WILL ARTIFICIAL INTELLIGENCE REVOLUTIONIZE SALES IN PHARMACEUTICALS?
If you work in sales management for a pharmaceutical or wellness company, then you've heard of artificial intelligence: the famous "AI". It is often presented as the solution to all your problems, but what can AI do for you? How far can it help you predict your pharmacies' sales or optimize your sales representatives' field trips? And how can you get involved in this revolution already underway?
The crystal ball to predict your sales already exists
According to a recent study published by Tractica, we expect the global market for artificial intelligence software to reach $126 billion in annual revenues by 2025. Yet, one of the businesses that invest the most in AI is precisely that of sales. Not surprising when you see what it is already capable of, especially when it comes to predictive analytics.
As a sales manager or director for a pharma/wellness lab, you potentially address nearly 20,000 points of sale. That's huge. So you have to find a way to get where you need to go, when you need to go. In an ideal world, you would have the ability to say to each sales representative: "Go back to that pharmacy on that date and offer only that range of products". However, AI can predict, to some extent, which prospects will become customers, based on characteristics or behaviors that indicate their likelihood of buying your products. Imagine fully automated and optimized field trips using virtual assistants with deep learning and natural language processing that never make mistakes, never forget anything, and always get it right. Well, it's not science fiction: it's reality.
No robot will replace you
Artificial intelligence still needs human control to function correctly. You are the one who defines the sales strategy and sales objectives. No matter how "intelligent" it is, the algorithm must be configured and driven by humans who know the health and wellness industry inside out. AI is not intended to replace salespeople but to increase their performance. Without human supervision, the machine will not produce satisfactory results.
You also provide AI with the Data it needs to work. Remember: the quantity and quality of your Data directly impact the reliability of the predictions provided by artificial intelligence. They are the fuel of all AI software.
Towards an intelligent and 100% pharma CRM
The job of sales in the pharmaceutical industry remains above all human. To accompany you at the heart of this AI revolution, it is, therefore, better to choose a technology partner who knows your business, who relies on dialogue and advice - and who can provide you with an intelligent CRM tool, designed explicitly for pharma & wellness companies.
You can then benefit from technology's virtues with confidence while developing solid in-house skills to boost your sales and natural intelligence.