Many marketing and sales professionals are drowning in data, yet unable to glean the value and insights they need to serve their customers well.
A new study from the IBM Institute for Business Value (IBV) shows how CMOs and sales executives can solve this challenge by leveraging the power of Artificial Intelligence.
The study is derived from the input of 525 CMOs and 389 heads of sales across various industries. 13% of those surveyed have outperformed their competition in growth and profitability for the past three years.
The study provides insights about their cognitive technology (AI) adoption, including:
- 64% of the respondents believe that cognitive technologies adoption in their industries will take place in the next three years.
- 24% of the above 64% also believe that they already have the appropriate strategies in place to implement these technologies.
- CMOs who are surveyed believe that the real advantage of cognitive technologies lies in improved customer experiences and financial results.
- Sales leaders believe that cognitive technologies will help predict customer needs and ultimately improve customer experiences.
The full potential of cognitive computing can be a significant competitive edge for marketing and sales professionals. IBV suggests these actions:
- Make room for cognitive solutions in your Digital Reinvention strategy.
- Enhance employees’ business skills, not just their data analytics skills.
- Make cognitive your golden opportunity for collaboration and innovation.
- Start small, if necessary — but do start.
AIs such IBM’s Watson can quickly understand and derive hidden insights from vast amounts of structured and unstructured data, including raw sounds and images. Much the same as humans do, they can learn, reason and interact to improve their accuracy over time.
While traditional analytics can provide data for businesses to draw insights from, AIs can better predict outcomes and turn insights into actionable recommendations, creating better business decisions. Outperforming sales and marketing leaders are embracing these cognitive solutions.
You can download the study here.