What is Salesforce Einstein?

Salesforce Einstein is a suite of AI tools embedded into the various Salesforce apps (Sales Cloud, Service Cloud, etc.) packaged into the form of a digital smart assistant. This allows existing Salesforce users to leverage powerful AI capabilities from a platform they already know and love.

The goal of Salesforce Einstein is to make user lives even easier with personalized recommendations, intelligent search results, and task automation. That includes an Amazon Alexa inspired voice assistant called Einstein Voice that can listen, transcribe, and analyze user questions and more importantly, a business intelligence engine to perform the heavy lifting to discover new insights, predict the likelihood of outcomes, recommend strategic actions and automate routing tasks.

Why Should You Care?

A McKinsey & Company study estimates that AI technologies can increase labor productivity by up to 40%. The robot revolution hasn’t started quite yet, but the productivity gains in the next several years could completely reshape the global workforce.

AI technologies like Salesforce Einstein can help your best employees eliminate repetitive work, giving them more time to work on higher value creative and strategic efforts. Examples of specific Salesforce customer success include:

• 35x increase in lead conversion of top-ranked leads
• 20% increase in sales rep productivity by reducing manual data entry
• 56% increase on open rates on new product emails

Additionally, AI technologies go beyond simple automation or robotic process automation by being able to consume data and derive independent and strategic context. For example,

Salesforce CEO Marc Benioff already uses the Einstein smart assistant in his Monday morning executive meetings:

“We have our top 20 or 30 executives around the table. We talk about different regions, different products, different opportunities. And then I ask one other executive their opinion, and that executive is Einstein.

And I will literally turn to Einstein in the meeting and say, ‘OK, Einstein, you’ve heard all of this, now what do you think?’ And Einstein will give me the over and under on the quarter and show me where we’re strong and where we’re weak, and sometimes it will point out a specific executive, which it has done in the last three quarters, and said that this executive is somebody who needs specific attention during the quarter.

I have the ability to talk to Einstein and ask everything from product areas I should be focusing on, geographies I should be focusing on, the linearity of bookings during the quarter. Every question I could possibly have, I’m able to ask Einstein.”

The above example really opens your eyes to not only the possibilities for AI technologies in the future, but also what they can already achieve today. A few industry specific ideas:

• Fund of Funds Portfolio Manager: Einstein, I am visiting Palo Alto next week to meet ABC Capital for a potential new investment. What are the top fund prospects I should also try to meet while I am there?
• Asset Manager Investor Relations: Einstein, we are launching a new 40-Act fund next year. Who are the investors I should target first?
• Commercial Bank Institutional Relationship Manager: Einstein, I have a monthly client meeting with XYZ Asset Management today. What is the client temperature and key insights?

The Bottom Line

The future of the new digital workforce is deeply intertwined with AI technologies like Salesforce Einstein. We are currently reaching a tipping point where many of these technologies are within reach but understanding how to leverage these tools within your unique organization will be key to maximizing your ROI.

Getting started with an AI platform can seem daunting, but FinServ can help you seamlessly plan for and implement these technologies to suit your unique firm needs. Our expertise in data, systems, and strategic consulting ensures that our clients receive tailored recommendations for the right AI solutions they need.