Artificial Intelligence (AI) in Customer Relationship Management
With ever-growing efforts towards effective customer satisfaction, Artificial Intelligence (AI) and process automation have emerged among the most prevalent trends in customer relation management (CRM). AI in CRM is aimed towards reducing tedious and monotonous tasks of the employees by analyzing routine processes and allowing them to focus on more important and difficult tasks. AI-enabled CRM are capable to automate and simplify daily tasks such as courtesy mails, follow-ups, schedule meetings, calls and manage calendars. The combination of AI with conventional CRM systems is believed to enhance lead generation/visibility, customer experience, workflows and overall team productivity. In addition, unlike conventional CRM systems, AI in CRM is designed to not only gather data but also generate meaningful insights from it, thereby assisting in improving sales and customer retention.
According to a report by Salesforce, AI-enabled CRM is believed to have a potential of generating over 800,000 new jobs worldwide and create a GDP impact of more than US$ 1.10 trillion by 2021. The global CRM market is projected to grow with a rate of over 14% over the next four years. With increasing adoption of CRM software, AI-enabled CRM systems are expected to witness even higher growth in years to come. The growth of AI in CRM systems is also supported by the ever-growing inclination towards data analytics. AI provides analysis of the gathered data that can be further used for predictive lead generation, automated routine tasks and discover untapped/unseen operational loopholes & patterns. This is believed to streamline and revolutionize the entire set of processes for optimum revenue generation and customer satisfaction.
Another major factor expected to support the AI-enabled CRM systems growth is continually advancing Machine Learning and Natural Language Processing tools. Enhancement in these tools can be directly related to more accurate predictions related to sales, lead generation and customer retention. AI-driven CRM can be highly effective in segmenting customers, simplifying lead management and improve customer engagement. With thorough analysis on statistics of deals closed vs. deals lost, AI-enabled CRM is believed to provide valuable recommendations to the employees so as to ensure they close higher number of deals than ever before. Overall, AI-enabled CRM is expected to deliver smarter suggestions to the employees that can help them simplify their daily tasks and analyze the historical statistics on leads & deals, thereby improving company sales & customer satisfaction.
Written By :
Niranjan Sapkal
Designation :
Team Lead