Artificial Intelligence (AI) is the ability of a computer or computer-controlled robot to do things that a human does.
AI manifests in several forms. A few examples are:
●AI is used in Chatbots to understand customer problems faster and provide more efficient solutions
●Intelligent assistants use AI to explain critical information from large free-text data for better planning & execution
●Various domains like Google, Netflix, Spotify can provide automated recommendations based on past user data.
When we talk about AI, we see human-like robots taking over the world. But in reality, AI is not intended to replace humans but rather to significantly enhance human capabilities. Technology has made our life better and we experience its benefits in our day-to-day life. From map directions, mobile banking, music recommendations to fraud prevention, AI and other technologies have taken over. Therefore, AI is a precious asset for all businesses.
Following are a few benefits of Artificial Intelligence (AI)
●Helps in repetitive work
●Reduces human error
Artificial intelligence is quickly changing business acquisition and retention techniques by replacing traditional methods. When AI is connected with CRM software, it makes the process smoother and more time-efficient by eliminating repetitive tasks.
Following are the 10 ways how AI is transforming CRM-
1.Data Ingestion & Retrieval: AI poses a threat to many people in the human sales profession. But instead, AI will act as a guide to the salesperson. A salesperson can refer to a customer's previous purchases and accordingly he can suggest a new range of products to a customer. This technique saves both customers and sales person's time and energy.
2.Sentiment Analysis: Today in the technological era, where there is no face-to-face communication, it becomes difficult for the salesperson to understand the true sentiments of the consumer. Fortunately, AI uses sentiment analysis, an AI-powered tool that can analyse conversations, assess customers' emotional state, and prompt the salesperson to respond accordingly. This tool uses a color-coded meter, for example, if a customer or salesperson reacts too rudely over the call, the color changes from green to yellow or red. The tool measures emotions like energy, interruption, empathy, tone, and pace. And accordingly, the salesperson will know how he should respond.
3.Predictive lead analysis: Predictive lead scoring is a tool to look at the CRM data and external data obtained from the website, email marketing. It provides information to the salesperson about the leads that are most likely to close. These leads will be analysed and given a score by which companies can understand where exactly the lead fits in the sales funnel. This process is done within a fraction of time.
4.Providing Instant Response: With AI, companies can automate communications with clients. This automation tool immediately replies to the most common query. Studies show when a client receives an instant reply, they feel satisfied. Therefore, this quickly engages the client in the next step of the client’s journey.
5.Reaching Out to Global Audience: The main hurdle in converting a foreigner into a client is a lack of language knowledge. Being a universal tool, Artificial Intelligence can translate language and help customers connect with the company efficiently. This tool widens the reach and allows the company to communicate with its clients across the globe.
6.Data Handling: The size of the customer data is increasing with the growing amount of transactions. This increase helps businesses understand their customers better, as they can process more information from the customers. But it also means companies will have to work more to extract relevant data. AI helps to handle a high volume of data quickly and with less error.
7.Lead Qualification: AI-powered CRM tools can automate the process of analysing needs. Chatbots & email bots can be analysed to understand the need of the lead. This insight optimizes the company's sales process. And accordingly, the salesperson can perform.
8.Sales Forecast: A sales forecast is one of the most important features of a CRM tool. With Artificial Intelligence, these tools can provide an exact forecast. AI can detect arrays in customer sales data and suggest valuable insights about sales predictions. With these forecasts, businesses can make their plans accordingly and enhance their sales practices.
9.Customer Churn Reduction: Companies mostly earn revenues from their existing customers. So the companies need to prevent customer churn for business. The AI-powered tool can analyse and identify the reason for customer churn. Thus, companies can take appropriate measures and reduce customer churn effectively.
10.Act as a Consultant: Companies need to spend a lot of time searching for the right candidate for the job. Pursuing appropriate talent before another recruit is a challenge. AI-powered CRM can set objectives and recommendations for a particular position. Thus, this tool can inform the recruiters about the best candidate at that time.
AI-based CRM can study different sales scenarios and identify where the deals were rejected and closed. They provide useful insights and make intelligent recommendations during various stages of the sales funnel. With Artificial Intelligence & CRM, the client aspects have changed and everything has become slightly simple. Last but not least, due to AI, e-commerce retailers have experienced millions of interactions. So, the combination of AI and customer relationship management is a gateway to a more profitable business.
Every feature of the AI-CRM tool is not suitable for all kinds of businesses. However, complete research is mandatory to analyse which kind of AI-CRM solution is appropriate for the business.
Flavor offers the best all-in-one, artificial intelligence-powered CRM in Singapore. They hand-pick the features as per the business’s needs, the size, and the scope of its sales team. Flavor offers easy to use with simple navigations, cost-effective, and constant customer support. With Flavor, leverage artificial intelligence for endless business opportunities
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