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How AI is becoming an essential part of CRM?

Artificial intelligence (AI) is one thing that is widespread across all industries. Our daily lives as well as the workplace are impacted by AI much more than we might believe. 

The CRM industry has been investing in, acquiring, and building capabilities that leverage AI to optimize customer interactions. According to the survey 

14% of global CIOs have already deployed AI  and it’s estimated that AI associated with CRM activities will boost global business revenue by $1.1 trillion by the end of 2021. 

As CRM platforms expand rapidly, AI is helping CRM platforms in the following ways: 

Customer service 

Using AI chatbots to manage service requests, CRM applications now deliver information and leverage it. For example, let’s say an auto insurance claim is initiated via a web chat. During its task handling, the chatbot collects necessary data—such as customer name—and authenticates the customer and vehicle. Upon collection, the data can be passed to a human associate to complete the insurance claim process. 

 Lead management 

By using AI, sales teams can score leads and increase the likelihood of completing a sale. Based on interest or buying history, AI analyzes the lead and recommends what steps need to be taken in order to increase success.  For example, a medical device manufacturer may receive a lead from a hospital. In this case, AI would use sales history, data about the hospital, close ratio of similar hospitals, and the interest level to provide a score. The AI can then recommend different products and features to offer, such as a field service contract for preventive maintenance, which would increase likelihood closing that individual account.  

 Next action plan 

With the help of business rules and predictive models, AI embedded in CRM software can assist sales or service associates with service requests or upsell opportunities. In CRM, AI analyzes the data associates enter in service requests as they handle customer calls. By analyzing certain criteria, the system suggests a sell, an additional product, or a service to the customer.