I would like to recommend that companies should understand the interests of there employees like what kind of news they used to read what are their area of interest and ability to take challenges are high in which area what should be the compensation for an individual and set target accordingly which makes an employee to feel more important and makes him to do his work efficiently.


COMPANIES NEED TO TARGET GOALS LIKE

  • By what percent they have to increase the revenue.
  • Is the customers are delighted or satisfied.
  • Do Swot Analysis www.digitalzak.com you can refer the above site to understand the basics of swot analysis.
  • Educate and empower your sales team and motivates them to work hard.
  • Understand the segment properly and do some research on STP.

HOW CAN AI HELP TO ACHIEVED THIS GOALS


once the data is feed into the AI system it processes it and generates the goal for an individual person the more data we give to it the more accurate result we will get from the AI. Variables that companies can use are employee data,
such as average and previous years sales it is necessary to observe the growth of competing companies or countries.  there is so much data we can use such as average temperature you may think it has no relation with sales but if the temperature is high then salesperson can not go to the field and do his work.



COMPANIES CAN COLLECT DATA GLOBALLY FOR FEEDING IT INTO AI


Companies can assign computing analysis works to small firms or consulting agencies to develop AI-based data algorithms for the organization to target the objective of increasing the productivity.

there are some firms used the AI for the following purposes.
  • banking and finance
  • security
  • smart email categorization
  • customer segmentation
  • smart device adjust accordingly to customer behavior


FROM RESISTANCE TO PRODUCTIVITY


Such systems to create the most accurate measures, and management's confidence which helps foster buy-in by sales employees.

A company can use an AI system to improved the productivity its a one-time investment which can help the organization to assign the appropriate sales target which eventually helps an organizations and employees also

if you do like above article please write a comment below


reference is from www.hbs.com

9 comments:

  1. Nice! you are sharing such helpful and easy to understandable blog. i have no words for say i just say thanks because it is helpful for me


    Dot Net Training in Chennai | Dot Net Training in anna nagar | Dot Net Training in omr | Dot Net Training in porur | Dot Net Training in tambaram | Dot Net Training in velachery








    ReplyDelete
  2. Great post i must say and thanks for the information. Education is definitely a sticky subject. However, is still among the leading topics of our time. I appreciate your post and look forward to more.
    Digital Marketing Training Course in Chennai | Digital Marketing Training Course in Anna Nagar | Digital Marketing Training Course in OMR | Digital Marketing Training Course in Porur | Digital Marketing Training Course in Tambaram | Digital Marketing Training Course in Velachery

    ReplyDelete
  3. The development of artificial intelligence (AI) has propelled more programming architects, information scientists, and different experts to investigate the plausibility of a vocation in machine learning. Notwithstanding, a few newcomers will in general spotlight a lot on hypothesis and insufficient on commonsense application. machine learning projects for final year In case you will succeed, you have to begin building machine learning projects in the near future.

    Projects assist you with improving your applied ML skills rapidly while allowing you to investigate an intriguing point. Furthermore, you can include projects into your portfolio, making it simpler to get a vocation, discover cool profession openings, and Final Year Project Centers in Chennai even arrange a more significant compensation.


    Data analytics is the study of dissecting crude data so as to make decisions about that data. Data analytics advances and procedures are generally utilized in business ventures to empower associations to settle on progressively Python Training in Chennai educated business choices. In the present worldwide commercial center, it isn't sufficient to assemble data and do the math; you should realize how to apply that data to genuine situations such that will affect conduct. In the program you will initially gain proficiency with the specialized skills, including R and Python dialects most usually utilized in data analytics programming and usage; Python Training in Chennai at that point center around the commonsense application, in view of genuine business issues in a scope of industry segments, for example, wellbeing, promoting and account.

    ReplyDelete
  4. Remarkable post. I simply came across your blog and desired to say that I have really enjoyed searching your blog posts. Thank you for sharing such blogs. Burger King SWOT Analysis

    ReplyDelete

Popular Blog Posts