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If we can be sure of anything in today’s business climate, it is that new trends will emerge and disrupt, new technologies will continue to be developed and attract hype, and companies will be left to navigate a landscape of opportunity and uncertainty. Customer Relationship Management is an upright concept or strategy to solidify relations with customers whilst at the same time reducing cost and enhancing productivity and profitability in business. CRM systems provide a well-defined platform for all business units to interact with their customers and fulfil all their needs and demands in order to build long-term relationships. Every business unit has an emphasis on developing long-term relationships with customers in order to nurture their stability in today’s blooming market. Customer’s expectations are now not only limited to get best products and services, they also need a face-to-face business in which they want to receive exactly what they demand and in a quick time.
New Look CRM CRM is vital for the success of any organisation that seeks to continuously build relationships and manage countless interactions with customers. Now CRM systems bring together customer Data from a multitude of different sources, delivering it to all customer-facing employees to provide a complete picture of each customer across all department Today, there is a ton of available information across many devices and platforms. Companies need a way to integrate this “Big Data” into their intelligent CRM that can produce predictive results.
The Value of AI Artificial Intelligence (AI) CRM systems built on Machine Learning algorithms now have the ability to learn from past experience or historical Data. Having these insights at the disposal of any customer-facing employee (sales, support, marketing, etc.) empowers a business to build deeper relationships with its customers. As a result, integrating AI and Machine Learning with CRM can deliver more predictive and personalised customer information in all areas of your business. By predicting customer behaviour, companies can take personalised actions to avoid the use of invasive advertising and to provide material of real interest to each prospect. There is no question personalising communications to customers has become critical. Today’s buyers demand more than a “spray-and-pray” email blast. A recent McKinsey study found that personalisation can lift sales by 10% or more. The analysis also showed that by personalising just 20% of email content, open rates increased more than 40& on average. Reply rates also increased a whopping 112%. As a CRM stores all the information in one centralised place, this makes it a lot easier to analyse your performance as a whole. This helps businesses build a relationship with their customers that, in turn, creates loyalty and customer retention. Since customer loyalty and revenue are both qualities that affect a company's revenue, a strong CRM have a direct result in increased profits for a business. Those that use Big Data & Analytics effectively show productivity rates and profitability that are higher than competitors and those that put Data at the centre of their marketing efforts improve their ROI by 15-20%.
AI and CRM AI is becoming an ever-present theme across a variety of industries, from healthcare and retail to software development and finance. CRM vendors are no different; over the past year, numerous CRM vendors have introduced AI components into their product offerings. AI will develop in parallel with user interactions using various touch points within CRM and evolve continuously to deliver more intelligent and personalised actions. Learning critical patterns will also enable AI-infused CRM to automate certain actions, decrease the manual work required, and empower sales and marketing professionals to work more efficiently and effectively. The inefficient processes that hinder CRM will no longer be acceptable, and AI-powered automation will play a much bigger role in streamlining workflows. The rise of AI presents businesses with a wide array of unique benefits and opportunities. It can empower them to provide better, more relevant experiences to their customers and forge bonds with them in a way that was simply not possible before. It’s estimated that 85% of businesses will start implementing AI solutions for their CRM by 2020. It seems inevitable that with further advancements, AI will move from a novelty tool to a must-have feature and dire necessity of every business. If you’re looking for to build a team of CRM experts, or to take the next step in your career, we can help. Take a look at our latest opportunities or get in touch with one of our expert consultants to find out more.
09. October 2019
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