Developing successful Customer Relationship Management (CRM) software is a vital requirement for large and growing enterprises operating in today’s competitive marketplace. According to Gartner, the global CRM market is predicted to grow at 13.7 percent Compound Annual Growth Rate (CAGR) by 2021. And in the next few years artificial intelligence is certainly set to play an increasingly vital role in the context of CRMs. Here we outline the top five ways you can leverage the power of AI to enhance your CRM.
1. Messaging Services and Communications
The powers of AI can work to truly redefine the process of customer service within a CRM. Real-time omni-channel communication with customers via SMS, chatbot and email is a vital tool, and one which can be automated and managed by advanced machine learning and AI tools within your CRM software. Human-like AI personas can successfully engage, nurture, and follow-up on your behalf. Since these communication methods are automated and controlled, no mistakes are made, and it leads to higher success rates.
2. Data Management
Effective data management is the backbone of any enterprise. And this is another arena where AI can provide a welcomed helping hand. According to Forbes, sales professionals spend 17% of their time entering data, which equates to almost one work day per five day week. Furthermore manual data entry is listed as the main obstacle that inhibits long term CRM adoption. This is where AI steps in again. Artificial intelligence empowers CRM users to eliminate manual data entry, it also aids their ability to centralise and organise disparate databases.
3. Removing ‘Dirty Data’
Dirty data refers to data that contains erroneous information. According to Dun & Bradstreet, 91% of data in CRM systems is incomplete, 18% is duplicated, and 70% is rendered stale each year. This has a big impact on any enterprise using the CRM, as their sales pipelines and customer communication channels are blocked. But AI leads to much cleaner data existing within the CRM. Artificial intelligence works to detect irregularities and anomalies that can compromise the power of the CRM — in turn improving customer relationships. CRM’s such as Lateral’s advanced system, can integrate with third-party applications and update and interpolate data in real time.
4. Recommendations
Based on the relevant data housed in a CRM system, artificial intelligence can work to provide recommendations for communication; specifically when to communicate and which is the best method in order to reach your required response. These targeted recommendations, empowered by artificial intelligence, are another important CRM tool.
5. Providing a Non-Stop Service
AI tools can also lift your CRM up to a 24/7 operating capacity even when you’re not manning it. Automated support and customer service tools means your CRM can interact with customers on your behalf at any time of the day or night. Queries and comments are recorded and automatically listed within the CRM. This leads to less work for your human workforce, and ultimately leads to massive labour savings.
Request a demo from Lateral today to discover how our leading AI-powered CRM can help you.