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Before the innovation of software systems, which help the property managers with an online rent collection, the property manager practically moves from one door to another to collect rent payments in cash from various tenants. The act of physical collection of rent payment was one of the things that made managing a real estate property difficult, and not too many property owners wanted to take on hands-on management. Also, there were not too many credible property management companies to bank on. <

Bye Bye Spreadsheets and Hello Internet<

In 1999, Salesforce developers created the first ever cloud-based customer-relationship management software. The primary objective of a CRM is to make businesses run more efficiently by offering a centralized location to store company data, and provide a singular hub for all the various departments of a business. One of the best features of the Salesforce platform is Einstein AI and analytics.

In this blog, we're going to show you how to get the most out of your Einstein AI including the best times to use it, as well as give some examples of when Einstein AI comes most in handy. The revolutionary Salesforce Einstein artificial intelligence embeds a variety of learning processes to provide the most informed analytics and data sets on the market. 

Salesforce has found from talking to customers that the 3 main issues people had with adopting AI were identifying a proper use for it, getting their employees on board with the new technology, and trusting whether the AI is aligned with their company's values.

In fact, 47% of customers cited needed help identifying the proper use for Einstein AI. Fortunately Salesforce took it upon themselves to address these issues with a guide to AI use cases.

Einstein AI can serve any department of an organization: Sales, customer service, marketing, commerce, finance, and human resources.

Under the sales umbrella, Einstein AI has 3 main uses that aid your business in achieving its goals: Opportunity to Win Ratio which predicts the likelihood that new leads will convert to successful sales, Forecast Accuracy which shows how your business' projections compare to your actual sales numbers, and Manager or Rep Productivity which makes the job of your sales team easier. Under these three uses come a ton of features that will help you convert leads into sales at a more efficient rate.

When you decide to implement Salesforce AI to your business, one of the first things you do is give the system your company's big data including past and current accounts as well as dead opportunities and lead records. After that, Einstein AI does the number crunching for you. By analyzing the success rate of past sales combined with variables such as territories and pitch methods, Einstein AI can formulate an accurate predicted conversion percentage for all future lead opportunities.

Because of the global nature of the sales industry, depending on how busy you are in a certain region, you may feel you have to hire more people which costs your company money. But one of the benefits of Einstein AI is that it will use your data to accurately anticipate your resource needs so you can avoid over-staffing and overspending. With Einstein AI, logging meeting notes has never been easier. Take notes on every lead and make your account executives' job easier. When needing to make a sales call, your AE will automatically see any notes from prior interactions with the customer thus enabling them to provide a more personalized customer service experience.

Under the marketing umbrella, Salesforce lists 3 Key Performance Indicators (KPI’s) that their AI can improve: Lead Generation, Campaign ROI, and Conversion Rate.

Some features of Einstein AI that aid marketing involve lead generation predictions. By analyzing past data, Salesforce can recommend what promotional tactic is best to use for a particular client. Along with AI generated conversion percentages, account executives can now spend their time and resources on the leads most likely to convert.

The technology can forecast the success rate of your marketing campaigns depending on variables such as time of day and week, the budget of the campaign, and what platform you choose to run the campaign on. This has proven to increase ROI on campaigns by 25% per quarter.

Many property managers send out the same ad campaigns directed at the same audience. Most of the time, the audience for these ads are too broad. With Einstein Segmentation, Salesforce can automatically group together similar profiles making your marketing more targeted and efficient.

Similarly, Einstein Engagement Scoring can show how engaged your customers are by channel. The AI will categorize your customer’s engagement rate allowing your marketing team to personalize future conversations with the client.

KPI’s hit upon under the finance umbrella include Sales Outstanding Stats, Operating Cash Flow, and Customer/Partner satisfaction.

If your hotel or property deals with any kind of subscription payments, Salesforce Einstein AI keeps track of customers that are traditionally late making their payments. This alerts your staff members to attempt to make contact with them prior to their scheduled payment date.

An accurate way to plan your budget moving forward is to take advantage of Einstein Discovery, which creates a collections forecast so you can see how much you can expect to collect from all areas of your business and when the payments will arrive in your account.

If you find your hotel is booking mainly standard rooms and customers aren’t paying for your upper-tier selections, the Einstein platform allows you to incentivize guests with a referral program. Give your loyal customers an upgrade when they refer your hotel to more customers.

Another strong way to upsell is to provide recommendations to your loyal customer base. Einstein Predictive Sort highlights products and services that tailor to a particular customer based on their prior purchase history.

When it comes to your staff, Einstein AI improves employee attrition, hiring time, and quality of candidates. Einstein language can help figure out what a certain employee is working towards. Using that information, you can align a staff member’s personal goals with the goals of your company, benefiting both parties. 

Depending on the size of your property, hiring can be a long, arduous process. Don’t waste time scanning through hundreds of CV’s. Einstein Prediction Builder does this for you, identifying what candidates to prioritize during the hiring process.

So, as you can see, there are dozens upon dozens of ways that Einstein AI can help grow your business. Embrace the technology, and utilize it to clean up your operation with optimal organization and efficiency tools.

To take full advantage of these tools, try a Booking Ninjas consultation, where our Salesforce experts will guide you through the process. 

Interested in having a Property Management Software that’s built on the Salesforce platform? Try a demo of our Property Management System, the first and only software with an official partnership with Salesforce.<

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