Are you a B2B business owner who is confused about adopting the latest technologies to benefit your company in 2021?
Do you know how you can use AI and ML to boost customer service, product creation, and streamline internal operations?
Have you looked at going for AI-enabled inventory optimization software for improving supply chain issues and problems?
There is a common misconception, which plagues opinion leaders and higher management in the B2B space. This misconception revolves around the fact that new technologies like AI and ML cannot help them in the same way as they can in the B2C space.
The common assumption is that as B2C companies deal with numerous consumers, they have more data to feed into AI systems and gain further traction. However, in reality, B2B companies have as much to gain from data and AI as anyone else.
In this article, we look to explore this exact very question- should B2B companies start focussing on AI to improve their businesses?
Why AI, ML, and Big Data matter for B2B Companies?
According to business experts, it does not matter whether your company is operating in the B2B space or the B2C space. This is because in both cases, the user expects a certain kind of experience. This means that automation enabled by AI, ML, or Data can help improve the user journey for a B2B brand as it can for a B2C brand.
Other experts point out that given the fact that the sales cycle is much longer in B2B as compared to B2C, using newer tech to upgrade automation, predict user behavior and offer solutions is far more pertinent here.
In other words, AI, ML, and Big Data can help B2B businesses shorten the sales cycle by providing customers with offerings according to their requirements. This will allow for better experience creation, improving products based on customer feedback, and helping with the post-sales services.
List of 5 Ways Artificial Intelligence can help B2B Businesses
1. Streamline Internal Operations-
AI-powered inventory optimization software can help improve the logistics of a B2B company in a major way. This can help clear backlogs, make for better and faster processing of orders, and reduce the time frame needed. In other words, it has the potential to streamline the internal operations of a business in ways not imagined before.
2. Improve Lead Generation-
We all know how B2B businesses suffer from credible lead generation strategies. From cold calling to sending email outreaches and structuring LinkedIn data manually, it can take several hundred-man hours. By using AI-powered software, which can help find trends, set patterns, and identify data, B2B companies can improve their lead generation in a radical fashion.
3. Learn from their Customers-
Every company, regardless of the space it occupies wants to know what their customers are looking for. This education can then inform the creation of future products and services that suit the interest areas of the customers. While traditional feedback forms and working with survey firms is ok, it can never give you the ROIs as a specialized AI software can.
4. Free up more time for your Employees-
The simple reason companies look to adopting automation is to free up the time of their employees. Manually doing things like preparing data, lists, and forms can take several hours for your employees. They can use that time in a much better way by building relationships with existing and potential customers for your business. Automation through AI becomes important.
5. Builds a Future-Proof and Tech-First Brand-
If you are not allowing technology to take your business to the next level, you are going to fall behind your competitors. While AI, ML, and Big Data are relatively new, others have taken the initiative and are benefitting from them. Creating a tech-first business can act as a source of credibility and branding for your business in your industry niche.
The Bottom Line
It is important that B2B businesses take advantage of the latest tech on offer and start benefiting from the same. From securing qualified leads to help free up time, AI can help in a major way when it comes to improving the performances of B2B brands in 2021 and beyond.