AI: The Next Big Thing in CRM

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AI: The Next Big Thing in CRM

CFO Tech Outlook | Tuesday, May 28, 2019

FREMONT, CA: Personalization alone is no longer enough for enterprises to be smarter. In the past few years, competition has increased rapidly, that has led to more choices for customers and has increased the pressure on businesses to become more digital and responsive. Customers, along with personalized experience, now look at affordable prices and high-quality services. Customer Relationship Management (CRM)  addresses this need of most organizations to a large extent. They enable firms to capture customer data, usage patterns, and purchasing behavior and analyze them to serve their customers better. Already witnessing an evolution in the form of artificial intelligence and analytics, central to its future, CRM is leveraging this technology to enable companies to improve their client experience and profitability. 

AI can be useful when used in systems and applications by automating redundant tasks that firms used to do manually, hence increasing productivity and profitability. CRM that contain AI technology not only can do simple, time-consuming tasks such as data entry but also can identify patterns and trends in just seconds through data and tell users how best to use it. Understanding customer expectations and knowing how to manage them is vital for the timely delivery of services. AI can offer CRM a predictive lead scoring, a way for business, and organizations to identify and prioritize the highest quality leads for their sales team to connect. Lead scoring involving AI uses algorithms instead of humans to predict and qualify leads.

Another powerful feature of AI enabled CRM is natural language processing. For AI to understand speech and turn those into action, NLP comes into play. It can be used to determine what customers want from a text message or email. It can then determine the ordering of customer requests in order to prioritize. NLP can push customer request based on time-sensitivity. When enabled through AI, it can also analyze customer email interactions to get a better understanding of their experience.

Sales departments can use AI to record voice meetings and phone calls and even identify topics of specific meaning. AI can analyze speaking patterns, word choices to determine a caller's emotion, and offer resolution recommendations, streamlining customer feedback programs and tactics and help companies eliminate unnecessary actions by evaluating communications that happen every day. 

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