SFDC wields AI To Gain Insights Into Business Relationships!
To Help Companies Discover New Business Opportunities and Increase Sales
Salesforce announced on June 02, 2021, about its new Einstein Relationship Insights (ERI), an AI-powered research tool that autonomously explores the internet and internal data sources to discover relationships between customers, prospects, and companies. Salesforce claims ERI can help sales reps close deals faster by acting as a virtual agent for salespeople in all industries, scanning news articles, social media, collaboration apps, email, and other online sources to uncover and deliver account and contact information.
Forrester predicts that spending on marketing automation tools will grow “vigorously” over the next few years, reaching $25.1 billion annually by 2023 from $11.4 billion in 2017. It’s estimated that 55% of marketing decision-makers plan to increase their spending on marketing technology including AI and machine learning with one-fifth of the respondents expecting to increase by 10% or more.
What does ERI do?
ERI is a desktop plugin that works alongside sales reps by surfacing information from each data source, offering a single-click customer relationship management update capability to directly import information from various silos. For example, ERI highlights relevant personnel or companies in the data source, like a new article, and then shows the sales rep all relevant connections directly within that data source.
Because it’s integrated with Salesforce, sales reps can update their customer relationship management databases with a single click to enrich account and contact records. And, combining it with customer relationship management data could allow sales reps to engage in more relevant and strategic conversations with their customers to accelerate sales and generate new business opportunities.
The Power of AI
Forrester Research reported that companies “have to rebuild their businesses, not for today, or even next year, but to prepare to compete in an AI-driven future.” Reflecting this changing landscape, IDC expects global spending on AI to more than double to $110 billion in 2024, up from $50 billion in 2020. Salespeople need to start focusing on the areas that matter most, like high-touch online or in-person customer interactions, and leverage technology as an assistant to handle the mundane task of finding relevant insights. ERI can do this at a pace and scale that is impossible for any human to do. This is a glimpse into the future of how humans will successfully work in tandem with AI.
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