Predictive Analytics vs Prescriptive Analytics
With so many types of data analytics and analytical methods out there, many people are curious about the relationship between predictive analytics vs prescriptive analytics.
Today, we’ll review all four types of analytics and delve into predictive and prescriptive analytics to help you understand when and how to use both.
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What artificial intelligence can and can´t do
For years, artificial intelligence has fluctuated between the terms "Terminator", "technology of the future", or "new superpower", and "doesn't work", "is disappointing", or "no confidence".
It is not surprising that there have repeatedly been so-called "AI summers" and "AI winters" over 70 years. More specifically, there have been two AI winters since the 1950s, when AI was being researched and developed: In the early 1970s and late 1980s, the high expectations for the technology were dashed. Investors pulled out, and researchers got less funding.
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Explainable, Responsible and Trustworthy Artificial Intelligence – What is behind?
Since June 2023, the "AI Act" has been taking shape. With the AI Regulation, the EU Parliament is for the first time planning a legal framework for the development and use of artificial intelligence (AI) - also known as the "AI Act":
“The European AI strategy aims to make the EU a world-class hub for AI and ensure that AI is human-centric and trustworthy.” - European Comission.
How Artificial Intelligence improves Sales Forecasting
Creating and using AI sales forecasts is essential for any B2B company. It is also one of the most important tasks for sales managers who use sales forecasts for sales planning and strategy.
There are many ways to create sales forecasts. From sales rep surveys and estimates of future sales to rule-based Excel calculations or business intelligence applications. But the most unbeatable predictions use artificial intelligence. This article discusses why this is the case.
Roughly speaking, sales forecasts help companies gain some planning certainty in an uncertain future. The goal is to allocate resources efficiently, save money and costs and increase sales.
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Deep Learning vs Machine Learning
Even before the advent of deep learning, we’ve been creating smarter processors that can help us do complex tasks like IBM Watson.
But now that machine learning has been divided into subsets, many of these terms get confused or conflated. Take deep learning vs machine learning; one is a part of the other, but often is thrown about interchangeably.
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How to Predict Customer Churn in B2B with AI
For businesses selling ad-hoc, it's hard for companies to predict customer churn. That is in contrast to as-a-Service subscription-based businesses for whom identifying at-risk customers is more accessible right from the initial sign-up.
SaaS businesses benefit from constantly updated, deep, live client usage statistics in the free trial and beyond when they become subscribers. They build AI-based churn prediction models on historical data tracking how often clients log in and what features they use.
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How to Implement AI-based Assistants in B2B Sales
You are considering implementing AI-based predictive analytics in your sales organisation. Are you convinced that this type of technology will give you a competitive advantage?
Then it is good to know what steps and what decisions you will have to make if you want to use an AI-based assistant in sales. AI enables you to make data-based decisions in sales. At the same time, AI-based assistants in sales do not replace sales staff. Instead, this type of technology supports and enhances the skills and capabilities of your team.
Artificial Intelligence in Wholesale
AI in Wholesale Distribution is a great opportunity and a challenge at the same time. In this article, learn about concrete use cases of AI in wholesale and their benefits.
Wholesale companies are an indispensable part of the economy. They represent an essential link between the economic levels of industry, trade, and retail. A quote from the Frankfurter Allgemeine Zeitung describes the situation of wholesale companies very well:
"The former pure delivery wholesale, which brought the goods of the industry to the retail trade, has become a modern service provider facing additional challenges. The modern wholesaler takes over warehousing, does shelf maintenance, acts as a lender and advises its retail customers on assortment issues."
How to Improve your Pricing Policy with AI – Predicting Pricing
Most companies in the B2B sector have so far adjusted their prices based on factors such as production costs, competitive prices and supply and demand.
Especially in the current situation, both wholesalers and manufacturers are struggling with rising raw material prices. How can you pass on such a price increase without losing all your customers?
Dynamic pricing through AI-based predictive analytics, acts on a pricing strategy where companies can additionally adjust their prices for products and services based on the current customer and market situation. Thus, it is possible to make individual price adjustments per customer and product.
How does Artificial Intelligence help B2B Sales?
Artificial intelligence (AI) in sales: AI helps customers and is rapidly revolutionising the world of B2B sales.
With the ability of AI to analyse vast amounts of data and make complex predictions, AI has the potential to improve the efficiency and effectiveness of sales teams significantly.
In the coming years, advances in AI, machine learning and digitisation will replace many of the time-consuming tasks that sales teams are performing today. This game-changing trend will also affect sales management. AI will redefine sales management.
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