The Game-Changing Role of Client Information in AI and Machine Learning

Table of Contents

1. Introduction
2. Background of Ask Forensics
3. Gathering Insights from Client Decision Makers
4. Analyzing Unstructured Data
5. Collaboration with Miami University's Farmer School of Business
6. How Ask Forensics Differs from Other Analytics Engines
7. The Value of Open-Ended Questions
8. Harnessing the Power of Artificial Intelligence
9. Tips for Leveraging AI and Machine Learning
10. Conclusion

Introduction

Artificial intelligence (AI) and machine learning (ML) have become buzzwords in recent years, revolutionizing various industries. In the field of business-to-business (B2B) sales, the use of AI and ML can provide valuable insights for improving sales strategies, predicting outcomes, and enhancing customer relationships. One company that has been at the forefront of leveraging AI and ML in B2B sales is Ask Forensics. With over 19 years of experience, Ask Forensics has accumulated a wealth of data and expertise in analyzing client decision-making and account health. In this article, we will explore the Journey of Ask Forensics, their unique approach to gathering insights, their collaboration with academia, and how their analytics engine differentiates them in the marketplace. Additionally, we will discuss the significance of open-ended questions, the power of AI and ML in sales predictions, and provide tips for businesses looking to leverage these technologies. So, let's dive in and discover the fascinating world of AI and ML in B2B sales.

1. Background of Ask Forensics

Ask Forensics is a 19-year-old company founded by Rick Reynolds, the Current CEO. Their tagline, "When teams win and grow," reflects their mission to uncover the reasons behind B2B sales success or failure. They specialize in two areas: sales forensics, which examines why sales pursuits are won or lost, and account forensics, which assesses the health of client accounts. With a history dating back to the late 80s, Ask Forensics has been deeply involved in the B2B sales and account intelligence space. Their journey began when they were approached by a non-profit technology development group to evaluate one of their portfolio companies. This experience led to the realization that many companies faced sales issues rather than funding problems. Rick Reynolds built a business around this Insight, which eventually evolved into Ask Forensics. Since then, their expertise has been sought after by Fortune 1000 companies as well as small and medium-sized businesses, earning them a reputation as industry leaders in B2B sales analysis.

2. Gathering Insights from Client Decision Makers

One of the key factors that sets Ask Forensics apart is their unique approach to gathering insights from client decision makers. Instead of relying solely on surveys or structured data, they conduct one-on-one interviews with top-level executives. By engaging with c-suite, EVP, and SVP level executives, they are able to access the strategic minds driving the company's goals and strategies. These interviews are open-ended and designed to Elicit detailed responses. Each interview typically lasts between 20 to 45 minutes, resulting in a wealth of valuable feedback. According to Ask Forensics, 85% of the accounts they assess are at some level of risk. This means that underlying issues, if left unaddressed, can potentially harm the client's business or open doors for competitors during the rebid process. By conducting in-depth interviews with executives, Ask Forensics uncovers the nuances and subtleties that may not be captured in surveys, providing their clients with actionable insights to nurture their accounts and secure sales opportunities.

3. Analyzing Unstructured Data

Ask Forensics recognized the value of the expansive, unstructured data obtained through their one-on-one interviews. Over the years, they developed a Cloud app to code every open-ended answer from these interviews. This process involved summarizing paragraphs of responses using quick phrases and codes. By doing so, Ask Forensics built a statistical database of qualitative data, accumulating insights from thousands of interviews. This database became a valuable asset, allowing them to identify trends, systemic issues, and highlight factors contributing to lost sales opportunities or compromised account health. However, as technology advanced, Ask Forensics realized the potential of AI and ML to uncover deeper insights from their unstructured data. They reached out to Dr. Scott Friend, an assistant associate professor at Miami University's Farmer School of Business, who had been using their data to develop AI and ML applications. This collaboration opened new possibilities for Ask Forensics to harness the power of AI and ML in sales analytics.

4. Collaboration with Miami University's Farmer School of Business

Ask Forensics has maintained a long-standing collaboration with academic institutions, including Miami University's Farmer School of Business. For over 15 years, Ask Forensics provided anonymized data to researchers, enabling them to publish articles and gain insights from their rich dataset. The collaboration with Dr. Scott Friend and his colleagues allowed Ask Forensics to explore AI and ML applications in sales analytics. By working together, they aim to develop a machine learning model that can leverage the unstructured data collected through Ask Forensics' interviews and produce actionable insights for their clients. This collaboration showcases the synergy between academia and industry, bridging the gap between cutting-edge research and real-world applications.

5. How Ask Forensics Differs from Other Analytics Engines

numerous voice of the customer programs and analytics engines exist in the market. However, Ask Forensics differentiates itself through its data-driven approach and the richness of insights obtained from executive-level interviews. Many other programs rely on survey-Based approaches, where respondents select predetermined answers or rate their experiences on a Scale. While these methods have their merits, they often lack the depth and Context that open-ended interviews provide. Ask Forensics' approach allows for expansive, Paragraph-long responses that capture the subtleties and emotions associated with client experiences. By focusing on top-level executives, Ask Forensics mines valuable insights that may not be accessible through other platforms. This unique combination of data richness and access to executive perspectives positions Ask Forensics as a leader in the field of B2B sales analytics.

6. The Value of Open-Ended Questions

Open-ended questions play a crucial role in the methodology employed by Ask Forensics. By encouraging executives to elaborate on their experiences, they are able to capture detailed narratives and valuable insights. The use of open-ended questions goes beyond survey-based approaches that restrict respondents to predetermined options. Instead, Ask Forensics takes a conversational approach, allowing clients to tell their stories and provide a comprehensive view of their decision-making processes. Through open-ended questions, Ask Forensics obtains paragraphs of responses, which serve as a rich source of qualitative data. This data, when combined with AI and ML, provides a deeper understanding of clients' needs, pain points, and aspirations.

7. Harnessing the Power of Artificial Intelligence

Ask Forensics is exploring the potential of AI and ML to enhance their analytics engine and provide even more accurate predictions and insights. By developing a machine learning model, they aim to map the unstructured data obtained from their interviews to outcomes such as sales pursuits and account health. This approach allows them to identify correlations between the identified account health issues and the subsequent sales pursuits. Over time, this empirical data analysis enables Ask Forensics to develop an algorithm that can predict outcomes based on account health assessments. By harnessing the power of AI and ML, Ask Forensics can provide their clients with more granular and precise insights, empowering them to take proactive measures to improve their sales strategies and account management.

8. Tips for Leveraging AI and Machine Learning

For companies considering the integration of AI and ML into their sales processes, Ask Forensics offers the following tips:

1. Conduct a thorough data audit: Identify and aggregate all available data sources, platforms, and data points within your organization. To leverage AI and ML effectively, having a centralized and synchronized data system is crucial.

2. Focus on the executive level: Engage with top-level executives who hold strategic decision-making positions within your client organizations. Their insights and perspectives provide a valuable understanding of the larger business landscape and can help drive more proactive strategies.

3. Embrace open-ended questions: Encourage clients to share their experiences and stories by asking open-ended questions. This approach captures the richness and context of their insights, ensuring a deeper understanding of their needs and pain points.

4. Collaborate with academic institutions: Explore partnerships with academia to leverage their research and expertise in developing AI and ML applications. Collaborations can provide a unique opportunity to bridge the gap between theory and real-world applications.

5. Leverage the power of AI and ML: Explore AI and ML models to analyze unstructured data and identify correlations and Patterns that may not be apparent through traditional methods. AI and ML can unlock deeper insights and enable more accurate predictions, empowering businesses to make data-driven decisions and seize opportunities.

9. Conclusion

The role of AI and ML in B2B sales analytics is rapidly evolving, and companies like Ask Forensics are at the forefront of leveraging these technologies to provide invaluable insights. By conducting in-depth interviews with top-level executives, analyzing unstructured data, and collaborating with academic institutions, Ask Forensics has positioned itself as a leader in the field. Their unique approach, combining the richness of open-ended questions and the power of AI and ML, enables them to deliver actionable insights to their clients. As businesses move toward a data-driven future, embracing AI and ML in sales strategies will be crucial for staying ahead in a competitive landscape. By following the tips provided by Ask Forensics and continuously exploring the potential of AI and ML, businesses can unlock unprecedented growth and success in their B2B sales endeavors.

Highlights

• Ask Forensics, a leading company in B2B sales analytics, leverages AI and ML to provide valuable insights for improving sales strategies and predicting outcomes.
• Their unique approach involves conducting in-depth interviews with top-level executives to Gather expansive and qualitative feedback, capturing nuanced insights that may be missed by survey-based approaches.
• Ask Forensics collaborates with academic institutions, such as Miami University's Farmer School of Business, to explore the potential of AI and ML in sales analytics.
• By harnessing the power of AI and ML, Ask Forensics aims to develop a predictive analytics engine that maps unstructured data to outcomes and provides granular insights for proactive sales strategies.
• Open-ended questions play a crucial role in Ask Forensics' methodology, allowing clients to provide detailed narratives and valuable insights.
• Companies can leverage AI and ML by conducting thorough data audits, focusing on executive-level insights, embracing open-ended questions, and exploring collaborations with academia.
• Embracing AI and ML in B2B sales analytics is essential for businesses to make data-driven decisions and stay ahead in the competitive landscape.

FAQ

Q: What makes Ask Forensics unique in the field of B2B sales analytics?
A: Ask Forensics distinguishes itself through its unique approach of conducting in-depth interviews with top-level executives and capturing expansive, qualitative feedback. Their focus on open-ended questions and the richness of insights obtained from these interviews differentiate them from survey-based approaches.

Q: How does Ask Forensics leverage AI and ML in sales analytics?
A: Ask Forensics is exploring the potential of AI and ML to enhance their analytics engine. By developing a machine learning model, they aim to map unstructured data obtained from interviews to outcomes, enabling them to predict sales pursuits and account health. This empowers their clients to take proactive measures to improve sales strategies and account management.

Q: Why are open-ended questions important in the methodology of Ask Forensics?
A: Open-ended questions allow clients to provide detailed narratives and insights in their own words. This approach captures the subtleties and emotions associated with client experiences, providing a deeper understanding of their needs, pain points, and aspirations. Open-ended questions go beyond structured surveys and allow for comprehensive storytelling.

Q: How can businesses leverage AI and ML in their sales strategies?
A: Businesses can leverage AI and ML by conducting thorough data audits to aggregate all available data sources, focusing on engaging with executive-level decision makers, embracing open-ended questions to capture rich insights, collaborating with academic institutions to tap into cutting-edge research, and exploring AI and ML models to analyze unstructured data and make data-driven decisions.

Q: What benefits can businesses expect from integrating AI and ML in B2B sales analytics?
A: Integrating AI and ML in B2B sales analytics provides businesses with deeper insights, more accurate predictions, and the ability to make proactive decisions. By leveraging AI and ML, businesses can identify patterns, uncover Hidden correlations, and develop data-driven strategies that enhance sales performance, improve account health, and drive business growth.