Written by Un-named Author Commercient
Artificial Intelligence is all around us. Perhaps the concept still comes as new to some, but it already has a huge impact in your daily routine. When you contact Uber, Alexa, Amazon or the voice assistants on your smartphone like Siri, Artificial Intelligence (AI) technology works to make life easier for you. Who hasn’t search Netflix to find recommendations to watch a movie? AI algorithms have definitely helped influence your decision about what to watch next.
Businesses have been using AI to boost the decision-making process. Some examples are online customer support, intelligent personal assistants, or process automation.
The use of Customer Relationship Management (CRM) software is growing, as well. The value of providing a better service for consumers helps guide a business. It is estimated that 2019 will bring an increase in spending on CRM as companies realize the importance of not just knowing, but understanding their customers. And according to the trends for 2019 (per Medium.com), CRM systems have evolved and integrated AI technology to improve the customer experience.
There is real value of real-time data for your business, and there are many advantages of having a powerful CRM system connected to your ERP. This can be accomplished through a data integration app such as Commercient SYNC, the #1 data integration platform for sales. Therefore, your business will receive a treasure trove of valuable information.
But you might think: Where does the need of using my current CRM with AI come from?
When Artificial Intelligence and CRM meet, the result is a match made in heaven. And here’s why.
It is estimated that by 2021, an additional $394 billion in revenue could be gained from Artificial Intelligence adoption in CRM activities in the United States (Statista.com). There are many new developments in CRM software, such as face and voice recognition. Salesforce’s Einstein and Zoho CRM’s Zia are two examples of an AI-powered CRM that uses voice commands to access information.
In addition, as a company grows, collecting, storing and providing data can become a huge task, and your clients won’t wait around for you to offer them exactly what they’re looking for. Nowadays, CRM needs the support of Artificial Intelligence to achieve a more efficient data management. Even more so when less than 0.5% of all data is being analyzed and used, according to Forbes.
But with digital transformation and improvements in technology, AI assists businesses with finding new customers and keeping the loyal ones happy.
The Benefits of Combining Artificial Intelligence with CRM
Integrating these two technologies delivers more predictive and personalized customer information in all areas of your business. Here are some reasons why you need to start thinking about an AI-driven CRM.
- Virtual assistants and bots. Is time to forget about tedious workflows, and speed up the sales cycle by using technology to interact with your customers or schedule meetings. You can also improve lead generation by having more accurate marketing campaigns. Integrating AI into CRM can also automate customer reports, emails, data capture, and more. This helps you avoid the risk of human errors in your everyday tasks and administrative duties.
- An AI-powered CRM will be able to learn from past decisions and historical patterns to score the best leads for sales. Artificial Intelligence will also be able to predict future customer behavior. How? AI is very helpful when it comes to analyzing customer’s emotions by a simple phone call, in order to establish strategies that will increase the engagement. You will be able to connect with the customers on an entirely new level, because you will give them exactly what they want, when and how they want it.
- Segmenting customers becomes easier. AI won’t take away jobs, but will actually help team workers to be more productive. You won’t need to worry about manual data entry or the time it takes to look up information, for example. Having intelligent algorithms will help you segment customers easily. Imagine an automated segmentation that will assure your message to be delivered to a specific group of potential customers.
- Increase customer engagement with AI-driven CRM. This technology can help you as well to get an emotional insight from the customer. Image recognition and sentiment analysis are two powerful reasons why an AI-enabled CRM is the future for your business. Don’t risk your qualified leads. AI can help you understand a customer’s satisfaction in real-time. Once you have this valuable insight, it’s easy to take action and identify problems. Essentially, AI will be able to better read the customer’s intentions.
- Close more deals, learn from your mistakes. AI-based CRM can study different scenarios where sales are most successful, and where deals were rejected. For example, an AI algorithm can do wonders for your price-optimization. This intelligence can tell you what the ideal discount rate should be for a proposal, ensuring that you’re most likely to win the deal, per Harvard. It’s no secret that businesses struggle to identify which buyers are more likely to come back and buy more. Instead of spending money marketing to those who won’t close deals, target the ones who will. How is this possible? AI algorithms can gather historical information from a client.
As you can see, Artificial Intelligence isn’t something you’d see in a sci-fi movie or TV show. Businesses are already taking advantage of IS, and you shouldn’t be left behind. AI makes it possible for companies to evolve to a more efficient and powerful CRM. Remember to choose the best tools that suit your needs.
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TimeLinx delivers innovative project & service management software as a complete solution that perfects the sell-track-manage-support-bill cycle that services organizations must have to delight their customers; TimeLinx brings the cycle together in a single application that offers less frustration, better project management, complete reporting, and improved profitability – all specially designed for Infor and Sage.