John McCarthy, in 1956, created the term Artificial Intelligence (AI), which refers to the creation of machines that can think and act like humans. Today, AI encompasses the simulation of human intelligence and is used in various sectors, including sales in the business industry.
AI is highly valued by business leaders. Recent studies show that AI has the potential to greatly increase profits and growth for businesses. The adoption of AI is already proving to be profitable, with a 25% annual increase in its use in standard business operations and a 63% increase in revenue generation.
The finance industry uses AI the most compared to other industries. AI can be used for fraud detection, debit card usage, risk. management, transaction transparency, wealth management, blockchain, lending, etc. Implementing AI in the financial department can have a positive impact on the business.
Sales people should incorporate AI or machine learning into their sales process because it can help the company grow. It can increase the number of potential customers, improve the quality of leads, and increase the likelihood of closing sales. According to the Harvard Business Review (2016), AI has been shown to increase sales leads by 50 percent and significantly reduce costs and time for most companies.