Artificial Intelligence is Redefining CRM
The increased competition among businesses in the last two decades has provided customers with more product choices, pushing companies to rethink their business strategies. In an economy where customers are bombarded with a wide array of choices, they are now looking for a personalized experience that is smart and contextual. Managing a small section of customers might not require much resources and technology for businesses. However, catering to large audience demanding personalized experience could present multiple challenges. In order to address these challenges, companies—multinationals and start-ups alike—use CRM software that allows them to capture, store, and manage consumer data.
Non-revenue operations including data capturing cause significant loss to businesses. According to a research, it is estimated that over 20 million sales professionals world-wide spend a major chunk of their time performing data entry, restricting them from focussing on their core job. The solution to this challenge can be addressed by leveraging artificial intelligence (AI), machine learning, and analytics—the future of CRM.
Integrating AI into CRM will allow businesses to automate data capturing while allowing their workforce adequate time to perform their job. Unfortunately, this data will yield no value to them if not analyzed in a systematic way. Data that is collected from social media and various other touch points must be analyzed using sophisticated business analytics tools in order to arrive at insightful decisions that can help to delight their customers. Above all, it’s the need of the hour for businesses to leverage AI and machine learning that will drive future growth.