In this blog, you will get to know about the artificial intelligence for business and about CRM software using artificial intelligence .
AI in CRM
How can companies adopt CRM software using Artificial intelligence?
Artificial intelligence for business is definitely changing the way we consumers lap up experiences. The way we connect with each other, use personalised services from various vendors and even the way we interact on social media. Obviously, what’s pleasure for a consumer is a business goal for an enterprise. Therefore, it is imperative that more and more enterprises adopt CRM software using artificial intelligence to drive sales, marketing, service, e-commerce, and every customer engagement.
In fact, the numbers say it all. There are predictions that AI will boost the economic growth of companies. For instance, Accenture predicts that AI can double the growth rates of companies by 2035. The IDC reports suggest that Artificial Intelligence- CRM software using Artificial intelligence will boost global business by USD 1.1 trillion from 2017 through 2021.
So, how should companies try and adopt the AI strategy into their business?
There are so many vendors and capabilities, each claiming to be better than the rest. The technologies are changing dynamically, so if the leadership of your enterprise is not tech-savvy, it may become quite intimidating to decide which path to travel on.
It doesn’t have to be that complicated really. Nor is there any reason to fear Artificial intelligence for business. The general impression that AI will take away jobs is only one side of the story. There is an equally thrust and often lesser publicized facet that AI will add many more jobs. There are 800,000 direct jobs estimated, and 2 million indirect and induced jobs in the pipeline by 2021.
What is needed is for the employees to re-skill themselves. So, your Artificial intelligence for business adoption plans should somehow include competency build-up for AI. There are many companies that are now coming up with free and paid services to give opportunities for people to learn the new skills for a successful career in the smart age of today. Engaging in such platforms, forums, and training will be crucial to stay in tune with the times, paving way for timely adoption of such innovations for your business.
Engaging in CRM software using artificial intelligence for not only the customer-facing components but also for internal processes will improve productivity & efficiency and in turn, let you focus on better customer relationship management with transparency across all systems. This will let you lower the cost of support and call centres, accelerate sales and personalise ad and marketing campaigns. Automation can drive speed and accuracy levels that can support scalability and predictability. Therefore, all aspects of businesses should be evaluated carefully in order to take complete advantage of the power of Artificial intelligence for business.
2018 is set to be the major year of game-changing adoption across the board. The leading CRM use cases for AI adoption include Lead Scoring, Email marketing, Sales Forecasting, Opportunity Scoring, and Service Case Classification/ Routing.
The AI adoption journey can follow the following guidelines:
Familiarise yourself with AI
This is the basic step to enter into the world of AI. Without keeping any mental blocks, indulge in open forums, online courses and online information to increase your own knowledge of AI. Follow the latest trends in not only your industry but overall as well. Get to know the leading tools and companies that offer AI products and the areas they specialize in.
Look for issues that need to be solved
Get into your business internals and find areas that you think can benefit from AI capabilities. This can span internal workflow, products, and services. Finally, identify the use cases that can show added value with AI adoption.
Link it to measurable value
Every investment must be linked to measurable goals and ROI. This may be aligned to cost savings, increased productivity, financial value or other business goals. Ensure that you define metrics and the target limits for these.
Assess the competency gap
Assess and map the gaps in current competency levels internally, so you can address the costs incurred to build the capability or to hire from external sources. This does not mean only technical capabilities, but also from a point of view that incorporates the business impact of AI.
Partner with vendors for a pilot POC
Find help in the form of external vendors and expertise. Choose capable vendors carefully. Once selected, launch a pilot for starting small AI adoption, so you get a handle on the practical aspects. This can become a reference point for a longer-term project or goal.
Measure the results and get buy-in
Show the performance and the value in absolute terms of the pilot project. Demonstration of such capabilities will give you confidence and have a better buy-in from business users for future excitement about the prospects of AI.
Go full throttle for wider adoption.
Now there is nothing to lose! Use your recently acquired skills and expertise and innovate with AI solutions for your business across multiple areas.
A well-defined strategy can only evolve the Agile way for AI. The technology is new and there aren’t too many benchmarks available yet to set targets against. Hence, it is wise to make your own targets and revisit them after each ‘iteration’ to fine-tune them as may seem best for your own unique business scenarios. This self-learning can arm you with the ability to make predictable forecasts about the effects of your AI investments.