In recent months, artificial intelligence (AI) is liberating organisations from CRM-related manual systems and processes. AI use in CRM has also been leveraging sales insights, social networking, and customer engagement.
In the increasingly digital and always-connected digital business world of today, manually updated CRMs can quickly become unwieldy drags on office efficiency and productivity. This is one of the biggest reasons that make CRM platforms the prime use case of how organisations across industries can leverage solutions using AI technology.
AI and Machine Learning technologies are entering the daily lives of salespeople with products such as Dynamics 365. According to a recent report, 77 percent of the surveyed executives plan to introduce artificial intelligence in their organisations till 2021. 28 percent of them expect AI to improve customer service, while 19 percent expect AI to bring an increase in sales.
Why AI for CRM booms in B2B?
The growth of AI-powered CRM is justifiable with large quantities of data getting generated by customers in the B2C sector (for instance, social networks). But what can the B2B sector expect from AI use in CRM? The primary change that AI brings to CRM in the B2B sector is that the software was initially only used to consume and offer information on user requests. But now, it can pull relevant data when it is most appropriate (for instance, in the form of actionable cards in Dynamics 365).
Benefit#1: Better predict lead outcomes
It will not be wrong to say that every sales rep has at least once lost a lead just when it was about to be won. The time spent on these lost leads could have been spent wisely if the final outcome could have been predicted at an early stage.
This is where Machine Learning steps in. It allows the behavior of leads in CRM and rank leads automatically by their probability to convert. It also helps identify if the contact person has the authority to close the deal. This helps in saving valuable time, effort, and other resources. It also allows sales reps to concentrate better on "possibly favorable" deals and spend less time on "deals that aren't likely to get converted."
Benefit#2: Helps in early deal closure
With competition around, even a minor slowdown in the responses of customers can be a sign of concern. There is no denying the fact that it is humanly not possible for every sales rep to closely monitor every customer account at all times. However, AI-enabled CRM can help in analysing the customer sentiment based on historical data and other information sources to send alerts to sales reps. This can help in identifying more deals, retaining more customers, and winning more deals.
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