Customer Relationship Management (CRM) is a critical requirement for large and growing enterprises operating in a competitive environment. A variety of tools and platforms enable sales and marketing professionals to build and strengthen their customer relationships. According to Gartner, the global CRM market is predicted to grow at 13.7 percent Compound Annual Growth Rate (CAGR) by 2021.
Non-revenue generating operations such as data capturing cause loss to businesses. According to research, it was estimated that more than 20 million sales professionals worldwide spend their lot of hours performing data entry. It limits their capacity to focus on more important tasks. In addition, organizations struggle to efficiently manage data essential for meeting customer service requirements. The solution to all these problems is integrating AI into CRM.
Artificial Intelligence has made it easier to predict user behavior and needs. AI and CRM together enable businesses to enhance their customer relationships.
360 Degree View of Customer Experience
Earlier, Customer Relationship Management (CRM) existed in the form of automated management of customers’ contact details. CRM systems would pull data from emails, form submissions, purchases, and address book contacts. They provided accurate sales and customer service information to effectively address customer concerns and make informed decisions.
Next-gen technologies like artificial intelligence supported by machine learning now have the capacity to provide a 360-degree view of customer’s experience. A 360-degree view of customer interactions requires multiple inputs gathered in real-time. Essential data includes customer information, product interactions, customer transactions, and behavioral data.
Role of Emerging Technologies in Improving the Efficiency of CRM tools
In 2011, Gartner made the prediction that 85% of customer enterprise interactions will be managed without a human by 2020.
CRM tools perform data analytics to map patterns and predicament trends, improve efficiency, track customers and generate leads. Artificial intelligence and machine learning are continuously increasing and refining the efficiency of CRM tools.
Let’s take a look at how it is all happening:
AI has an abundant potential to boost the output of CRM tools. It can provide a holistic view of the customer’s entire journey from the prospect stage until retention.
Artificial intelligence along with social media proliferation has brought a positive change in the efficiency of CRM tools. AI delivers better predictive analysis results while social media brings customers closer to business strategies. They work together to accomplish customer relationship goals.
How AI is Redefining the Future of Customer Service
Artificial Intelligence is steadily redefining the future of CRM. With the advancement in AI, the scope of automation is becoming wider. It will prompt customer relationship stakeholders to focus on more pressing issues. In brief, it will elevate the customer experience from the beginning to after-sales service.
Micro service-based business model Led by AI integrated CRM tools
AI is no more considered as science fiction but is an important technology to change the aspects of the business. It provides efficiency and eliminates the possibility of human error.
Its purpose in CRM is to find better and faster solutions by reaching beyond the limitations of CRM users. AI and CRM integration will improve productivity and revenues.
Popular predictions about CRM and AI integration:
AI and CRM integration will enable organizations to restructure the workflow and automate manual chores intelligently. It will be used to evaluate sales funnel, predict customer behavior and predict revenue with maximum accuracy. With predictive analysis, we can enable organizations to use historical performance data to make predictions about the future and take relevant actions.
AI will supplement CRM to enhance business operations by providing virtual assistance to employees, prioritizing leads and progressing customer segmentation.
It may also nurture leads with behavioral analysis of customers. Let us see how it happens:
- AI will intensify change in the predictability of the outcome of customer interactions, opinions, behavioral patterns, and market dynamics.
- AI technology will be used in complex training models that deal in feeding customer demographics, pursuits and sales record. In the future, these models will be used in predicting the possibilities of customers product purchase.
Better Customer Relationships with Bots
With the fusion of AI and CRM, chatbots will become more intelligent and integrated. It will combine past and dynamic data of customers sourced from online actions, clickstreams and variant records. With the support of Intelligence, it will provide real-time advice for course correction and sales pitches.
Gain Advanced Customer Service Capabilities with NLP
Natural language processing (NLP), an essential speech recognition capability will become more advanced. It will enable CRM tools and platforms to generate intelligent insights for making well-informed decisions. AI integrated CRM tools will produce precise responses to customer emails by meaningfully analyzing textual content. NLP based semantic analysis will augment the capabilities of CRM software to reveal brand sentiment accurately and improve marketing efforts.
Transform your Business with Our Artificial Intelligence and CRM Expertise
Our ERP experts provide CRM software solutions like CRM implementation, integration and Mobile CRM. We integrate NetSuite, Whatsapp and HubSpot solutions with CRM to build 360-degree customer relationship management services.
We provide custom CRM development services such as installation and migration of CRM platforms like Zoho, Salesforce, Sugar CRM and Siebel. Our ERP expertise includes embedding Artificial Intelligence to CRM. We set up AI to process customer inputs and make smart recommendations to the organization.
Examples of AI and CRM
It is the first comprehensive AI for CRM that is designed for business to be smarter and more predictive about prospective customers. Einstein is powered by deep learning, Machine Learning, Predictive Analytics, and Data Mining.
Zoho has a conversational AI assistant called Zia. It assists customers with everything from simple responses to complex analytics. We, at Oodles ERP, integrate Zoho products with enterprise applications to manage products, sales, marketing, recruitment, social media and more.
Zoho Creator is cloud software for creating custom applications without any coding experience. Custom apps built on Zoho creator manages data and automates business processes. Our experts use Zoho Creator for custom app development on Zoho platform. We also have expertise in Zoho CRM integration services.
Sugar CRM has recently launched an AI product called Hint. It automatically searches, tunes, and inputs personal and corporate profile details of prospective customers.
Emerging technologies like AI is redefining the future of CRM. It can transform traditional CRM systems and interaction mediums (face-to-face, email, chat, and voice). New CRM systems with the capabilities of Artificial intelligence will create a better experience for sales professionals as well as customers.