Artificial Intelligence and CRM
Artificial Intelligence (AI) is not a new term to business world, it’s just that now its looks more real to businesspeople than earlier. Today, many CRM vendors are planning big steps to enrich their CRM platforms with artificial intelligence and as well as finding ways to incorporate it into their existing solutions.
Market-ruling CRM vendors like Oracle, Microsoft, Salesforce, and SAP are ready to incorporate Artificial Intelligence, and believe that with AI businesses will be able to have better sales, service, commerce, marketing, which in turn will result into improved management, customer satisfaction, and profits. Technology always comes with pros and cons. Incorporating AI into business and the existing solutions is a big plus, but at the same time it increases the fear of technology-related job loss.
A CRM industry expert has said that “artificial intelligence and machine learning will transform CRM in the next three years.” He has also predicted that the five market leaders, Microsoft, Salesforce, Oracle, SAP and Adobe, will invest heavily on Artificial Intelligence over the next few years in order to maintain their positions and to stay competitive.
We agree that AI will dramatically change the overall effectiveness of enterprise sales and marketing teams. At present, people use CRM solutions to manage teams, track employee details, track employee performance and business insights. CRM solutions hold a huge amount of data, and has been appreciated by business world for the easy it has brought to them. CRM helps them keep track of leads, opportunities and the one that can be converted into contacts.
Finding data with CRM was considered easy, but with the introduction of CRM with AI, finding data through traditional CRM has turned problematic. When you have AI-infused CRM, you don’t need to check the sea of data, as it will enable you to prioritize audiences, will give alerts about the prospects that can make a purchase. The AI-infused solutions will efficiently separate diamonds from coal mine, which is something you and your team would never be able to do with the sea of data.
We think that AI will definitely have a substantial impact on the global CRM marketplace. It is not a threat to the CRM market but an addition to it. A blend of AI and CRM is better technology, or we can say “it’s future of technology”. Many have started developing enterprise-wide strategic plans to use CRM of future and implement it in their existing solutions, with a sole purpose to improve their business process, customer service and to better manage their customer relationships.