There is no denying that AI is and will continue to be a driving force for progress in numerous business and digital processes. However, the potential role of AI has been particularly noticeable in both the CRM and digital transformation sectors.
For instance, with CRM, this process is well underway. It is estimated that by 2021, the adoption of AI in this sector will result in a total revenue of $394 billion in the US alone. And, there is no doubt that digital transformation will see similar numbers in the coming years.
To appreciate the full extent of the impact of AI on both these processes, it is important to take a close look at each element…
The Influence of AI on CRM
So, let’s first determine the effect that AI can have on customer relationship management software on several levels:
Improved Integration with Data from Various Platforms
There is now a greater acceptance of cloud-enabled CRM systems. This makes it a great deal easier to integrate data from a variety of digital sources. These include but aren’t limited to online public records, social media, etc.
While this is certainly good news, most traditional CRM systems will be limited in how they deal with these details. AI-equipped systems, on the other hand, utilize advanced level algorithms. As a result, the systems will be able to process the data more effectively, resulting in greater consumer insights.
This feature will also make it easier to reduce the human error typically involved.
Improves Customer Acquisition Process
One of the main benefits of an AI-powered CRM system is that it is able to identify and learn from patterns in the past. In turn, the algorithm will be able to take the necessary steps to avoid making certain mistakes in the future. In doing so, the system will be able to find the best possible leads.
AI-equipped CRM will also be crucial in forecasting customer behavior. This is because AI is especially good at identifying strategies that determine engagement based on individual customer criteria. Thus, users will be able to provide customers with a tailored approach, virtually guaranteeing acquisition.
Customized Segmentation and Customer Communication
Traditionally, data inputs for segmentation involve demographics, purchase history, online activity, etc. Needless to say, this can result in an enormous amount of data, even if your target audience is a rather narrow one.
Now, without AI, the process can be tedious. This is because users will have to handle manual data entry. Even looking up relevant information in records can be time-consuming. With AI-enable CRM, though, the segmentation process takes place more readily.
What’s more, the automated segmentation allows you to provide customized messages to potential buyers. This, too, helps to make sales happen.
The Role of AI for Digital Transformation
AI isn’t exactly new to the digital transformation field. People have been utilizing AI function in this sector for several years now. During this period, the following advantages have been revealed:
- An additional generation of organizational revenue
- Improved innovation
- Increased learning
However, what most people are interested in is the kind of role that AI can play for digital transformation. In this case, there are several formats…
If you were to ask most businesses about their main goals, you can guarantee that greater automatic will be at the very top of their lists. This is because AI is no longer just delegated to providing insights. Rather, AI-driven digital transformation can now make decisions based on these insights.
This means that AI can be used to set off a chain of steps in a single process. This means that employees no longer have to buckle under the weight of mundane tasks. Instead, an increasing number of these will be handled by AI processes.
Improved Customer Experience and Service
The modern consumer has evolved quite a bit over the last decade or so. As a result, they tend to look for vendors that can identify their needs. At the same time, consumers are also searching for vendors that offer greater personalization in communication.
As seen with CRM systems, this is an area that AI can help with. This is because AI is capable of documenting each and every interaction that takes place through a consumer lifecycle. Better yet, AI is better equipped to make sense of such data.
This means that AI-driven digital transformation is able to predict customer expectations at every point. Due to this, vendors are more capable of creating more directed marketing campaigns, providing a much improved customer experience.
Improves Digital Transformation of Security Strategies
Yes, in the modern age, more data is always better. However, there is a catch to this. The more data that you collect, the greater your security risk becomes. This is something that an increasing number of businesses are having to come to terms with.
In particular, this has to do with the fact that customers are more concerned with how their private details are being handled. They, too, are aware of the increased possibility of data breaches. As such, they are more likely to put their trust (and details) with a business that can secure this information.
AI is making it simpler for businesses to secure every cloud, network platform, application, on-site platform, and operating system. In fact, AI gives businesses the ability to do this across supply chains and product networks.
The benefit of taking this measures is that it allows businesses the ability to improve customer experience even more. In turn, this boosts customer loyalty and continued reliance with a particular brand.
The reality is that AI can have a significant positive impact on CRM as well as digital transformations. However, for these benefits to take root, more companies must appreciate the role of AI. Just as importantly, these businesses must be able to identify the continued evolution of AI in corporate structures and systems.
Once this has taken place, businesses across the board will be able to utilize AI-driven CRM and digital transformation. And, they will be able to reap the rewards that come along with such progress. Hopefully, as AI continues to become more widespread, this process will take place sooner rather than later.