AI and CRM
We are drowning in data. The speed with which the information is generated is astounding in all the industries. Businesses are no exception. Large chunks of data are collected by interacting with customers across different mediums. Maintaining such data is a real challenge. Fortunately, there are smart ways to deal with this challenge now. Perhaps the most revolutionary and breakthrough way is showcased by introducing Artificial Intelligence in Customer Relationship Management.
In most of the large organizations, several of their daily tasks can be automated to cut down the costs. To achieve that, they employ and rely on the best CRM software.
Current scenario of AI in CRM and Customer Success
The growth and survival of any business depend upon the acquisition and retention of customers. CRM and Customer Success play a crucial role in this process. However, the main issue companies face is that they require staff for the same repetitive tasks, i.e., introducing the same product/service again and again or repeating the same answers to a large number of people. This is where AI can come in handy. Almost all the major CRM software are AI-powered.
Most of the current crop of software offers –
- i) ChatBots: They act as virtual assistants. They are developed to converse with the customers or prospects via chat. Generally, chatbots handle the basic queries. But when they are powered by AI, they interpret clients’ transition towards success. This means you will have omnichannel support for all your customers’ conversations and 24/7 customer support availability. Not only this but AI-powered chatbots ease the complexities and you can make sure that minimum or no time is wasted on rudimentary issues.
- ii) Intelligent insights: The CRM tools provide insights about customers and other companies you’re interacting with. CRM software works in a targeted manner when infused with AI. It anticipates issues to generate accurate insights. Advanced algorithms and machine learning mean the computing ability gets enhanced to deliver in-depth reports after the analysis of large chunks of data. Not just this but AI also learns and adapts accordingly over time.
You can constantly monitor every customers’ behavior and utilize insights to address their specific requirements.
iii) Scoring and coaching: Scoring predicts and identifies the probability of leads getting converted, winning opportunities, and retaining and expansion of accounts. This is particularly important because it helps you find out the aspects that need improvement. The work isn’t finished in just detecting the problem areas, providing recommended directions. All the advanced solutions with Artificial and Business Intelligence are dynamically adaptable according to visitors’ actions.
Has AI improved CRM and Customer Success?
Artificial Intelligence’s rise to prominence has been staggering. And it has been forecasted that AI will completely replace humans in many industries. However, those fears should still fall under the category of unjustified. We need to remember that AI was introduced to assist humans and not replace them in the first place. The objective of AI is to make our tasks and processes easier so that it would take less time then it does when done manually. This means it increases productivity and work efficiency.
The limitation of AI can be best understood from the following example – suppose you have installed an AI-powered chatbot on your website. No doubt, this will provide your visitors 24×7 support, but the chatbot simply cannot give an answer to every single query thrown at it. Someone will always feel unsatisfied or will need further assistance even after conversing with the chatbot. And they might get frustrated when they receive repetitive answers. So even after implementing AI, humans still need to intervene whenever it’s necessary.
Customer Success and Customer Relationship Management are woven together. Enforcing AI into CRM makes it smarter. More and more developers are offering AI-powered CRM systems.
CRM can analyze data from social media and other digital platforms so that AI can interpret and redirect it to provide real value for the company’s objectives. With this, the company’s customer service team and marketing department will be able to simplify and improve customer management. They will also be able to respond quickly and address specific needs.
When it comes to delivering customer satisfaction, quality service and personalization are quite deciding factors. Businesses need to use a target-oriented and user-friendly marketing strategy at a proper time in the right context among the right audience. This not only ensures that you’ll attract more customers but the existing ones will also develop a sense of loyalty to your brand.
Moreover, with the help of AI, you can sort out which customers need to be prioritized because of their specific issues or demands. Customers will truly feel like they are cared for and it will certainly boost your customer satisfaction rate.
AI has changed the landscape of customer relationship management. Day-by-day businesses are becoming customer-centric and integration of AI and CRM has intensified customer success. No doubt, it is far from being perfect and there is a lot of scope for improvement.
The constant strive to develop even more effective CRM to reduce overall cost and time-wastage with the help of AI will continue for the time being.
You need to realize that CRMs have become more dynamic and powerful through AI. And yes, in spite of that, it does have its limitations. But that doesn’t mean you should be afraid of AI in CRM and Customer Success, instead, you need to understand that AI is supposed to assist you and not do things by itself, so when the need arises, you have to intervene and take over.