Artificial Intelligence in CRM
Artificial Intelligence use in businesses was like a fiction than reality until recent years. Today, many companies have put AI powered solutions into use for enriching customer experience.
In fact, several CRM solution providers are planning to back their platforms with intelligence and incorporate AI in their solutions. Microsoft, Salesforce, SAP and Oracle who are IT majors - are suggesting that integrating AI in their business will able to deliver accurate predictive and personalised customer experience in sales, marketing, services and more.
These IT majors are making enormous investments in hopes of transforming its operations and gaining large market share. An example can be given of Microsoft acquired LinkedIn for $26.2 billion to support their solutions which includes Dynamics. With this acquisition, Microsoft will be able to leverage data from millions of LinkedIn users profile.
According to IDC White Paper, by 2021, CRM with AI activities could increase business revenue by $1.1 trillion and create 800,00 net-new jobs across the globe.
AI adoption will flourish fully in the year 2019. More than 40% companies will adopt AI within next 1-2 years. In fact, according to IDC 75% enterprises will integrate AI or Machine Learning technology in at least one of their application. CRM with AI will cover large scope of use cases in an enterprise which includes sales cycle acceleration, lead generation improvement, marketing campaign customisation, lowering cost of support.
With this it will be worth considering opportunities created by AI powered CRM. AI and machine learning use will prove its effectiveness in enterprise sales and marketing. AI powered CRM software will enable businesses to determine customers, notifying them with products that have highest chances of purchase. According to IDC using personalised marketing campaign to predictive sales lead scoring to service chatbots, it could provide tools to be more productive for their employees and cater smarter, personalised customer experience.
Over time, this system will evolve by teaching itself to do better job of targeting potential clients by identifying personal/professional quality holds highest value also it will continuously improve sales and marketing team. The AI will help to minimise customer churn and predictive analysis will make better product recommendations, lead scoring and upselling.
As of now Microsoft offers Dynamics 365 AI, Salesforce has ‘Einstein’, Oracle has ‘Adaptive Intelligent Apps’ in CRM market. Finally, Artificial Intelligence will have tangible impact on CRM market. According researcher’s belief machine learning and artificial intelligence will revolutionise CRM in upcoming 2-4 years. Simultaneously CRM market leaders like Microsoft, Salesforce, SAP will invest heavily in AI over next few years.
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