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Technology is evolving at warp speed, with an estimated 5 billion + connected devices creating a gargantuan network of data. AI (Artificial Intelligence) is certainly the next big thing. Further, the ability to store huge volumes of data on cloud along with easier access to intelligent algorithms is set to make AI the next big wave in business innovation. AI for CRM is crafted to help businesses become smarter and more predictive about their customers.
Everyone and almost everything is connected, a never before phenomenon in the history of mankind! Look for yourself:
– 3 billion Internet users
– 6 billion connected devices
– 5 billion smartphone users
But, that’s just the beginning! As Bank of America Merrill Lynch predicts the estimated market for AI powered CRM solutions to be $153 billion by 2020.
Time to brace for smarter CRM systems that would help:
- – Discover outright opportunity insights
- – Automate activity capture
- – Predict close time
- – With product recommendations
- – Predict outcomes
- – Recommend next steps
- – Automate much of sales and customer service tasks
AI technology will be deployed across cloud to analyse the gigantic pool of automated data that the different platforms amass:
- – Sales
- – Activity data
- – Calendar
- – E-commerce
- – Internet of Things (IoT)
- – Social Media data streams
It would then run predictive analytics and machine learning algorithms to offer intelligent data insights and recommendations across a range of business use cases.
Algorithms for Smart Data Discovery would be as follows:
- – Machine learning
- – Deep Learning
- – Big Data
- – IoT
- – Predictive Analytics
In addition, the number of companies that would draw from information from social channels to double up, which perfectly helps to set the stage for AI integration into cloud based CRM solution.
All in all, AI would drive every line of business.
- – Sales (focus on best leads)
- – Customer Service (more proactive)
- – Marketing (predict customer journeys)
- – IT (create more smart apps)
AI in laymen terms:
Tractors replaced horses, not the farmers. Similarly, AI will not replace workers, but will empower businesses to focus more on customer success in ways we could never do before. AI offers an additional layer of intelligence to the data mining process. With 45% of the world’s fastest-growing businesses predicted to use AI by 2018 to improve productivity, AI would be a perfect assistant.
An AI powered CRM can:
- – Answer queries
- – Identify new opportunities
- – Resolve problems of moderate difficulty
- – Engage customers and much more
It is truly an exciting time to be alive, as the future seems very bright for AI. Brace yourselves for inboxes that would organise on their own, calendars planning meetings, richer and deeper insights into each customer. Simply put, we see every line of business getting smarter with the nexus of AI and CRM.
To learn how the nexus of cloud, CRM and AI can help a business become BFF with its customers, contact us here. You can also SMS SAGE to 56767 or drop us a mail at sales@sagesoftware,co.in for free demo and consultation.
Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.
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