The advent of new technologies has made the world a far better place than it was yesterday. We are now realizing things more closely, comprehensively understanding the nature behind simple processes and most importantly being able to drive decisions not on our intuitions but on hardcore data. While this might seem phenomenal in today’s world the scenario was many different years ago. In the early 1940s when major technologies were mere ideas back then, people had fears whether they will take over humanity one day. One such technology is artificial intelligence.
But, today, here we are using cutting edge AI in all industries and walks of life effortlessly. Not only is it helping us to drive better decisions but also innovate and think of the world in ways that could not even be imagined a while ago. Artificial Intelligence is transforming our world and bringing about more than a few radical changes. Look at any industry around you, every enterprise and organization today is about harnessing and capitalizing on the potential of AI for the better.
Customer- Brand Relationship
Taking a look at customers, it is imperative for businesses to understand that their demands are changing like never before. There might be more than a few reasons for it, but the matter of the fact is that the future of businesses all across the world depends on how swiftly they are able to cater to the demand of the customers. The entire relationship between a business and a customer has changed from what it was a decade ago. Today, customers want personalized experiences rather than a product that can solve everyone’s needs. In other words, unless a brand is able to directly speak to a customer or fit a product in their particular needs, customers won’t but from them.
The exposure to multiple digital mediums, technologies and easier access to brands across the globe has made customers much smarter. They now look for options from a wider pool of resources that extend to the entire world. Therefore, small and medium organizations in such times have to stay on top of the games if they want to excel with their customers. The key lies in maintaining the customer-brand relationship more effectively and appropriately.
As per Dynamics CRM Consultants, CRMs are helping all kinds of business ace the customer-brand relationship dilemma. And with artificial intelligence in the picture, it is easier than ever to accomplish enterprise tasks, understand the customer needs more effectively and make decisions based on that for a business. Consider artificial intelligence as a catalyst that can speed up the understanding process for a business and help them drive data-backed decisions for their customers.
While artificial intelligence had only begun to gain momentum in 2018, its applications were limited. Moreover, the adoption in AI was only a mere 2% from 2017 to 2018 among enterprises. But, now that 2019 has come to an end we witness these numbers quite spiking owing to the fact that every other enterprise is harnessing AI to support their business. Even this year, organizations saw AI play a crucial role in CRMs, and it is only going to increase in the future.
Due to its limited capabilities, CRMs have long struggled to gain the favor of sales professionals. In fact, less than 40 percent of the businesses report a CRM adoption of more than 90 percent. This scenario is sharply expected to change with the marriage of artificial intelligence and CRM. It would a transformation that amplifies the qualities and effectiveness of a CRM.
The point is that AI is one of the hottest technologies around the world and leading organizations are already utilizing it for a plethora of tasks in their business. Consider Coca Cola as an example. The company leverages AI to harness every inch of the insight it can from all the customer data it collects. How do you think the flavor Cherry Sprite came into existence? The fact is that Coca Cola created Cherry Sprite as a new flavor after monitoring the data collected from smart self-service soft drink fountains that allow the customer to mix their drinks.
Similarly, Unilever is one brand that synthesizes insights from a large number of customer inputs, including social media, CRM, traditional market research, etc and using its 26 data centers. Upon capitalizing on all this abundant data, Unilever came with Cereal based ice-creams under the Ben and Jerry’s brands. This is just one example of how AI can impact businesses by helping them derive meaningful insights that can change the world.
Lead Scoring is a method that points the sales representatives towards those prospects that are most likely to make a purchase. Till now this process was being done by an algorithm manually set by the sales reps themselves. However, with the advent of AI, lead scoring starts with these algorithms and ads up them to the user-defined factors. The best thing is that AI learns on its own by weighing each factor that adds to a sales rep’s lead scores and works by adding more attractive lead prospects that have the potential to raise that score.
One of the topmost growth areas of the field is applying artificial intelligence to sales forecasting. While past and present trends can be used to predict sales in the future, a change in the dynamics of the market can result in inaccurate forecasts. AI, on the other hand, offers a comprehensive understanding of the customer’s needs and past behaviors, thus reducing any scope for blind spots in the prediction. Moreover, it also allows marketing and sales teams in an organization to assess the customer experience and their journeys to gain real-time insights into different buying triggers and pain points.
To assist the customers to find answers to their queries and make sure that they are guided to the right channel, chatbots are being excessively used in CRMs. However, chatbots are currently only used to enhance customer service platforms but can be potentially applied to a wide range of customer interactions. Research by Oracle predicts that as many as 80 % of the brands will use chatbots by 2020, a direct application of AI in CRM.
As artificial intelligence finds its applications in customer relationship management, an infinite number of benefits can be seen emerging for the enterprises. On one hand, it is helping automate several tasks, while on the other hand, it is helping businesses create personalized content materials. Apart from this, no matter which area of business organizations seek to transform, AI will be there to aid it and drive innovation like nothing else.