Impact of Using Predictive Artificial Intelligence on Contract Duration

Abstract

In a constantly changingbusiness environment, the integration of artificial intelligence (AI) is becoming a fundamental direction in achieving increased revenues and sales volumes for companies. AI and its various applications contribute to identifying patterns in consumer choices, which at the same time contributes to the more effective formation of marketing and sales strategies of companies. Predictive AI (AI), which uses algorithms and data analytics to predict future trends and behavior, is now widely developed, enabling companies to make informed decisions, and overcome competitive challenges.The accuracy and reliability of forecasts depend on the quality of the data that enters the system.Thus, understanding the importance of data quality is vital for organizations seeking to take advantage of the broad capabilities of PAI. The analysis of literary sources makes it possible to conclude that the implementation of AI algorithms in the work of marketing departments of companies is developing widely.At the same time, most of the known studies focus on marketing data. An important indicator when agreeing with a company and a client is the length of the period from the qualification of a potential buyer to the first real order.Such data in open sources is not enough. This research aims to analyze the impact of the use of PAI on the duration of the period of transition from the qualification of a potential client to his conversion, that is, on the duration of the conclusion of the agreement. A study of the impact of PAI on the duration of deals showed an increase in the time for successful deals by 59.5% and an increase in the time to process losing deals by 62.3%.The correct implementation and use of forecasts and PAI effectively affect various indicators of commercial departments, including the length of the transition period from the qualification of a potential client to his conversion.Thanks to the use of PAI, the commercial department processes new inquiries and contracts much faster, and accordingly has more time to work with potential, new, and existing customers. The results of the analysis of PAI opportunities and its role in shaping the future of business are useful for ensuring its stable growth and success.