Artificial intelligence is helping all types of companies and software to get smarter.
Customer relationship management, or CRM, is vital for companies to monitor to retain loyal, happy customers.
Customer relationship management is important for companies to stay on top of to ensure their customers are satisfied. With the many advances in artificial intelligence in recent years, CRM has noticed a huge evolution.
Applications of Artificial Intelligence in CRM
- Virtual Assistant
- Deal Management
- Customer Engagement
- Prospect Engagement
- Data-Driven Forecasting
Artificial intelligence has many beneficial applications in successful CRM. From chatbots that can conduct automatic conversations to customized data that can make predictive analysis, artificial intelligence is evolving the way CRM systems work for businesses. Artificial intelligence isn’t only taking over manual tasks like entering data, it’s also making analyzing information easier with in-depth analysis.
When it comes to artificial intelligence in CRM, AI is helping to import data, log email activities and schedule tasks, acting like a sophisticated virtual assistant. Artificial intelligence also helps to track opportunities, track deals, discover sales insights and predict leads. AI learns about customer
behavior and adjusts processes to keep them engaged. It is essential that companies verify that data is correctly extracted and entered in the correct fields and artificial intelligence safeguards this process. An AI driven CRM system enables accurate forecasting for effective business decisions.
CRM with Artificial Intelligence
One major way artificial intelligence is improving CRM systems is it is qualifying smarter leads. A recent report found that sales reps spend about 20% of their time closing deals and the other 80% qualifying leads. If artificial intelligence can eliminate the need for sales reps to find their own qualified leads, they will be able to spend more time closing more deals, thus bringing in more money to the company.
Another way artificial intelligence is improving CRM systems is being able to forecast changes and projected sales in the market. AI does not base sales forecasts on its assumption that trends will endlessly continue. Instead, AI brings actionable insights teams can use to anticipate, plan and take advantage of upcoming opportunities.
A major improvement artificial intelligence is having on CRM systems is the ability it has to analyze sales calls and learn from them. When AI can listen in on sales calls, it can have a huge impact on the success rate of closed deals. AI’s ability to listen to changes in tone of voice and analyze specific phrases and words used can vastly improve sales calls. When artificial intelligence is included in sales calls, the AI bots can find clues about which issues are holding up sales and what needs to be addressed to propel deals forward better.
AI Powered CRM
According to IDC study, it is estimated that by 2021, AI-powered CRM activities will increase global business revenues by $1.1 trillion and create more than 800,000 net-new jobs. With this prediction, it is obvious why artificial intelligence is so important to CRM systems. Along with offering virtual assistants for all employees, chatbots and the ability to acquire more qualified leads, artificial intelligence will offer higher insights into customer preferences and engagement for companies. AI is offering CRM software ready-to-act-on insights and tools that provide more insights into customer action creating more sales.
Artificial intelligence is allowing all types of companies the ability to evolve and reach their customers in more insightful, engaging ways. With artificial intelligence having the ability to learn about customers through data, AI is providing companies the necessary information they need to connect with their customers better and satisfy them more accurately. Artificial intelligence is changing the way companies learn about their customers and is making it easier for companies to give their customers exactly what they want.