The majority of sales leaders within the healthcare and life sciences sectors plan to introduce artificial intelligence (AI) and sales automation technology within the next three years to increase data accuracy and sales productivity. This information comes from a recent study, commissioned by Clari and conducted by FiercePharma.
The study sought to ascertain the performance of sales teams in healthcare and life sciences industries during these challenging times, as well as the strategies implemented by sales leaders for future growth. It has revealed that only a quarter of executives reported that their sales organisations are currently utilising AI and/or data automation, whilst 67% expect these technologies to be introduced within the next three years.
Clari, renowned as a leading Revenue Platform, delivers enhanced pipeline visibility and increased forecast accuracy. By minimising manual data entry, reps can instead focus their attention on acquisition, retention and expansion. According to the study, retaining and expanding existing accounts was the top priority for 20% of respondents. This was closely followed by selling into new accounts and increasing sales productivity, which were cited by 19% and 18% of respondents respectively.
The study uncovers that competition and economic factors weigh heavily on sales leaders. Disappointing conversion rates, with 20-40% of deals reportedly not closing, is a further cause of concern. A significant 25% of executives reported even higher non-conversion rates. Measures are being investigated to accelerate sales productivity, with a focus on AI and automation throughout the next one to three years in order to make advancements.
Key findings of the study highlight collaboration across teams, more accurate sales forecasts, improved data quality and sales coaching as top priorities for executives. Despite this, confidence in sales forecasts is generally low, with one-third of executives believing their forecasts to be 50-75% accurate, while 27% believe their forecasts are just 25-50% accurate. Worryingly, 12% of executives rate their accuracy at a lowly 20% or less.
Placing too much emphasis on administrative tasks such as data entry into CRM systems is reported by 60% of executives. A majority, three out of four executives, report that sellers are investing up to five hours a week on these tasks, equating to 26% of their time. Time could be better spent creating relationships and selling to doctors. As such, investments in AI and data automation tools are expected to drive productivity.
Organisations that have adopted Clari's AI-powered revenue platform have reported improvements in pipeline visibility, productivity, and forecasting. Within the first year of using Clari, customers reported a 40% increase in committed revenue ($9.6B) saved, highlighting Clari's efficacy in mitigating revenue leak.
Quotes from Jonathan Slasinski, Head of Commercial Training and Education at Singular Genomics, and Keith Moore, Director of Revenue Operations at PerkinElmer, vouch for Claris platform. Both highlighted improved processes and accuracy while using Clari, pointing to its efficiency in analysing pipeline activity and simplifying processes.