Correlation does not equal causality - KPIs in Sales
Watch your step! Sales managers and managing directors in B2B confuse correlation and causality.
Data-based decisions in sales are not always ad-hoc better than intuition. The reason for this is the frequent confusion between the terms causality and correlation.
How nice it would be if managing directors or sales executives regularly knew why something happened. Why individual customers churn; why one product does not sell well or sells more than others; why in the end a promising sales lead does not become a customer, regardless of how good our salespeople are.
The Most Important KPIs in Distribution and the Influence of AI
Key Performance Indicators (KPIs) are also used to manage companies in the retail and wholesale sectors.
AI in the form of predictive analytics can establish correlations between individual KPIs and thus provide recommendations for action.
Numerical parameters are necessary to understand the current situation of a business. Key Performance Indicators (KPIs) are indicators that can be used to measure and determine the performance or degree of fulfilment of pre-defined objectives within a company.
Implementation of AI: Obstacles and Recommendations
Studies paint a picture of how things are going with the implementation of AI in companies. Obstacles are often a need for more human resources and a lack of support from management.
Artificial intelligence (AI) is becoming increasingly present in our (professional) everyday life. Who would have thought 20 years ago that there would one day be software to help those responsible for sales make statements about events likely to occur?
The Ethics of Artificial Intelligence: Why AI Needs an Ethical Basis | Part 2
The Ethics of Artificial Intelligence: Part 2 of 2: an in-depth plea for an ethical basis in the field of AI by our Qymatix guest author David Wolf.
If you want to read Part 1 first, click here.
Ethics in Conversational AI: What should a bot do, and what should it not do?
Artificial intelligence is like other things in life: just because you can do something doesn't mean you should. One example of this is conversational AI and, in particular, chatbots. Chatbots can be helpful in marketing, service and support. For example, these digital helpers automate a website's interaction with visitors to create an optimal user experience and quickly and efficiently handle customer inquiries even when there are no longer any flesh-and-blood employees sitting in front of the computer. But: Who pays attention to ethical aspects when developing chatbots?
Read more
The Ethics of Artificial Intelligence: Why AI Needs an Ethical Basis | Part 1
The Ethics of Artificial Intelligence: Part 1 of 2: a very well-researched and in-depth article by our Qymatix guest author David Wolf.
Whether in production, marketing, sales or logistics - artificial intelligence optimizes processes and takes over routine tasks. People also hope for better, i.e. more objective, decisions from AI.
That is where it gets tricky. How can machines "decide" objectively if those who develop the algorithms cannot? A plea for the ethical evaluation of AI based on its respective impact on society.
Read more
Five Strategies for Raising Prices in Wholesale
Wholesale is also affected by global crises such as the Ukraine conflict and the Corona pandemic. On top of that, inflation is on the rise. Manufacturers' and suppliers' prices are rising. What strategies are available to raise prices in turn?
While private consumers are trembling over how high their next gas bill will be or by what factor their monthly gas bill will increase, many companies are already facing rising energy costs.
Read more
Where AI already Supports Sales Today
Learn seven practical use cases where artificial intelligence is already supporting sales today.
More and more companies are using AI to streamline processes in sales and hand over unpleasant tasks to algorithms. AI is therefore assistance for sales without making employees obsolete.
The use of artificial intelligence (AI) is radically changing the way sales works. This primarily refers to sales processes under the influence of AI tools that make the work of sales employees easier, optimize operations and take away tasks that are perhaps not so readily done.
Read more
Establishing Private Labels in the Wholesale sector: This is What Matters
The development of a private label can mean additional sales potential for wholesalers. But before this can happen, a few basic considerations are needed to ensure that the private label brand does not remain a slow seller.
When wholesalers decide to develop their own brand and include it in their product portfolio, they do so to differentiate themselves from the manufacturing industry. Their own brand or private label is then generally a product or a product range that the wholesaler offers under its own brand name and thus competes with branded products.
These private label products are usually cheaper than branded products because third-party products are more expensive to buy due to the manufacturers' additional sales and marketing costs.
Predictive Sales Forecasting: Answers to 5 Questions of Salespeople
Why should we use predictive sales forecasts in sales? This article is aimed at anyone thinking of using AI for more efficient sales planning and sales management.
Every Saturday morning, Mr. Meier visits the magazine store around the corner to buy the weekend edition of his favourite newspaper. This has been going on for half a year now. The saleswoman knows Mr. Meier by now, and because he stops by every Saturday, she always addresses him with the same question as soon as he enters her store: "Good afternoon, Mr. Meier! The weekend edition, as usual?"
For Mr. Meier, buying his newspaper on the weekend has become a ritual. It's a pattern that repeats itself every week. The saleswoman has recognized this pattern and addresses Mr. Meier about it, almost automatically.
Correlation does not equal causality - KPIs in Sales
Watch your step! Sales managers and managing directors in B2B confuse correlation and causality.
Data-based decisions in sales are not always ad-hoc better than intuition. The reason for this is the frequent confusion between the terms causality and correlation.
How nice it would be if managing directors or sales executives regularly knew why something happened. Why individual customers churn; why one product does not sell well or sells more than others; why in the end a promising sales lead does not become a customer, regardless of how good our salespeople are.