How AI is Changing CRM Landscape
The rise of artificial intelligence (AI) has greatly changed the way we do business. In one such area, customer relationship management (CRM), AI has improved its usability. An article from IT Toolbox shares 5 ways that AI is changing CRM.
- Increased Automation – By taking care of administrative tasks like data entry and anomaly detection, AI is making CRM more accessible to employees and less of a chore. Increased automation also helps with lead visibility, streamlining workflows and improving team productivity.
- Advanced Data Mining – Whereas old CRM systems gathered data without necessarily making sense of the data, AI mixed with CRM is helping the data in these systems finally become useful.
- Sales Process Optimization – Legacy CRMs lack personalization and aren’t very intuitive as far as understanding what drives customer sales. AI baked into CRM helps businesses optimize sales by assisting in price optimization, forecasting, up-selling and cross-selling.
- Improved Personalization – AI helps CRM deliver a far more personalized customer experience. This means that CRM paired with AI is starting to offer next best actions, inform users of potential customer upsells, spot customer care issues before they get out of hand, and help CRMs interface with marketing, sales and support.
- Enhanced Collaboration – Creativity and collaboration continue to be predominant forces in determining a company’s ability to adapt and compete. Departments can no longer afford to operate as silos — sales teams included. AI-enabled CRM is helping companies meet that challenge around breaking down silos and fostering inter-departmental collaboration.
CRM has been somewhat static for the past few years in terms of new features and functionality. With the rise of AI, that’s changing. AI-enabled CRM is reducing the pain points that used to hamper CRM use, and at the same it is greatly improving the intelligence of the system. This translates into more actionable data, and systems that are easier to use.
It is an exciting time for CRM and the businesses that rely on them.
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