Artificial Intelligence (AI) is touted to be the next big step in functional technology. According to research by Gartner, 20% of business content will be created by machines by 2018, and 6 billion connected devices will require the ability to connect and share data with other devices. In the field of CRM, there are two vital areas where AI will significantly impact the evolution of Business Processes. Firstly, with the increase in vast amounts of data that is currently applied in CRM, processes will require AI for effective sorting and understanding. Then, the big move to cloud CRM systems will further enable faster and larger amount of data to be processed, again counting on AI for a significant contribution.
The key trends set to drive the AI-powered CRM usage include:
With the rise in multiple channels of customer touch points, from mobile phones, social media and digital platforms, CRM has also evolved to cater the consumer demands on these mediums. The rise of integrated smart devices has also resulted in an always active consumer, who is interacting with the brand on the go. As a result, there has been a rise in CRM solutions that are omnipresent across these channels. Artificial Intelligence is set to drive smart integration of these Omni-channel customer relationship models, capturing data and driving intelligent and real-time analysis to create accurate and real-time responses.
2.Integrated Business Processes
Successful modern business processes are no longer limited to segregated departments but involve a meticulous integration of multiple departments functioning in a synchronicity. Further, with the rise of multi-national businesses which require focused and targeted efforts for individual markets simultaneously, the need for accurate and intelligent data capture and analysis has become vital. Apart from CRM, AI has already started driving several key processes, namely manufacturing, research and also driving finance and logistics. An AI-powered CRM, in this scenario, can be a boon that can drive the rest of the business functions in a consolidated manner, giving accurate direction for predictive business growth.
The sudden and empirical rise in the amount of data that can be gathered from multiple sources has led to the ‘Big Data’ phenomenon – the collation of large sets of data pertaining to consumer behaviour and preferences. The factors discussed above, namely multi-channel consumer touch points, smart devices, social media and mobile CRM as well as traditional consumer relations across vast geographical, cultural and demographic populations, all contribute to a vast opportunity in data analysis and business growth. AI-powered CRM would be the sole go-to solution to derive vital insights into consumer psyche, deciphering patterns, trends, behaviour associations and interactions that can help create accurate consumer connect and business growth possibilities.
The shift from a single location based CRM to a larger cloud-based CRM has further given a push to Big Data and also the ease and affordability of CRM, making it reliable, the affordable and sustainable solution even for SMB and start-ups. Further, the increased comfort in the security of cloud-based CRM has resulted in the recent dramatic rise of Cloud services. Factors like the increase in the use of smart devices by field staff and executives, the value additions that are possible to enhance services on a cloud platforms Vs. a local server and the efficient and wide-scale infrastructure upgrade of cloud servers that can benefit a larger segment of users, have all led AI becoming a more natural set of CRM evolution.
As CRM moves from manual to assisted to AI Powered, business processes are increasingly waking up to the power of integrated functions and processes. Over the last decade, valuation of Intelligent and data-driven systems has largely gained popularity. AI is further set to accelerate this trend and help maximise profits, customer loyalty and brand recall.
In the current era of massive data explosion and the rise of smarter technology on a regular basis, the ‘internet of things’ and the rise of the ‘round the clock consumer’, businesses and brands today are evolving every day, trying to not just stay relevant but to lead the markets. As a result, the rise of ‘round the clock customer service’ that is effective and can efficiently transform customer experience is becoming vital. These are exciting times as the modern business and consumer experience is driven by the age of data, and artificial intelligence technologies are offering the perfect solutions to match these transitional changes.