Enjoyed talking to Anant Kale, co-founder and CEO of AppZen. Having started AppZen in 2012, he is one of the pioneers in the commercial applications of artificial intelligence in fraud and compliance. We discussed AppZen’s evolution and roadmap, primary areas of focus, its benefits to companies, how the solution ensures lasting T&E reduction along with setup & pricing details. As with most back-office processes, I now view T&E audits as highly automatable. This will be an interesting field as more companies take advantage of the significant ROI offered by rolling out real-time expense audit solutions and reduce the size of their back-offices. Below you can find our podcast edited for clarity and brevity.
Artificial intelligence and machine learning technologies are already revolutionizing many businesses. Especially B2B selling is one of the areas that artificial intelligence and machine learning software companies are cooperating with enterprises.
To understand how artificial intelligence is helping B2B selling, we need to understand B2B selling process.
We can divide B2B selling into two groups:
- Inside sales managed by a CRM installation like salesforce
- Field sales which include face to face meetings with clients
For both, selling process starts with lead generation which is identifying possible customers who may have interest for the product that is offered. After that, leads are scored based on the possibilities and some are qualified as opportunities. Then, sales team converts these opportunities into actual sales with offerings and services.
We discussed lead generation before. After lead generation, it is necessary to determine priority of leads.
What is predictive lead scoring?
Predictive lead scoring is a novel approach to prioritizing customers. No sales rep wants to lose time with unqualified leads and these systems enable reps to focus on qualified leads.
There are a few ways to name this activity: predictive lead scoring, predictive scoring, customer behavior modeling. It is a subfield of predictive sales analytics.
Why is predictive lead scoring relevant now?
Poor lead prioritization can decimate companies. Sales targets get missed, teams get demoralized. Most importantly, sales personnel fail to learn from their experiences. They can’t gain generalizable experiences as they encounter leads with wildly varying intent. Even the greatest sales tactics will not work on a customer who is not willing to buy. A sales person who has seen only customers who are not willing to buy, can lose hope on even the best sales tactics and processes.
Sales reps spend most of their time in non-sales activities. Generating leads can take up a significant share of a sales rep’s time.
Automating lead generating leveraging the latest technology including AI, you can enable your sales reps to devote more time to sales.
What’s lead generation?
Lead generation is generating leads that are relevant for the specific business or industry, before evaluating them according to their possibility to be an opportunity.
Why is lead generation relevant now?
While traditional marketing involved blasting mass media with advertising, current state of the art lead generation includes using both own and 3rd party channels in a highly targeted manner.