Artificial Intelligence (AI) in Customer Relationship
Management
With ever-growing efforts towards
effective customer satisfaction, Artificial Intelligence (AI) and process automation have
emerged among the most prevalent trends in customer relation management (CRM). AI in CRM is
aimed towards reducing tedious and monotonous tasks of the employees by analyzing routine
processes and allowing them to focus on more important and difficult tasks. AI-enabled CRM
are capable to automate and simplify daily tasks such as courtesy mails, follow-ups,
schedule meetings, calls and manage calendars. The combination of AI with conventional CRM
systems is believed to enhance lead generation/visibility, customer experience, workflows
and overall team productivity. In addition, unlike conventional CRM systems, AI in CRM is
designed to not only gather data but also generate meaningful insights from it, thereby
assisting in improving sales and customer retention.
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According to a report by Salesforce, AI-enabled CRM is
believed to have a potential of generating over 800,000 new jobs worldwide and create a GDP
impact of more than US$ 1.10 trillion by 2021. The global CRM market is projected to grow
with a rate of over 14% over the next four years. With increasing adoption of CRM software,
AI-enabled CRM systems are expected to witness even higher growth in years to come. The
growth of AI in CRM systems is also supported by the ever-growing inclination towards data
analytics. AI provides analysis of the gathered data that can be further used for predictive
lead generation, automated routine tasks and discover untapped/unseen operational loopholes
& patterns. This is believed to streamline and revolutionize the entire set of processes for
optimum revenue generation and customer satisfaction.
Another major factor expected to support the AI-enabled CRM systems growth is continually
advancing Machine Learning and Natural Language Processing tools. Enhancement in these tools
can be directly related to more accurate predictions related to sales, lead generation and
customer retention. AI-driven CRM can be highly effective in segmenting customers,
simplifying lead management and improve customer engagement. With thorough analysis on
statistics of deals closed vs. deals lost, AI-enabled CRM is believed to provide valuable
recommendations to the employees so as to ensure they close higher number of deals than ever
before. Overall, AI-enabled CRM is expected to deliver smarter suggestions to the employees
that can help them simplify their daily tasks and analyze the historical statistics on leads
& deals, thereby improving company sales & customer satisfaction.