How to get more customers and less delinquency with Artificial Intelligence and Big Data

Fernando Pavón, CEO of Gamco and expert in Artificial Intelligence applied to business, explains in the cycle of AceleraPYMES how small businesses can benefit from the use of AI-based software to find out how to get more customers and reduce delinquencies.

Gamco has been working for years with Artificial Intelligence to offer different types of solutions such as ARM (Advance Risk Management) for risk management; SAIL, for business optimization; issues of fraudand topics of COINa cash optimization for large companies.

Large companies have a great capacity to generate solutions to solve complex problems. Gamco has transferred all this know-how to small and medium-sized companies thanks to the ARM solution for monitoring risk, the bank's credit portfolio or customer payments.

When a company makes a sale to a customer, it is, in a way, financing him. It issues an invoice that, when the due date arrives, it wants to collect in order to reimburse the money. But this credit must be monitored to prevent a problem of non-payment as soon as possible. 

All this is based on predefined machine learning. We can have a lot of data, but we have to exploit it to be able to predict it, act accordingly and optimize actions. There is no point in being able to predict something if I don't have the capacity to make a decision.

To make use of the ARM SaaS solution Gamco does not require a powerful previous development, it is enough with a database built in Excel.

These solutions are based on three axes: they are able to learn from experience, they are able to predict things, and they are able to suggest the best action. And all this in a clear way for the user, without the need to interpret graphs or statistical knowledge.

To do so, they are based on three axes. Firstly, the data. The data will give us information from the Artificial Information, a prediction and then an action. These three axes must be executed simultaneously to get the most out of it.

Artificial Intelligence for SMEs

The problem that small companies often face is that they often do not have all the data available or updated. In fact, there are times when this information has to be requested from the IT person, who is usually the one who knows how to obtain it. However, this first problem can be solved with Gamco's ARM SaaS solution.

From the business address that has access to the data, the software can start to build, to make predictions and, above all, to be able to carry out actions in a simple way for the user, making it unnoticed of all the work that the system would be executing: collecting data, executing Artificial Intelligence algorithmpredictive models, etc.

How to get more customers and less delinquency

There are two types of concrete solutions that will help an SMB use data, update it, secure it and make it accessible to find out how to get more customers.

SAIL. Solution for increase sales and loyalty

SAIL refers to the part of increase sales and loyalty. The customers of any company have many ways to contrast information, to look for a substitute product, to compare our products with those of our competitors, etc.

But how do you get more customers? We have to look for the specific opportunity for each client, with its product and the way it is offered at each moment. In other words, we have to know at all times: what to offer, to whom to offer it and how to do it.

2. ARM. Solution for anticipate defaults

While doing all this, we are minimizing risks by being able to anticipate defaults: which customers may give me a problem in the future, when they may give it to me and, above all, how confident I am that it will happen.

Based on this information, we can then make decisions and take the appropriate actions: make a phone call, make a visit, notify the salesperson in charge of that customer, etc.

But, in addition, with the guarantee that this information is supported by data, Artificial Intelligence and Software as a Service (SaaS).

In terms of privacy, it is normal at first to feel a little insecure about having to "take" the data out of the company for an external tool to manage it. However, Data is often safer and more secure in a cloud environment than in the company's own system, as this computer is manipulated by different people. 

If, on the other hand, the databases, invoices or collections are stored in a secure instance, we are limiting the risk. The access point is much more controlled because there is a single point of entry, with more control and much more dynamism when it comes to deploying new solutions.

Cloud Deployment

Data sources are systems that learn from history and the data that is currently being produced. We can obtain data from Google services, from CRM, from external databases, from credit bureaus, etc. All this information has to be extracted, updated, automated so that it can be uploaded to the cloud in a secure and inviolable way and then allow me to see the impact it has on my business.

For example, in telesales, where I sell a product over the phone, it is very interesting to measure the conversion that salespeople are making. And this can be done in an automatic, updated and easy way. And this is not a system where I have a database that only the IT person can access, but it is available to the user through web environments that are easier to use, that are multi-device and that can be consulted at any time. In addition, the APIs, standard communication interfaces between systems, make it easier to communicate between systems. 

The company can automatically dump this information, not only for business users, but also for technical users. If we enrich all this with the capacity that Artificial Intelligence is giving us to detect things, predict and optimize, we are already closing the circle of not only having all the automated information available, exploitable in other KPIs, in our graphs, but there will also be many tasks in which the machine will help us.

In this sense, to say that Artificial Intelligence is going to reduce jobs makes no sense. At GAMCO we have been working with this system for many years and we have not reduced the sales force, but rather we have evolved it.

The task of the salesperson is no longer just to arrive at a site and think "how to get more customers", take the usual order... but now he/she will have time to talk to the customer, see what needs he/she has, what things he/she is not buying from me and is going to the competition or to a substitute product, etc. 

In short, what the machine does is to give me more time because the automatic part is already in an assistant. And the salespeople can focus on the process of improving the sale.

▷ Don't miss the 2 Artificial Intelligence case studies which was also explained to us by our CEO Fernando Pavón