You can never talk about the different AI for sales technologies without mentioning predictive analytics. In a nutshell, predictive Analytics works by getting information from sets of data in order to figure out complex relationships, forecast future trends, find the different associations and determine trends that have not been known.
With this, you can predict future happenings to make well-groomed decisions. The applications of predictive analytics can never be exhausted since it is used in performing many activities. Some of the applications of predictive analytics include:
Risk Assessment
Risk assessment as a part of AI for sales makes it easy for users to examine the possible risks that are likely to be experienced by a given business enterprise. The main reason behind collecting data in this scenario is to create systems that can support decision making with an aim of getting accurate predictions on the operations that might lead to maximum and minimum profits
Financial Modelling
Financial Modelling is basically the act of developing a model that represents the things that are currently taking place in the real financial world. It is usually a mathematical model that is outlined to show the operation of a given business portfolio or financial asset.
The things represented in a financial model are related to quantitative finance applications, corporate finance applications or accounting. Financial modelling has gained popularity over the last couple of years since it is an exercise that can be carried out on asset pricing that’s quantitative in nature.
Sales Forecasting
Businesses must make predictions about future demand of products by analyzing the history of sales, events that change the market or the different seasons. Having an earlier prediction of things is likely to help in sales planning, preventing any losses that may be made if predictive analytics was not put into use.
Collecting data can help in foretelling the response of customers and any change of attitude by looking at the data at hand. A company can use sales forecasting for carrying out short-term forecasting, long- term forecasting and medium-term forecasting. Strive to conduct sales forecasting regularly to have a clue on what is expected in the future.
