USE OF AI IN THE CRM AND EXAMPLE OF HOW AI IMPACTING CRM
Artificial intelligence is the capability of a machine to exhibit the capabilities like a human such as learning, planning and creativity. Ai use in cars, cybersecurity, web search, chat-bots, CRM, and others. Of which, our main focus will be on customer relationship management.
CRM stands for Customer relationship management and it is a process in which a business or other organization administers its interaction with customers, typically using data analysis to review large amounts of information. CRM systems compile data from the company’s website, phone, email, live chat, social media and marketing materials. They allow businesses to learn more about their target audiences and how to serve for their needs, thus maintaining customers and driving sales growth.
Customer relationship management is an “enterprise approach” to understanding and influencing customer behavior. By the meaningful presenting in order to improve customer investment, customer loyalty and customer profitability.
Topics to cover:
- why CRM needs AI?
- AI powered CRM software
- Example of AI impacting CRM in Industry
Why CRM needs AI?
- chat bots.
- Separate customers and taking names.
- Magnify Customer Engagement and management.
- Lead scoring.
- Close more, lose less.
Chat bots(virtual assistant):
A Chat bot is artificial intelligence (AI) software that can chat with a user in natural language through websites, mobile app or through telephone. chat bots are currently focused on enhancing customer service platforms, they can potentially be applied to a variety of customer interactions, Experts predict 90% of customer interaction in banks will be automated by 2022.
- Listening and note-making tools capture all the discussions during your meeting.
- Call analytics software from CRM Salesforce records calls and meetings, gathers transcripts, captures time-stamped notes and even highlights references to topics of specific interest.
AI-based calendar management tools set up meetings automatically.
Separate customers and taking names.
AI-driven CRM can help you to become more powered in your customer separation approach. With the help of artificial intelligence algorithms, you can separate customers on the basis of purchasing behavior, history, their likes and dislikes.
You can study the past data of customer behavior and you can predict their future behavior to provide customized experiences.
You can target the specific group of customers from the past data and increase the sales growth.
- Making use of big data to target a particular set of potential customers instead of a large, broadly defined group.
Magnify Customer Engagement and management
AI-enabled CRM software can create customized experiences and interactions by identifying their emotional state of mind through their text-based or voice-based words, tone and conversation motif.
AI-enabled CRM software can even do an emotional analysis and image recognition technology to understand customer satisfaction or dissatisfaction with your product in real-time. When you will get the insight data, you can take identify the problems quickly and take action and respond to customers.
AI-powered CRM can track data of all the customer interaction psychology and give you an accurate estimate of their behaviour and intentions.
- analyze online feedback or review submitted by customers and determines their general tone.
- predict caller purpose and increase the speed of resolution and lower the escalation cases through speech analytics.
Lead scoring points sales repetition toward chances that are most likely to buy and in the past, sales prospect algorithms classified each lead via fixed rules set by humans. With the arrival of Artificial intelligence, lead scoring starts with these algorithms and adds to them user-defined factors. Artificial intelligence self-learns by weighing each factor that makes up sales repeating lead scores and consequently derives more attractive chance lists than the sales chance algorithms could on their own. Salesforce.com Einstein platform and Information Coleman AI platform are providing CRM software applications that use AI for predictive lead scoring.
Close more, lose less.
AI-powered CRM can learn different sales scenarios where the deals were rejected and closed. CRM will provide useful details and make intelligent recommendations during various stages of the sales channel to advise sales repetition on the next best course of action to close the deal.
It can also help them to identify which buyer has the true intention to buy the product and speed up the sales cycle, determining sample which had both positive and negative impact on the channel to manage the next channel more efficiently.
AI algorithms can influence five core areas of sales – price maximization, predicting , upselling & cross-selling, lead scoring and performance management.
If you bring Artificial intelligence and Customer Relationship Management software together, it can provide absolute information on all these parameters and result in a higher number of closes.
- AI Salesforce gives smart suggestions detailed insights and predictions so sales repetition can include these elements into lead management, quotes and sales pitch.
- AI-powered CRM software puts similar products in a group, maximize local list prices from sales company/dealers, and also considers discount offers, incentives and payment terms to arrive at dynamic and optimized pricing.
When Artificial intelligence is applied to customer relationship management, the probabilities seem endless. AI-powered virtual assistants will automate sales and repair tasks. chatbots will help customers complete simple tasks. AI-powered fulfilled generation tools will create one-to-one customize marketing materials. that will make data entry and data cleansing easier.
While AI may have a checked past in delivering meaningful ROI, two drivers will still propel the appliance of AI to CRM.
– Continued explosion of customer and market data, which has created the requirement to higher process and analyse this data.
– The acceptance of the cloud, which enables CRM systems to integrate with data from different digital sources.
– To achieve success in our digital world great companies make efforts to raised understand their customer’s behavior, create unique products and services to handle their customer’s needs, and communicate with the.
AI-powered CRM software
There is much wide range of CRM software available to support your business. the below companies are the leading CRM vendors that also provide AI technologies in their solutions:
- IBM Watson
- Adobe Sensei
- Oracle AI
- Salesforce Einstein
- Sugar CRM
– We can host CRM in the cloud or on-premises.
– CRM will help companies , especially their sales teams and manage their customer’s data.
Example of AI impacting CRM In Industry
- Coca-Cola is an example that holds AI to squeeze every drop of perception it can collect from the customer data. With more than 107 million Facebook and 3.3 million Twitter followers, Coca-Cola used all the social media platforms to collect customer perception and by gathering customer data Coca-Cola used this data to fulfil customer requirement and increasing sales growth.
- Unilever has 27 data centers around the world to blend insights from a large range of social media, CRM, traditional market research.
Artificial intelligence in Customer Relationship Management can hold data from your CRM system and outer sources like website, social media platforms to bring your business to a competitive advantage. The use of AI-powered CRM is completely based on your business demands. Combining to an AI-based CRM is totally your choice.