Automation has enabled businesses across industries to scale and explore new opportunities faster. According to research, 80% of leading companies have implemented automation for marketing. This boom in automation has had significant implications on the labor force and the way business is done. Research has found that by 2030, up to 800 million global workers could lose their jobs to automation. Workers being replaced by robots shifts the dynamics of the workplace and creates new challenges and opportunities for the business. Every industry is adjusting differently to automation and how it can augment productivity. For a dynamic industry, such as business development, the adoption of automation means the outsourcing of repetitive tasks and paperwork to robots for humans to focus on developing new business.
What Is Business Development Automation
In business development, automation is used to enhance the partnership between humans and computers. Computer algorithms are designed to take over mundane work from humans. This allows business development (BD) professionals to focus on higher-level tasks and duties that yield the most profit. For example, BD pros could use machine learning (ML) to parse and filter contact lists to identify the most active leads and compile profiles. This allows the BD pro to contact leads with highest pay off and become more efficient with sales scripts. As intelligent automation is becoming more accepted in the workplace, BD as an industry is developing best practices to coach human employees.
Business Development Automation Examples
Some examples of the way automation transforms BD is enabling instant automatic responses from email. Research has found that if it takes even 30 minutes to make a contact or reply to queries, it reduces the probability of converting a lead by 21 times. By automating emails, a business acknowledges customer queries instantly and can deliver better customer service.
Another example of automation at work is AI solutions for customer services. Research has found that 58% of B2B organizations use AI solutions such as chatbots on their website. Chatbots are used as the first line of defense to resolve complaints and questions from customers before being handed off to a human customer service agent. Customer service is an integral part of the sales cycle, and its improvement enhances the opportunities to win better business for BD.
Business Development Automation Benefits
Automation improves processes in the BD industry as it does for many industries in the marketplace. Because BD is heavily reliant on emotional intelligence and creative problem solving, it presents an interesting use case for automation. While some disruption of BD is expected by machines in entry-level positions such as analysts. The foundation of BD work is unlikely to be usurped by machines. It deals significantly with negotiation, improvisation, and empathy.
These are intricate and nuanced human skills that are not easily replaced by machine algorithms. Perhaps, the best of both worlds can exist for the future of the BD industry. It is resilient enough to not be taken over by automation yet progressive enough to incorporate automation practices to be more successful.