Introduction to Sales Intelligence software

We are going to delve into the world of Sales Intelligence, what it is and how you can use it in your business.

What is Sales Intelligence software?

Sales Intelligence software comes into the industry as a relatively new concept. It is used to monitor sales trends across the entire marketplace. It is able to do this by using artificial intelligence (AI) and big data.

Sales intelligence software scans the internet for data. It collects sales figures from thousands of different sources, many of which you may not have heard of. It then filters out data that is not relevant or which is irrelevant to your business. It then uses this data to compare trends and predict future sales.

These trends can be analyzed in various ways. You can look at the sales trends for specific products, for brands, or for competitors.

Why Sales Intelligence?

There are a lot of reasons why sales intelligence software is needed. First of all, it is predicted that the global market for B2B services will grow to $95.7 billion by 2022. This means that there is going to be a lot of competition for small pieces of the market. In order to stay ahead of the competition, you need to know what products are selling and when.

The sales intelligence software industry is still fairly new, so there is not a large amount of research out there. However, there are some great studies that discuss how sales intelligence software can be used.

For example, a study conducted by Experian found that 82 percent of B2B companies using sales intelligence software were able to increase forecast accuracy by 50 percent. Sales intelligence software gives companies an insight into the sales patterns of their competitors. It allows them to monitor sales and identify trends in the market.

For example, if a competitor is selling a product that is similar to yours. You can predict that this product will be coming into the market in the near future.

The Benefits

The benefits of sales intelligence software are numerous.

First, it can save you a lot of time. Sales intelligence software scans the internet and collects data for you. This means that you do not need to have a team of people dedicated to gathering and analyzing the sales data. This saves companies a lot of time, which can be used elsewhere.

Secondly, sales intelligence software allows you to monitor sales trends across the entire marketplace. This means that you cover a large amount of ground in just one click. You no longer have to gather data manually.

Thirdly, sales intelligence software allows you to predict future sales. Monitoring sales trends allow you to identify when products will be coming into the market. This can be very helpful for businesses that are selling products that are seasonal. For example, if you are selling skiing equipment during the summer, knowing the sales trend of skiing equipment during the summer will allow you to predict when it will be good to sell skiing equipment.

The Drawbacks

There are a few downfalls to sales intelligence software. Firstly, it is new to the market and so there is usually only a small number of studies out there. This means that some of the findings may not be accurate. Secondly, the sales intelligence industry is still relatively new and there is a lot of stigma going around with regard to big data and AI.

The big draw to sales intelligence is that it allows you to monitor sales trends across the entire marketplace. This can mean that a lot of the data which the software collects may not be relevant. This means that it can be inaccurate.

However, it is worth remembering that sales intelligence software is still relatively new and there is a lot of development still to be made. As the technology develops, the inaccuracy of sales intelligence software will reduce.