Artificial intelligence has already impacted many aspects of daily life. Now, this technology is poised to bring big changes to the workplace. While the automation driven by AI may eliminate a small percentage of overall jobs, it will help employees in some fields become more productive. In CRM-related fields, employees will benefit from AI.
AI in CRM is already a big business. In 2016, the global market for AI in CRM was worth an estimated $7.9 billion. By 2021, the global market is estimated to be worth $46.3 billion. This increasing adoption of AI in CRM will have a major economic impact, and it could affect your business.
Here’s what you need to know about the situation.
How AI Is Used in CRM
There are many ways companies can use AI to improve their customer relationship management. One of these ways is the use of chatbots. Chatbots are software programs that can be integrated into messaging apps.
In the past, chatbots could only provide simple greetings to customers. Now, they can do a lot more. They can help customers with simple questions or product orders. Forty-four percent of consumers prefer chatbots to human customer service agents. By adopting chatbots, companies can provide a better customer experience to these consumers.
AI can also help companies run personalized marketing campaigns. AI can learn about your customers’ past behaviour, and tailor emails to their preferences. Instead of sending a mass email to all your customers at the same time, AI lets you send emails at times when users are most likely to open them. For example, a customer who prefers reading emails in the evening would receive your message at that time.
Predictive lead scoring is another AI-powered feature. The AI uses an algorithm to predict which of the people in your database are qualified leads, and which people are not qualified. The algorithm looks at what your customers have in common, then uses that information to sort through your database and identify qualified leads. This takes the guesswork out of scoring leads and makes life a lot easier for your salespeople.
Adoption of AI
Some companies are already using AI, and many are planning to adopt it in the near future. According to a recent survey, 40 percent of companies plan to adopt AI within the next two years. That means 2018 will be a big year for AI adoption.
By 2018, three-quarters of independent software vendors and enterprise development will include AI functionality. Companies that use these products will be able to reap big benefits from AI. They’ll be able to lower the cost of support calls, personalize their marketing campaigns, and accelerate their sales cycles. Companies that don’t adopt AI for customer relationship management could be left behind. To get started, you should engage a HubSpot partner to help grow your business.
Economic Impacts of AI on CRM
The adoption of AI is projected to have a major impact on businesses. From the beginning of 2017 to the end of 2021, global business revenues could see a boost of $1.1 trillion. That number may seem unbelievable, but it just goes to show how valuable AI is for businesses. The biggest drivers for this revenue boost are increased productivity and lowered expenses.
Increased productivity is predicted to contribute $121 billion to the increase in global business revenues. Thanks to things like predictive lead scoring, salespeople will be able to spend more time selling. In this way, AI in CRM is like a personal assistant for your salespeople.
Lowered expenses due to automation are projected to contribute $265 billion to the revenue increase. That’s being driven by factors like chatbots. In fact, it’s been predicted that 29 percent of customer service positions could be eliminated by the adoption of chatbots and other AI technology. That means companies will save a lot of money on salaries.
Posted By Author Mike Lieberman, CEO and Chief Revenue Scientist
Mike is the CEO and Chief Revenue Scientist at Square 2. He is passionate about helping people turn their ordinary businesses into businesses people talk about. For more than 25 years, Mike has been working hand-in-hand with CEOs and marketing and sales executives to help them create strategic revenue growth plans, compelling marketing strategies and remarkable sales processes that shorten the sales cycle and increase close rates.