By Randy Friedman
July 30, 2019
Every week I have dozens of meetings and conversations with executives, investors and industry experts about Cognizer, the Corporate Brain. Everyone is fascinated by the potential power of our proprietary AI – Natural Language Intelligence. One of the most common questions is this: “What problems and use cases does Cognizer address?”
I tend to chuckle because preparing for the meeting I am having with them is perhaps the best use case of all. Let’s explore why.
One of my primary responsibilities is working with customers and partners. As a startup, Cognizer.ai must win deals to succeed. Preparing for each meeting in the deal cycle requires extensive preparation, research and knowledge. If you are not fluent about all the pertinent topics that your “buyer” prioritizes, you will not propel the opportunity forward and the buyer’s journey ends abruptly.
Think of each meeting as a live “performance” in which you are either moving the opportunity forward or you’re not. You’re either winning against your competition…or losing. The stakes are high. Sales professionals know it’s not just about what happens during a meeting; success is often tied to what you do before each meeting.
First, you need to learn about the company:
Does anyone on your team have any prior relationship, dealings with or connection to the company with whom you are meeting? To know, you need to search, find, read and digest information from internal documents, emails, systems, etc.
What are the company’s pain points and priorities, their competition, recent successes and challenges, etc.? To know, you need to search, find, read and digest information from internal and external sites, such as their corporate site, LinkedIn, Wikipedia, the SEC.
There are endless questions that need answers. In each case, you need to learn these, integrate these into your agenda and probably memorize them.
Second, you need to learn about the team who will be making a decision about your deal. Decisions are not often made by just one person.
With whom are you meeting?
Do you have any prior connections with them?
What are their roles and responsibilities?
What are their prior work experiences?
What are their interests and hobbies?
Once again, to know, you need to search, find, read, digest and memorize.
Consider how long this takes. A recent Forbes article answers this question. “Here is the bottom line: Sales reps are only spending one-third of their time selling.”
The financial cost is astounding. Forbes cites this fact: “The average field sales rep is paid $105,482 a year. If 64.8% of the time is spent on non-revenue generating activities, the typical company spends $68,352 per rep per year to pay him or her for tasks they were not hired to do.”
Cisco, a large technology firm, has more than 24,500 professionals in sales and marketing. Semantech, another technology firm, has about 2,000 sales and marketing people. Both are paying way more than average on talent. For every 1,000 sales professionals, these companies spend more than $68 million on activities they need to prepare to do their jobs. Hmmm. That seems like a big problem worth solving.
What if each professional already knew all the information they needed to perform their work? That is just one of the many problems that Cognizer, the Corporate Brain, solves. The Corporate Brain extracts intelligence from documents stored in Box.com, email systems, file folders, etc. It merges your organization’s business knowledge with hundreds of millions of facts preconfigured in its knowledge base.
That why we say “Stop Searching. Start Knowing.” Who has the time to search?
To explore how Cognizer works or how it can help your organization, Click Here.
January 10, 2020
January 10, 2020