Aspects of AI for a Business
Artificial Intelligence or AI as it is popularly coined, is a term that is being thrown up across multiple domains and in many forums. What was earlier considered a technical jargon known only to perhaps those in R&D is now a commonplace term. Of course, this is due to the fact the field has finally evolved to such levels as can be used to show visible and marked impacts across many arenas.
A conglomeration of many innovations
The disruptive technology of AI is now scaling high, riding on the back of many supporting technology aids such as cloud computing, social media, and inter-connectedness of everything – from mobiles to all sorts of sensor-enabled devices. At the backend are smart algorithms such as deep learning, machine learning, self-learning, data analytics and neural networks. A rich amalgamation of technical empowerment is thus being bundled into intelligent software solutions that are enabling enterprises to engage in multiple ways to provide better value to their customers and thereby aim for new levels of success.
With features like natural language processing (NLP), computer vision, predictive analytics etc. powered by AI, an enterprise will not only be able to understand what their customers’ need, but also anticipate what they may demand and look for. AI can help them learn from consumer data and interactions in order to service them better. In fact, AI is that link which can ensure smooth connectivity across the entire ecosystem for an individual to deliver a seamless experience where data and information can move from one component to another on its own. The day is not far, when our home, office, travel, leisure, entertainment etc. would all snowball into one system which will work on its own to personalise services as per our own preferences.
Behind the scenes
To be able to achieve this dream, there is a lot of ground that companies will need to cover. Already AI is being used in many services that we use daily, e.g. Google, Facebook, Amazon and many consumer-facing apps. The end goal is almost similar for all – to create a fast and seamless experience for the end-user.
Where earlier AI meant high-cost implementation and closely guarded intelligence, now open source and digitalization is the very platform which has propelled its growth. The growing number of skilled people and the plethora of competitors from across the globe making customisable AI solutions for specific industry verticals, along with rich developer and technical wizard communities engaged in active dialogues, have propelled the easy availability of AI technology for businesses.
Naturally inclined for CRM
In fact, customers today expect cohesive and intelligent services that cut through many channels and touch points. AI makes it possible to interlink all apps and solutions that a business can leverage at the front-end as well as the back-end systems in order to focus on customer experience, which is the basic aim of CRM as well. Hence, AI and CRM are closely linked with the same goals.
AI and CRM’s synergy can tap signals from all engagements in real-time. The data can then be fed into intelligent analytic tools that can make intelligent decisions based on the data, again in real-time, with little or no human intervention. This can deliver quick and impactful responses with accuracy. Automation can, in fact, be used to predict sales and marketing targets & goals as well.
Fuel for all
AI can empower every line of a business. Customer service can create, for instance, chatbots, that can answer queries for customers without human involvement and also lead them to upsell and cross-sell. Sales can get predictive dashboards to make more reliable forecasts. The monitoring and analysis capabilities of AI can deliver real-time reports for measuring performance and taking quick and timely actions when there are deviations. Digital assistants are novel smart ways to maintain strong relationships with the customers as well as the employees.
AI can ensure that data travels seamlessly from one customer service agent to another, such that the customer can pick off from where he/ she left in the last session of interaction with the company. Even when the customer is not actively talking to a company agent, the interaction continues in the background via numerous data exchanges say from his/her social media activity. This feeds into the AI backend and enables the company to ‘know’ the customer more closely. It can create a powerful CRM profile for the customer and translate into a beautiful experience for him/her. Predictive services can identify issues before the problems actually occur, suggesting the right solutions to the consumers so that they can avoid the adverse impacts of the problem altogether.
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Thus, with AI, the focus of CRM can be to discover and explore new insights about their customers, at deeper levels than ever before. Armed with this knowledge, businesses can move from reactive to proactive services to finally predictive models. Automation and self-learning can ensure that the solutions can be scaled quickly and work round-the-clock with increased accuracy, extremely high speeds and without manual errors. Intelligent recommendations are, after all, crucial to building a trustworthy and long-lasting relationship with one’s customers.