Why you need tech to better enable your talent
The skill that sets one sales professional apart from another is their ability to react and respond to changing market environments, synthesize this information rapidly, and capitalise on opportunities that lie both within their existing client base, and their sales pipeline. It’s unsurprising therefore that Sales has historically always been a ‘face-to-face’ discipline, where information is exchanged rapidly and frequently.
The impact of Coronavirus and the shift to working remotely has therefore impacted the sales and client-facing disciplines more than any other. The high-frequency, high-value interactions which are generated by a sales team on a daily basis are often overlooked, yet are so crucial in building a full picture of an enterprise’s revenue generating activities. Our discussions with C-suite leaders following the shift to remote working have centred around the importance of capturing the value which lies within the structured and unstructured data that is generated by an enterprise’s communication channels.
Empowering talent with advanced NLP technology
Research has found that 84% of executives across multiple sectors and disciplines believe that by eliminating repetitive tasks and streamlining decision making, AI empowers knowledge workers and frees them up for more value-accretive activities.* Recent discussions with FeedStock Synapse users (a range of sales and marketing professionals, research analysts and equity traders) would also support this view, and the shift to remote working has only exacerbated the need for smart technology to help cut through the noise and drive improved client communication. There has been a dramatic increase in the use of digital communication channels, particularly email and chat systems and we have subsequently seen a corresponding increase in appetite for the instantaneous client-insights which are generated by our AI and Natural Language Processing (NLP) technologies. By removing the requirement for manually logging client interactions, our automated data-capture platform saved front-office employees an average of 12 hours per week in the past quarter – freeing up this time for revenue-generating activities is essential in the current environment. Additionally, deploying deep learning NLP has enabled this particular investment bank to identify three times as many chargeable client interactions. As we enter into a recessive economic environment, an enterprise’s ability to identify and correctly charge clients for their services will be pivotal.
Combine tech and talent to drive revenue
Analysis of how our Synapse product is being used by multiple job titles across the business has enabled us to identify three key ways in which smart tech improves enterprise operations. 30% of front-office time is wasted on manually input, error prone data. NLP technology has revealed three times the number of chargeable client events from within the enterprise’s structured and unstructured communications data. Finally, compliance and IT managers have gained access to a centrally managed, cloud-hosted data lake from which they can pull down custom reports and gain a full 360-degree understanding of enterprise activities. As firms continue to adjust to rapidly changing working and regulatory environments, the ability to access and process this data-driven business intelligence is critical.
COVID-19 is a humanitarian crisis and has threatened many of the things we take for granted in our personal and professional lives. However, the crisis environment has also accelerated digital transformation strategies for many of our current and prospective clients. Businesses are moving from a siloed, manual data entry system to a living, breathing organism and valuable data, derived from AI and NLP technologies, increasingly supports commercial-based decisions on a real-time basis, across the entire business. As we enter into the “new normal” post-COVID 19, those enterprises willing to embrace this crisis borne mindset and accelerate their digital transformations will be the ones to emerge in a position of strength in the months and years to come.
*Subash Wali, Banking & FS lead (UK & Ireland) for the Artificial Intelligence and Analytics practice within Cognizant Digital Business, Financial IT, June 2020
* Microsoft and Forbes Insights, Everyday AI: Harnessing Artificial Intelligence to Empower the Knowledge Worker, 2019