Businesses are finding it hard to keep up with the shift in consumer demand. With the advancement of technology, customers have increased their expectations for personalization, service, responsiveness, and delivery. For your business to be successful, you need to build strong relationships with your customers. But how do you do that? The obvious answer is by using a customer relationship management (CRM) system.
Traditional CRM was used as a database to achieve goals more straightforwardly. Initially, it was only used for gathering, storing, and structuring data for easy access. It didn’t play any role in the process of analysis and interpretation of data to provide meaningful insight.
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.
Artificial Intelligence has made it easier to predict user behavior and needs. AI and CRM together enable businesses to enhance their customer relationships.
Artificial intelligence, or AI, refers to the ability of machines to think and understand like humans. We have now provided machines with some capabilities that can do much more than just collecting and storing of data. With the help of AI, a system can process a huge chunk of data, analyze it and detect patterns to predict behavior, and also use the same insight to calculate risk.
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 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.
How AI is Redefining the Future of Customer Service
Intelligent Automation: 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.
As mentioned before, AI can help predict customers’ behavior based on past interactions. It uses the same insights to evaluate the sales funnels and forecast market dynamics with maximum accuracy. It allows businesses to take relevant actions that will have a positive impact. It entirely results in restructuring and automating the workflow, depending on the insights. For instance, it can help with lead scoring and assist in lead segmentation based on demographics, sales records, and more.
Efficient Management of Data: Nowadays, a vast amount of information is generated every hour by interactions with consumers. This data can be used to gain insights into predicting buyer's behavior and formulate your business strategies accordingly.
Artificial intelligence is a useful resource when it comes to collecting and processing a massive amount of data. AI can help centralize all data from different social channels and digital interfaces into a single platform — CRM. It can then easily interpret and analyze them and provide value to the company’s objective.
In essence, it will help effortlessly manage the marketing department by enabling them to respond to customers more quickly and efficiently.
Advanced Customer Service Capabilities with NLP: Natural Language Processing is a type of machine learning. It understands the words, sentences, and context of your customer support queries. As a subset of artificial intelligence (AI), NLP interprets and analyzes customer’s verbal statements. Once it does, it provides them with an answer—all without human intervention.
Natural language processing (NLP) in AI is an essential speech recognition capability that can read, decipher, and make sense of the human languages. It can help the CRM platform to meaningfully analyze the textual context of customer emails and send them a precise response.
At the same time, it can also provide real-time advice for sales pitches and course correction. NLP, combined with CRM tools, can help businesses to reveal their brand sentiments accurately, which will ultimately affect their marketing efforts.
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Examples of AI and CRM
Sugar CRM: Sugar CRM has recently launched an AI product called Hint. It automatically searches, tunes, and inputs personal and corporate profile details of prospective customers.
Salesforce Einstein: Salesforce Einstein 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: 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.
A CRM is considered as the backbone of any business organization. In the end, you will see a vast improvement in the company’s bottom line. Investing in AI will help you optimize various processes - improved customer service, compelling sales pitches, increased retention rates, improved customer engagement, and more. Artificial intelligence will help create a better experience for both customers and sales representatives. The combination of AI and customer relationship management is a gateway to a more profitable business.
Hey Naudine, thanks for posting this, AI is a truly a very exciting and ever expanding field. It's interesting to get a deeper understanding just how much of an impact AI can have on a CRM