Businesses are finding it hard to keep up with the shift in consumer demand. With the advancement of technology, customers have increased their expectations for personalization, service, responsiveness, and delivery. For your business to be successful, you need to build strong relationships with your customers. But how do you do that? The obvious answer is by using a customer relationship management (CRM) system.
A traditional CRM database was used to achieve goals more straightforwardly. Initially, it was only used for gathering, storing, and structuring data for easy access. It didn’t play any role in the process of analysis and interpretation of data to provide meaningful insight.
Customer Relationship Management (CRM) is a vital requirement for large and growing businesses operating in a competitive market. A variety of tools and software enables the sales and marketing department to build and strengthen customer relationships.
Artificial Intelligence has made it easier to predict user behavior and needs. AI combined with CRM enable businesses to enhance their customer relationships. Artificial intelligence, or AI, refers to the ability of machines to think and understand like humans. We have now provided machines with some capabilities that can do much more than just collecting and storing of data. With the help of AI, a system can process a huge chunk of data, analyze it and detect patterns to predict behavior, and also use the same insight to calculate risk.
AI has great potential to boost the output of CRM tools. AI can provide a clear view of the customer’s entire journey from the prospect stage to retention. Artificial Intelligence is steadily redefining the future of CRM systems. With the advancement in Artificial Intelligence, the field of automation is becoming broader. It prompts customer relationship stakeholders to focus on more pressing issues. In short, it will elevate the customer experience from the first touchpoint to after-sales service.
How AI is Redefining the Future of Customer Service
Intelligent Automation: AI coupled with CRM will enable organizations to restructure their workflow and automate manual processes intelligently. It can be used to evaluate sales funnels, predict customer behavior, and predict ROI with maximum accuracy. With predictive analysis, AI can enable businesses to use historical data to make predictions about the future and take relevant actions.
As mentioned before, AI can help predict customers’ behavior based on past interactions. It uses the same insights to evaluate the sales funnels and forecast market dynamics with maximum accuracy, allowing businesses to take relevant actions that will have a positive impact, restructuring, and automating the workflow, depending on the insights. For instance, it can help with lead scoring and assist in lead segmentation based on demographics, sales records, and more.
Efficient Management of Data: Nowadays, a vast amount of information is generated every hour by interactions with consumers. This data can be used to gain insights into predicting buyer’s behavior and formulate your business strategies accordingly.
Artificial intelligence is a useful resource when it comes to collecting and processing a massive amount of data. AI can help centralize all data from different social channels and digital interfaces into a single platform — CRM. It can then easily interpret and analyze them and provide value to the company’s objective.
In essence, it will help effortlessly manage the marketing department by enabling them to respond to customers more quickly and efficiently.
Advanced Customer Service Capabilities with NLP: Natural Language Processing is defined as a type of machine learning. It understands words, sentences, and the context of your customer care queries. As a subset of artificial intelligence, Natural Language Processing interprets and analyzes customer’s verbal statements. When it’s done, it provides them with an answer without any human intervention.
Natural language processing in Artificial Intelligence is an essential speech recognition capability that can read, convert, and make sense of human languages. NLP can help the CRM system to meaningfully analyze the textual context of customer emails and send them a precise response and it can also provide real-time advice for sales pitches. NLP combined with CRM tools can help businesses to reveal their brand sentiments accurately, which will ultimately affect marketing efforts.
Transform your Business with Our Artificial Intelligence and CRM Expertise
Commercient’s out-of-the-box “SYNC app” is so easy to install. There’s no coding, no mapping, and no servers to manage on your end. Just download and go with easy access to sales and customer data when and where you need it.
Commercient SYNC can be set up to synchronize your ERP and CRM data as frequently as your business requires, once a day, every hour, or in real-time. SYNC is configurable to your company’s unique needs.
Examples of AI and CRM
Salesforce Einstein: Salesforce Einstein is the first comprehensive AI for CRM that is designed for business to be smarter and more predictive about potential customers. Einstein is powered by deep learning, Machine Learning, Predictive Analytics, and Data Mining.
Zoho: Zoho has a conversational AI assistant called Zia. It assists customers with everything from simple responses to complex analytics. We at Commercient integrate Zoho products with CRM systems to manage products, sales, marketing, recruitment, social media, and more.
Sugar CRM: Sugar CRM has recently launched an AI product called Hint. It automatically searches, tunes, and inputs personal and corporate profile details of prospective customers.
A CRM is considered as the backbone of any business organization. In the end, you will see a vast improvement in the company’s bottom line. Investing in AI can help your business optimize various back-office processes – your business will improve customer service, improve customer engagement, and increase retention rates. Artificial intelligence will help create a better experience for both customers and sales representatives. The combination of AI and customer relationship management is a gateway to a profitable business.