2018 is the landmark year when AI adoption will take steam. It is expected to become part of business strategies to garner better revenues, and AI powered CRM is going to be a major part of this.
According IDC Whitepaper A Trillion-Dollar Boost: The Economic Impact of AI on Customer Relationship Management, AI associated with CRM activities will boost global business revenue from the beginning of 2017 to the end of 2021 by $1.1 trillion. This study also shows that global market for AI in CRM is estimated to jump from $7.9 billion in 2016 to $46.3 billion by 2021. In fact, businesses will look at AI-powered CRM activities to manage sales cycle, personalising marketing strategies, and improving customer support and interactions. Experts at Gartner say that AI will enable businesses to augment customer experience
Sukanya Mandal, Member and Data Science Professional, IEEE shares points on how AI will impact CRM activities:
#1: From predictive analytics to chatbots to personalized marketing campaigns, AI would enable organizations to be more productive and provide smarter and more personalized customer experience.
#2: With the vast amount of customer data, AI – infused CRM technologies will enable business to prioritize audience, alerting them to the prospects that have the highest propensity to make a purchase.
#3: Over the time as AI learns to perform better – from sentiment and intent analysis to lead scoring, product recommendations and upselling. This intelligence will also minimize customer churn.
#4: AI enabling technologies like Machine Learning, Voice/Speech Recognition, text analysis and advanced numerical methods would be highly beneficial to provide customer segmentation based customer who has the highest chance to buy vs the one that has the minimum chances.
#5: Voice and speech technologies will enable chatbots to communicate to the customer at a more personalized level.
#6: Predictive analytics would also be beneficial to retain customers basis product recommendations and text analytics could be beneficial to show the required content.
#7: Of Course, at the bottom of these technologies lie personalization to display the items relevant to a customer.
#8: Help in improving brand campaign strategies and help in developing optimised pricing.
#9: Through AI-based CRM organisations will also be able to improve product marketing activities.
#10: AI-based CRM will enable an organisation better manage customer support issues which in turn will help improve brand loyalty.