AI for CRM: Customer relationship management in the tech-driven business world

 AI for CRM: Customer relationship management in the tech-driven business world

When we talk about business, it's a fundamental fact that one strives to succeed in the longer term by pleasing and retaining its customers. We can clearly understand the relationship between any business organisation and its customers through the words of Michael Leboeuf, “ A satisfied customer is the best business strategy of all”.

Customer relationship management(CRM) has come a long way since its birth in the 1970s and keeps on maintaining its importance in the present world. CRM is still underrated by many people which is a massive organisational mistake altogether. CRM systems allow businesses to understand their target audiences better and figure out the best alternatives to cater to their needs, thus assisting in the retention of customers and driving sales growth. With the advent of technology in dealing with customers and the data related to them, AI for CRM emerged as the most trusted and valued solution for businesses across various domains.

 

Need for AI in customer retention and engagement

CRM has never been the same from the time it made its presence in the business world. People always tend to make their lives comfortable through science and technology and that has been the same fate with CRM for ages. Being aware of the significance of customer satisfaction, CRM was innovated and modified to fit the growing needs of this ever changing world. Artificial intelligence services contributed immensely to its growth and popularity, which still holds to be an evident practice in many business organisations today. As a result of so many advancements and innovations in this field, we have AI for CRM as one step solution for every type of business present out there that believes and strives to achieve excellent customer retention and engagement.

Why to use AI for customer service?

Across various domains, it is observed that sales representatives have been spending around 30% of their time in selling or pitching customers about the products or services and approximately 20% of their working time managing the CRM related operations. Therefore, it’s necessary for organisations to allot more time in sales related tasks to these employees rather than other related functions.

To address such a problem, modern solutions come in handy like the wide data powering a lot of organisational operations to gain an edge over the competitors. Almost all of us have encountered a situation where we dealt with chatbots or automated mails which were not regulated by humans but by the machines themselves. And they no doubt save a lot of precious time for business organisations and use it somewhere in performing more productive tasks.

 

Let’s dive into some major advantages of using AI for customer service:

• Growth in sales: CRM tools powered by AI solutions provide knowledgeable insights about the customers and assists businesses in understanding their sales operations. With this information, organisations can better understand their customers and devise strategies that can give a push to their sales.

 

• Saves costs and time: Artificial intelligence powered CRM systems can effectively exclude manual labour including tasks like inputting and removing customer data, thereby reducing human faults. When these repetitive tasks are performed continuously without any errors, such CRM tools are proved to be competent enough to handle long time consuming tasks in a smaller time frame.

 

• Improved customer satisfaction: One of the biggest challenges for any business is to know their customers at the best level. With the help of artificial intelligence solutions, analysing and predicting patterns in customer data is made easy while understanding them better than before. Using such information the appropriate actions can be taken which will help in generating revenue and enhancing customer satisfaction and brand loyalty.

 

• Improved employee satisfaction: As AI has taken over a lot of manual tasks, employees are not required to spend time on those and use that saved time in performing other more relevant and meaningful operations. Also, the use of big data improves CRM strategies by understanding and analysing customers’ behaviour patterns and delivering a much more personalised experience.

Some of the best AI service companies for CRM

So, now that you know how significant customer relations management is to your business it becomes critical to know which companies are hit in the market for providing such solutions. There are many artificial intelligence services providers who offer a range of solutions in customer service, financial services, manufacturing operations and other enterprise AI solutions for businesses. Down below are some of top companies providing AI for CRM services:

1. Affinity- Affinity is a relationship intelligence platform built to expand and evolve the traditional practices involved in CRM. It uses machine learning analysis and provides insights on who in the organisation has the highest chance of getting that initial meeting and to close the deal.

2. Veloxy- Veloxy aims to improve Salesforce engagement and maintains focus on what drives the pipeline while an AI based Virtual Assistant takes care of everything.

3. Nektar- Nektar.ai is a startup aimed at increasing B2B sales productivity by developing an AI-based virtual sales assistant to enhance the productivity of sales teams.

4. SetSail- SetSail is an AI-powered revenue data automation platform that generates revenue by exploring buying signals and rewarding that matters. SetSail uses machine learning to analyse customer interactions and reveal what’s driving growth in your deals.

5. Findability- It strives to create a AI led digitally transformed business platform for its clients where they can effectively maximise workforce productivity and boost business outcomes by using AI powered solutions and enhancing customer engagement and retention.

The above mentioned are one of the best AI service companies currently gaining momentum in this new tech economy. They are constantly learning and giving the best they can with an expert team working behind them.