How Salesforce Predictive Analytics Can Reshape Your Business

• Date: January 2018 •
It is not uncommon to hear complaints about unpredictable market from business owners, and this is not ungrounded, because now with so many innovations and the widest ever product choice, customer demands can change in the blink of an eye. But in fact at every given moment business owners have all the information they need to learn what the future holds for them. Businesses generate a plethora of data daily (customer demand, interaction, issues (support), feedback, etc.), which only seems like a meaningless pile of bites. How do I make use of it, you may ask. Here is when Salesforce predictive analytics comes into play, helping you not only make sense of all the data available, but also giving you tips on what action to take next.

What Is Salesforce Predictive Analytics?

Up until relatively recently, market analysts used what is called descriptive analytics as their primary marketing research method. This type of marketing research allows organizing data accumulated over time in a meaningful way and possibly making it ready for further processing. Or, in other words, as it can be guessed from the name, descriptive analytics describes what you already have, which comes in handy, as storing data in spreadsheets on a drive or worse, in a file cabinet, gives you nothing but occupied space, physical or digital.
But what's next? How should you use those charts and dashboards? Predictive analytics gives you the answer to these questions. Based on the intelligence collected over time, it makes predictions on what step to take next. Some examples of such steps are prioritizing one lead over the other, uncovering new opportunities, ordering more of some specific product from your suppliers, and so on.
To provide its users with these tips, predictive analytics utilizes such techniques as machine learning, data mining and predictive modeling to tackle big data. Due to the high amount of information that needs to be processed, predictive analytics wasn't something used widely earlier. Now however the computational power required for this is cheaper than ever, and it is likely to lower in price even further, and that's why so many businesses, both small and big, start adopting this technology and rely on it for decision-making.

Predictive analytics in Salesforce – Einstein AI

Salesforce is the first CRM to employ predictive analytics, and the scale of adoption can't but impress. Not so long ago it introduced its own artificial intelligence helper – Einstein, which isn't just a complement to buy in addition to your subscription plan, no, it's a great predictive analytics tool available to all Salesforce users. In one of our previous articles, we have already given you a fairly extensive overview of Salesforce Einstein AI and its key features. Let's dive deeper into the topic and find out how businesses can benefit from it.

Benefits of Salesforce predictive analytics

Actionable insights and triggers. Data mining tools sift through your data, finding some hidden patterns and trends which are otherwise impossible to uncover. For instance, your marketing specialists can learn what exactly needs to be fine-tuned to make their campaigns across all channels perform better. Customer support agents may find out the actual cause of some recurring issue. Sales reps can get ideas on which lead is more likely to close and give it priority over others. The list goes on and on.
Facilitated supply and pricing management. Making supply decisions based on hearsay or one's gut feeling is risky and may result in substantial losses. Meanwhile, predictive analytics can actually forecast customer demand and help you avoid the situations of overselling and underselling. Consequently, how much your customers need your product shows you how much they are willing to spend, giving you tips on optimizing your pricing policies and making your prices more competitive.
Informed decision-making. Whatever the size of a company, both its management and sales team surely wouldn't mind some help to lean on when making a decision that may affect business in one way or another. Even small companies with no specific technical expertise (or funds to hire it) can use predictive analytics. And the software is available not just to executives and senior managers – all members of the team can make use of visual analytics tools, hints and tips. In fact, predictive analytics is an invaluable tool helping businesses to grow. Whether a company's management is looking to change a supplier, conquer new markets or introduce a new product, predictive analytics can help implement the change wisely and make it bring profit, not losses.
Enhanced customer experience. Ultimately, all this contributes to enhancing your clients' purchasing journey. To be more specific, predictive analytics has made possible the existence of suggestion engines, which order products users see based on their previous purchases and buying behavior. Besides, deep learning technology is now becoming widely utilized by authorities, banking companies and others, helping them detect fraudulent patterns, thus protecting people from identity theft, tax fraud, wire fraud, etc.
If you're still wondering how to leverage the power of Einstein AI, we at Twistellar will be happy to help. Whether you need to customize your org to make it AI-optimized, to develop an analytics app for your whole business or maybe a machine learning application for a specific role, Twistellar has what it takes to make your idea come true.
Our team has completed dozens of successful projects on Salesforce consulting, optimization, and custom development and is eager to add your company to its stellar portfolio. Feeling thrilled about implementing Salesforce predictive analytics in your org? Get in touch to discuss your ideas today!