Conversational CRM – Next-Gen Customer Relationship Management Strategy

“Integration of artificial intelligence (AI) with customer relationship management (CRM) tools provides cognitive capabilities to systems that helps in developing enhanced CRM strategies to improve business relationships”

Customer relationship management enables organisations to develop strategies based on their interaction with customers or potential customers to streamline their processes and increase profitability.

Importance of CRM

Customers are the primary revenue generating source, hence their management is a key focus area for any business. For customer acquisition and a long-term relationship, keeping track record of the customers is essential and CRM provides that capability. It produces collaborated information related to status of orders, customer history, issues and others in a single view. This helps in a collaborative effort across various business functions that enhances customer experience and increased profitability.

Integration of data analytics

Data is a vital source for generating insights by leveraging data analytics. Organisations are taking advantage of such analytical solutions in developing their strategies based on new opportunities which involves online analytical processing (OLAP) and data mining. Organisations use CRM analytics for various purposes including customer segmentation, analysing customer value and profitability, personalized marketing, incident management and predictive modelling. Some of the benefits of integrating data analytics into CRM include productive customer management, verified user data, improved supply chain management, reduced cost and competitive pricing.

Emergence of conversational CRM

Implementation of artificial intelligence has widened the scope for customer relationship management as integration of artificial intelligence (AI) with customer relationship management (CRM) tools provides cognitive capabilities to systems that helps in developing enhanced CRM strategies to improve business and customer relationships. Organisations can now capture real time data and analyse them for meaningful insights as well as creating customer profiles. AI integrated CRM, links customer history with its profile to provide more personalized services, thereby enhancing customer experience. Several organisations have developed AI driven CRM platforms and Salesforce is one of the key solutions adopted by several organizations that are already using Salesforce CRM. It has developed Einstein Voice, an AI based virtual assistant, that helps in interacting with Salesforce tools and data using voice as an input. It eliminates repetitive tasks such as manual data entry, and enables users voice to update information in Salesforce CRM. Similarly, ALGORX has developed ONE.AI which is a conversational AI technology, capable of delivering human like conversation by using intelligent agents. This helps in increasing sales without additional workforce, enhanced conversation experience and others.

Conclusively, CRM has always been an important focus area for all businesses as it a primary driver for generating revenue, however implementation of data analytics and artificial intelligence has enhanced the conversational experience of customers, at the same time it has reduced the cost involved with CRM for organisation.

– Mr. Rahul Kumar Pandey 
Research Analyst
Infoholic Research