Knowledge, as they say, is power, and AI-fueled knowledge is both powerful and efficient. From predictive lead scoring and sentiment detection to real-time employee coaching and guidance, AI insights are increasing revenues by driving higher sales conversion rates and improving customer retention.
Indeed, says an article on Forbes.com, the automotive industry is seeing marked benefits by incorporating AI technologies and advantages. “Car dealers were initially sluggish in adopting artificial intelligence but a new study reveals not only are they embracing the technology, many are finding AI improves efficiency, but boosts sales and revenue.” In fact, the article continues, every single dealership that began harnessing the insight power of AI saw revenues increase. 100%! “…the use of artificial intelligence has resulted in actual improvement to their bottom lines, where every dealership using it said it helped them make more money.”
Forbes continues that this is true from two angles. “…[AI] technology has made it possible to better target sales leads more effectively as well as streamline dealership management.” In other words, AI provides education and insights that are invaluable to sales teams, and, in addition, AI also helps scaffold increased efficiencies from an operational standpoint.
From the sales end, explains a blog by Salesforce, AI can help generate and capture leads by highlighting, for example, untapped potential consumers.
“Revenue intelligence uses data and AI to uncover risks and opportunities in deals throughout the sales pipeline. Sales teams can take action on revenue intelligence insights to close revenue gaps and hit their quotas and sales forecasts.”
AI can flag consumers to whom salespeople should reach out, prompting an outbound lead that may have otherwise been overlooked. “The big win from revenue intelligence is that eagle-eyed, real-time view: quickly spotting red flags and opportunities in your pipeline, helping you act in time to hit your targets.”
Even further, a blog post on PYMNTS explains, AI-powered insights can help guide sales teams to understanding consumer behavior and proactively predicting where their time may be best spent. “‘With AI platforms, dealerships gain a comprehensive view of the buying experience from start to finish, including online browsing habits and past purchase history, allowing them to accurately predict who is most likely to buy and when,’ David Boice, the CEO and co-founder of Team Velocity, a B2B automotive tech company, told PYMNTS.”
Further, says an article on MITechNews, “AI lead generation is transforming this process by analyzing vast amounts of data, identifying patterns in prospect behavior, and automating lead discovery. By leveraging AI-powered prospecting tools, businesses can identify ideal customers with precision, ensuring their sales teams spend time engaging with the most promising leads rather than sifting through unqualified prospects.”
Specifically, an article on DesignRush addresses, consumer “sentiment analysis,” or the process of analyzing en masse consumer behavior, tone, language, and turning those learnings into predictive analytics, is key. “Whether optimizing customer experience, enhancing marketing strategies, or predicting emerging trends, AI sentiment analysis is becoming a crucial competitive advantage for forward-thinking businesses….The technology assesses whether sentiment is positive, negative, or neutral, providing businesses with quantifiable metrics to inform decision-making.”
Boice, speaking to PYMNTS, also references the power of AI-gleaned insights from real-time sales interactions. “‘Customer data is essential,’ Boice said. ‘Without it, delivering a personalized customer experience would be significantly more challenging — a problem that AI has effectively addressed.’”
Additionally, AI gives customers more power over their own experiences, offering a personalized interaction that increases positive feedback, PYMNTS continues. “The technology is changing the traditional dealership model by analyzing customer data gathered during the car buying process to personalize offers and enable digital tools that give shoppers more control over their purchases.”
Indeed, though, the benefits in the automotive industry don’t end with sales and customer-facing insights, a cited expert tells Forbes. “‘I think that there’s a clear indication of a phase shift where dealers are looking to have connected data, have real automation and then use AI as operationally, as an operationalization engine for different aspects of the business,’ said [Aharon] Horwitz, [CEO of customer data platform Fullpath, which commissioned the study] in an interview.”
It’s also important to note that Forbes highlights the power of AI when used alongside human talent, rather than in place of it. “So often, slinging the word efficiency is construed as meaning job loss. But survey results would seem to dampen that sentiment with 72% strongly agreeing that AI enhances jobs without replacing them.” Indeed, a Harvard Business Review post says, it’s the people who work with the AI technologies that make magic happen. “Whether it’s a salesperson deciding their next move, a manager reshuffling customer assignments, or a leadership team shaping strategy, fast, reflexive action—driven by real-time insights—is increasingly key to relevance and results….The goal isn’t to replace reflection, but to accelerate it where possible; the shift isn’t from thinking to reacting, it’s from lagging to staying ahead by making reflection faster and reflexes smarter.”
Simply put, says MITechNews, “AI-powered tools have changed the game by analyzing vast amounts of data, identifying patterns in buyer behavior, and providing actionable insights that enable businesses to focus their efforts on high-potential leads. By leveraging AI for lead generation, companies can optimize their lead generation strategies with enhanced targeting, increased personalization, and predictive analytics that drive meaningful engagement and conversions.”
And when combined with the operational efficiencies, the ability to, as the HBR post says, “…shifting some customer engagement decisions to be more reflexive—instantaneous, AI-driven, and embedded in workflows—and speeding up reflective ones through faster insight generation,” the upside is huge.
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