Artificial Intelligence and CRM
Artificial intelligence, AI as it is commonly referred to, is the most talked about term today. It can be used to define anything from a simple logic to complex ‘machine learning’ algorithms. It is used as a steroid to enhance anything from predicting which products you must buy to determining complex human behaviour.
CRM has traditionally been customer centric. In the initial days it was used to record interactions with customers, manage customer pipeline and customer service. Organisations that have used CRMs for many years are now able to leverage on the data collected and get more meaningful insights. Salesforce being the leader in the CRM space is also leading the way in the AI for CRM space with its Einstein Analytics. According to an IDC White Paper, sponsored by Salesforce in 2017, projects that the use of AI in CRM will boost global business revenue by USD 1.1 trillion between 2017-2021.
AI is likely to redefine CRM in a number of unique ways. Predicting whether or not a customer is likely to close a deal and based data on how similar customers have closed earlier deals is one that would appeal to most salespersons. Service center agents, particularly those in contact centers, would be very keen to know how long a typical harried customer will stay on the call. The list is endless. Watch this space for more.