Lead management is a procedure that involves tracking and monitoring potential customers. It comprises other areas such as lead generation, customer data capture, filtering, qualification, distribution, and nurturing. Each of these steps is crucial in winning more business for a company.
While lead managers would do this manually via spreadsheets previously, things have now changed with the advent of powerful innovations. Among those being lead management software.
Yet what are the underlying technologies under the hood of a lead management application? We take a look at some of those innovations below and how they help in lead management.
Artificial intelligence for data processing and lead management
Artificial intelligence (AI) may evoke images of sentient robots taking over the world but at the moment, it actually is rather benign and helpful to humans. It enables machines in different realms like problem-solving, learning, speech recognition, and planning, among a few.
In the area of problem-solving, AI-powered devices or software assist humans in processing large volumes of data, which they otherwise would not have done in a short amount of time. It can do this because of the powerful processing capability that allows it to spot patterns in data.
With this, AI can provide insights that would have flown under the radar in different circumstances. These are the insights that drive intelligent decision-making in an organization. And in the case of the lead management process, these are discoveries and predictions that can further spur the growth of the company. This also means that decision-makers would know where to put their resources best and what strategies to put in place to protect the company from any untoward event in the future.
Machine learning for an evolving platform
According to a Coursera lecture, machine learning is a field wherein practitioners train machines to act in particular ways without explicit programming by humans. That means a computer or a program can learn from ‘previous experiences’ and applies those learnings in the future. This is a continuous process, thereby it improves with persistent use.
This can be advantageous in a lead management software. That is because users do not have to configure the system every time they need to improve the way it works. Instead, it can progressively adapt to their evolving needs by studying their actions every time.
For example, it can learn how to tag leads as being qualified or not by learning from the previous actions done by humans. In that case, it can also learn to differentiate between high priority leads and low priority ones. As such, sales personnel could spend more time selling a company’s products or services and converting more prospects.
Integrations for multi-resource connectivity
Data integration, or simply integration, is the act of consolidating data from multiple sources such as databases or third-party software systems to provide users a comprehensive view. This is achieved through connectors, integration solutions, and interoperability. With this, there would no longer be data silos in an organization, thus ensuring a truly unified view of information.
This is something that even a simple lead management software can do. It should be able to connect with a company’s data sources. Aside from providing financial advisors and their team members an eagle-eye-view on the information, it enables each user to push and pull data between seemingly disparate software. As a result, they can save time in data entry.
Mobile devices and app for on-the-go productivity
Bring Your Own Device (BYOD) is a term that means employees can utilize their own smartphones, tablets, and even laptop computers to access company resources to do their work. This would not only ensure that the company cuts its technology costs but it would also make certain that employees are productive outside of the office, as a Forbes article points out. After all, it is believed that workers increase their pace when they are using their own devices.
Apart from that, BYOD can make it easier to distribute a company’s business app. Employees would only need to register devices and make sure that they have the right permissions to download the necessary applications. This way, they would not have to switch between the devices they use for work and the one they use for personal businesses. Therefore, it would be a smooth process for them to manage leads on the go
Automation for time savings
A dictionary defines automation as a process, technique, or method that allows a procedure to be accomplished with little to no human assistance or intervention. While it may be subtle, the best lead management system would have this capability. For example, it would ensure that redundant tasks are completed so that employees could focus their time and energy on responsibilities that require most of their attention.
In lead generation, automation works by delivering prospects to the pipeline and accelerating the prospecting process. This means that sales professionals can increase their outputs because they no longer have to deal with repetitive tasks.
Lead management software works with tons of data to provide sales managers with the best prospects. It can help oversee leads as soon as they enter the pipeline until they reach the end and become loyal customers. While it may be tempting for small businesses to think that this is not necessary, lead management applications have proven otherwise.
In fact, the most powerful ones can win a company over $3 million in assets because of the real-time processing of data. As such, lead managers, financial advisors, and similar professionals could target smarter and more efficiently.