China Minsheng Financial Holding Generative AI and Sales Strategies

How Generative AI will influence China Minsheng Financial Holding Sales Strategies

At Texas Business School we believe that Artificial Intelligene (AI) powered tools and technologies will rapidly assist sales people and sales manager at China Minsheng Financial Holding in completing numerous tasks such as – boosting productivity through efficient meeting management , leveraging in-house data to build better sales models, building better funnel architecture, generating recommendations and reminders, copywriting draft content , draft custom customer emails, and more.

How Generative AI / ChatGPT can transform Sales in China Minsheng Financial Holding

Traditionally Sales department is slow to utilize the digital tools because organizations believed that sales require a highly unstructured and people driven approach where the solution is customed based on the requirements of the clients. This belief is fast challenged because of the developments in Artificial Intelligence driven technology tools.

Two of the leading sales AI tools at present are - Microsoft's Viva Sales and Salesforce's Einstein GPT. Both these AI systems are an upgrade to existing database systems.

Some of the factors that are driving adoption of AI in sales that China Minsheng Financial Holding can use are –

The use of unstructured selling data can help AI Large Language Learning Models (LLLMs) to generate, interpret, learn, link and provide an insightful report.

Reduced level of training requirements – As organizations put complex technology systems in place, it requires more training to do data entry, report making, and other processes. Generative AI can reduce the both the requirement of regular training for the sales staff and need of increase in staff to manage the increase in complexity of sales operations.

Selling is highly interactive function that requires numerous digital drafts, phone calls, email chats, and videos of personal interaction. AI now can successfully merge information from all the above sources into a comprehensive solution.

New AI capabilities can help lower the skill set required for the sales team in an organization thus enabling the organization to cut costs in a high interest rate environment.

AI tools such as ChatGPT are providing sales team diagnostic tools for unstructured data to drill down on key insights. Secondly they are highly interactive and sales managers can even ask questions to them and get solutions.

Modern AI systems are truly interactive systems. They provide opportunities for both clients and sales team to make use of conversational interface, record real time clues, provide applications that are easy to use and collaborate with clients, and are part of wider ecosystem then just recording the sales process and interactions.

AI systems are helping teams to discover new business opportunities, provide insights into how to allocate resources over geographies, customers, products, services, and other activities, and help sales staff to formulate custom key account strategies.

Generative AI or tools such as ChatGPT can now are non intrusively embedded in the organizational setup. Secondly they are better at identifying the needs and requirements of clients compare to the sales team in most organizations.

Generative AI can help sales staff to easily write email for them, provide them with proposal requests based on not only product and services features but also on client history, organize sales notes and automatically update the system by going through various unstructured data.

Building a hybrid system using Generative AI – Tools such as ChatGPT can provide sales team with proposals that can be further analyzed, accepted, and rejected by the sales team. This layering of AI technology can help organization build a hybrid system which is far better than purely AI system or human system. Secondly it will also provide more opportunities for the machine to learn – what works and what doesn’t work in real world.

Reduce administrative burden – As the product and services complexity grows in an organization, do does the requirement of documentation, approvals, client drafts, compliance reporting, and custom solutions. Generative AI can not only reduce the need of it but also provide meaningful insight from the already present data.

Challenges in using AI for Sales Operations that China Minsheng Financial Holding should consider

ChatGPT and other tools do provide inaccurate answers. Sometimes it just makes up the answer when it doesn’t have enough information. The hybrid model mentioned above can help China Minsheng Financial Holding to reduce the chances of decisions made on inaccurate information as sales team can easily intervene.