1. Enhancing sales-force effectiveness
Sharper insights on customers
Medtech sales teams have vast volumes of internal, external, historical, and real-time data on their customers and their preferences and behaviors. But capitalizing on this information has always been complex and time-consuming. A typical field sales rep can easily invest up to 600 hours a year looking for customer and product-related data to support their customer conversations. As this is time not selling, it's difficult to measure how this is time well spent.
Enter generative AI. It's a game changer.
The technology can quickly synthesize and learn from all available customer data, including internal and external sources and their preferences and behaviors. It can identify hidden patterns and generate actionable insights that enable sales teams to plan their time efficiently and offer personalized solutions. Companies can use generative AI to review customer personas, specific purchase histories and expectations, and recommend custom contractual terms and conditions. Customer relationships benefit, as do sales results.
Case study: forecasting volumes in diagnostics
A sales team in a diagnostics company invests significant time trying to forecast the patient-test throughput for specific accounts. At the same time, it's creating commercial offers that include financing for high-value capital equipment and defining the quantities of disposables and reagents customers need to run their tests. The ability to forecast volumes correctly has a major impact on the optimal price and profitability of a deal and often becomes central to commercial negotiations.
Generative AI can identify and combine all relevant sources of data to quickly predict test volumes using public health data, registries, and sales data from similar accounts. This allows the sales team to focus on selling, armed with well-founded insights that help turn negotiations into signed contracts.
Automated quote generation
The power of generative AI also improves how companies automate sales quotes. It can create tailored, persuasive, and favorable approaches and offers for individual customers and customer groups, enhancing the efficiency and effectiveness of the sales process.
Embedding generative AI into a medtech company's CPQ technology stack maximizes the return on these strategic platform investments.
Upselling and cross-selling
The next logical step is to apply generative AI to processes that lead to incremental sales. By analyzing past purchases and customer-segment behaviors, generative AI can suggest additional products or services that match a customer's needs and the price targets and parameters most likely to lead to a contract signature.