Customer Relationship Management at present benefits significantly from the recent improvements in the field of Artificial Intelligence. CRM involves efficient management of data which is directed towards meeting the needs of the customers. It has become more important as there is an overload of information which is being generated by the increased number of points of interaction with the users.
The increase in the number of touchpoints has also led to a simultaneous rise in the number of concerns for which CRM has become the indispensable tool of reference. It comprises the collection, processing and finally an analysis of the data to be able to give an excellent customer experience. There are many challenges encountered by the businesses to both collect, manage and analyze the above data for shaping the future strategy. However, the integration of CRM and Artificial Intelligence has defied all lengths and given innovative solutions for the challenges which are being faced.
The scope of Artificial Intelligence
Artificial Intelligence works on two basic learning engines namely the machine learning which stands for the ability of machines to learn by themselves without any interference of a programmer and deep learning which stands for an algorithm based on cascade networks. These learning engines form the basis of Artificial Intelligence and helps it perform extraordinary tasks and widen its scope.
- AI has the ability to collect, process and analyze huge amounts of data.
- It is also endowed with the ability to understand Natural Language.
- It can detect various patterns and predict behavior.
- It makes use of reasoning for the calculation of risks and problem-solving.
Primary Focus of CRM
The focus of all CRM strategies is to improve the customer experience by a better understanding of their needs, wants and desires via data which is collected from different touch-points. This helps improve customer relationships by offering them customized and other valuable products always woven with their needs. CRM has always made use of many tools and databases for achieving the goals in a simpler manner.
However, so far this management of information has been revolving around the only collection, storage and making data available at the request of clients keeping the processes like extraction, analysis, and interpretation of data at bay all of which are essential for bringing out the value of the information so received. When CRM is met with a huge amount of data which needs to be handled by the organizations, AI becomes the preferred tool.
Benefits of Combining AI and CRM
- Efficient Management of Data: Data which is collected from social networks and other digital interfaces is usually centralized in CRM to be interpreted by Artificial Intelligence. This then has to be redirected to bring it in line with the objectives of the company. This assists the helpdesks and marketing departments of various organizations to improve their customer management by a combination of a resource which allows them to respond quickly and accurately to the requirements of the customers.
- Optimized Strategy of Sales: With the help of Artificial Intelligence, organizations can give rise to more accurate customer profiles by automated data entry and a sharper data analysis. These are mostly those customers who are more likely to end up buying the products of the company. It is the prediction of customer behavior, the companies can take more personalized steps to avoid invasive advertising and provide the material which is of true value to the prospects. This helps them promote a better perception of the company and develop its goodwill and brand image. This also helps them generate more leads. Artificial Intelligence is also helpful in the accurate analysis of emotions of the customers thereby helping in the formation of strategies which will increase the level of engagement.
- Application Development: DevOps can give rise to better applications and interfaces which will help increase the rate of conversion and give shape to an unprecedented quality experience.
- Increased Customer Satisfaction: Quality service which is highly personalized often determines the level of customer satisfaction. Using a great marketing strategy which is targeted at the right time and right context helps the customers develop positive feelings about the brands.
Companies have many options to develop their CRM and the choice of its integration with Artificial Intelligence leads to save costs and time in addition to highly satisfied and happy customers which are bound to get converted.