Artificial intelligence is expected to transform almost every aspect of business in the near future. From changing how employees do their day-to-day job to how the leadership team goes about making critical decisions, AI is bound to have a substantial positive impact. It is because, AI has the ability not only to increase employee productivity but can also help the companies develop more meaningful connections with customers, which in turn would increase their revenue.
One of the most important abilities of AI and Machine Learning is to identify business-critical insights by processing massive chunks of data. When this ability is combined with a CRM’s capability to collect a vast amount of customer information, the results can be exceptional. Apparently, AI is also expected to transform the very nature of the CRM, which can have a profound impact on the usefulness of the tool. Discussed below are some of the ways in which AI can transform the Customer Relationship Management system.
Artificial Intelligence can be used to build smarter systems that can integrate both company-owned and third-party systems to deliver insights that can add more value. Using AI can also lead to the automation of the data aggregation process, which can make this process much quicker and more predictable. By integrating the customer data across multiple systems, AI can also improvise the customer segmentation and lead scoring process. This will allow companies to identify and focus on higher value prospects, which might have gone unnoticed earlier.
While CRM systems today need employees to key in the data, they also require them to extract customer insights from the collected data. Some systems still require manual interpretation of the mined data to understand customer behavior. With AI the manual process would not only get automated but will also help in reducing the human-errors. The mistakes in data are one of the primary factors that can lead to errors in analysis and incorrect insights. However, when AI is used to both enter and process the data, the errors in the CRM’s data can be minimized, and the accuracy of the analytics can be increased drastically. Moreover, a CRM integrated with AI also interpret more data and provide it to the users in a pre-digested form, which will make it significantly more useful.
When AI is connected with a CRM, it can serve as a virtual assistant for users, helping them get more productive. For instance, AI can make your sales reps and service agents smarter by assisting them in finding specific insights about the customers in much lesser time.
It can make everyone more productive by enabling them to look up and analyze info about inventory, policies, purchase history, etc. Decision makers can use the virtual assistant to examine the latest trends, which can help them take the best action to meet the customers’ needs quickly. Similarly, the front-line employees can be guided on how to eliminate blind spots in the sales and customer service process, which will make the organization much more efficient and client-centric.
While these are some of the ways in which the AI can add value to the CRM system, it can even predict and perform informed actions on its own and eliminate the monotonous manual work that that is still required with current CRM tools. Minor activities that don’t require cognitive skills of a human such as updating forecasts, entering and retrieving data, and preparing the call list for the day, can also be handled by AI. Thus, the future CRMs when integrated with AI are bound to be much more efficient and valuable.