Expanding the Scope of CRM the AI Way

December, 2019

As mentioned by Amelia Earhart, the first solo female aviator to fly across the Atlantic Ocean – “The most difficult thing is the decision to act, the rest is merely tenacity.”

We have entered an era where the initial groundwork seems difficult since it is always a challenge to manage data that can satisfy customer’s requirements. With customer service becoming the key driver for any business, interaction with customers generates a huge amount of data. Now, managing and utilizing this data volume enhances the scope of success for an organization. In this regard, when customer relationship management (CRM) is powered by artificial intelligence (AI) it becomes easy to identify user’s intent hence predict behavior. As we understand that the objective of CRM is to provide a customized experience for the end-user. Hence, a solution that combines AI with CRM becomes a powerful combination in the arena of sales and marketing. As AI eases the data processing thus, generating sales lead or handling detailed statistics becomes smooth and reliable.

CRM when combined with AI

  • Ensure accurate and data-based recommendations.
  • Sales executives can depend upon predictive lead scoring.
  • Creates customer satisfaction through natural language search.
  • Precise and timely forecasting adds chances of success.

AI and CRM: together they add benefits

When AI is leveraged in the field of CRM, it reaps the unimaginable harvest. The following are the benefits.

  • Enhanced customer satisfaction:  Accurate information, quality service and a certain amount of personalization can enhance customer satisfaction. Good customer satisfaction can create brand awareness and help in expanding the business.
  • Gaining customer confidence: AI technology involving facial recognition and other biometric technologies ingest a certain amount of trust in a customer. Especially with the involvement of AI customers gain faith in terms of data security.
  • Empowering sales strategy: AI plays an important role in optimizing automated data entry and intelligent data analysis. This enhances the capacity of the sales team to predict and strategize.
  • Effective and efficient data management: CRM can operate efficiently based on effective data management. Going by the complex nature of data processing, with AI’s involvement managing data and gaining meaningful insight from it becomes easy and effective.
  • Boosting new developments: CRM powered by AI creates the right environment for developing new applications. With appropriate automation, it saves time and cost.

The future of CRM in the light of AI

The advances in the field of technology have reached all the realms of our existence. It also opened gates for advancement in data sets, integration and machine learning capabilities. AI plays a key role not only in data analysis but also in data security which is the base for CRM to flourish. The following are the areas where AI is successfully implemented in CRM.

Virtual assistant: A virtual assistant is the true customer support experience powered by AI. It not only makes the conversation smooth but also enhances the pace thus reducing wait time. An effective 24/7 customer support creates a customer success story.

Data analytics: Focusing on the client engagement process, intelligent analysis of data can enable organizations with clarity of the market hence, it impacts the overall functionality and ability to form a strategy.

Automation in data capturing: Automation in data capturing has empowered the CRM tools to gather customer data without any human intervention. This saves time since there is no manual data entry work involved. Data mining through AI is an ideal combination of business success.

Framing solution: An AI-driven CRM positively engages the customer and solve issues instantly. This also satisfies customers creating a positive vibe for the organization.

According to industry experts, by 2021 AI-powered solutions can create $1.1 trillion global business. AI-powered CRM tools are expected to deliver efficient and highly customized and predictive customer experiences across all domains including sales, marketing, and service channels.

- Kathakali Basu
Content Writer
Infoholic Research