CRM software development has become an inevitable need for both B2B and B2C enterprises to strengthen their customer service efforts. According to AIMultiple, 91 percent of companies having more than 11 employees use CRM systems to improve their customer services. Nevertheless, to keep pace with the ever-evolving technology landscape, the modern-day CRM systems have become more advanced, mainly through AI integration. The use of AI algorithms in CRM can unlock a myriad of benefits for enterprises by introducing new features like behavior analysis, predictive analytics, pattern recognition, and more. According to Statistica, AI adoption in CRM is likely to generate revenue worth $394 billion in the US alone by 2021.
We, at Oodles ERP, provide 360-degree CRM software development services to address varied B2B and B2C requirements of cross-industry enterprises. Our development team specializes in using an advanced tech stack to develop data-driven CRM systems with custom AI integration. We use open-source platforms like Odoo, OFBiz, ERPNext, and Opentaps to accelerate your software development lifecycle and reduce project costs.
In this blog post, we are going to discuss the main reasons for integrating artificial intelligence (AI) with CRM. Subsequently, we’ll analyze the main benefits that enterprises can achieve through AI-powered CRM software development services.
Also read The Importance of CRM Software Development In Retail
Reasons For Implementing AI In CRM Tools
The main reason for implementing AI in CRM tools is the increasing amount of unstructured customer data that requires dedicated AI/machine learning algorithms to process. The growing number of transactions and online payments also increase the size of the customer data. Businesses can analyze and process this data to extract valuable information about their customers’ buying habits.
However, it becomes difficult to extract the relevant information as the data remains unstructured in the absence of an AI-powered CRM system. The use of AI/machine learning algorithms is an effective way to process and analyze massive amounts of unstructured data. The curve given below clearly indicates the increasing amount of unstructured data over the past few decades.
Source: M Files
Once the AI-based CRM system processes the unstructured data, machine learning algorithms can be used to reveal hidden patterns and provide valuable insights into customer data.
Useful Applications of an AI-based CRM System
As of today, a large number of sales teams face difficulties while using their existing CRM systems. It is mainly due to the use of legacy systems that require considerable manual effort and are more prone to errors. That being said, developing an AI-based CRM system will enable enterprises to streamline their CRM operations by enabling automation at every level. Let’s explore some useful applications of AI-powered CRM software development services.
Sales Forecasting
Sales forecasting is one of the most sought after features of an AI-based CRM software. Al algorithms can be used to analyze sales data to detect hidden patterns and share valuable insights. Furthermore, it enables sales teams to make accurate predictions and facilitates intelligent decision making with advanced customer data analytics. As a result, enterprises can optimize their products and services to maximize their profits and increase sales and revenue.
Predictive Analytics
AI-powered CRM tools are effective at analyzing and processing sales data and further categorize it based on demographics, geographical area, or customers’ web-behavior. Besides, these tools can fix irregularities in data, spot anomalies, and reduces errors that may hamper the accuracy of predictions. As a result, businesses can ensure intelligent decision making to boost their sales and revenue while providing maximum customer satisfaction.
Sentiment Analysis
For establishing healthy customer relations, it is of foremost importance to understand their emotions and improve your customer services accordingly. Sentiment analysis is one of the most advanced features of AI that enables enterprises to gain their customers’ trust and build customer loyalty. An AI-powered CRM system continuously analyzes customers’ interactions with the sales team and assesses their emotional states. Enterprises can use this data to focus on delivering the best customer services.
Personalized Recommendations
Developing an AI-based CRM system enables enterprises to gain valuable insights into their customer data. At the same time, they can extract useful information about their likes, preferences, and buying habits. This data can use used to offer personalized recommendations to your customers based on their likes and preferences. It increases the chances of pushing your customers down the sales funnel and helps in establishing long-term customer relationships.
You may also be interested in reading Custom CRM Software: Development time, Cost, Features and More
Wrapping Up
AI-based CRM systems enable enterprises to understand their customers’ likes, preferences, and buying habits. It gives them the opportunity to optimize their business process and improve their marketing strategies to drive sales growth. According to Salesforce, the use of AI-based CRM systems can increase your sales by up to 29 percent. However, despite the many benefits of AI-based CRM software, many enterprises are still using legacy systems to manage their CRM operations. Forbes reveals that of all CRM users, only 12 percent of enterprises are using AI-powered tools in their CRM operations. It is, therefore, quite evident that investing in AI-based CRM software in 2021 will enable enterprises to edge ahead of their competitors.
Why Choose Oodles ERP For CRM Software Development Services?
We are a seasoned ERP development company having years of experience in enterprise-grade CRM software development services. Our development team uses open-source ERP platforms to custom-build performance-driven CRM solutions that address varied business needs. We have successfully completed several full-fledged custom CRM software development projects for startups and small-to-medium enterprises from across the globe. For project-related queries, drop us a line at [email protected].
