CRM has transformed the way enterprises store and manages their data, interacting with prospects and customers, and forecast growth
Though CRM has multiple benefits, the mundane task of entering data in the system remains a challenge – often unresolved. Such negligence results in organizations having unstructured and incomplete data in their CRM systems, often with a massive leakage of value across their funnel due to human negligence and error. In fact, Salesforce has estimated that about 91% of CRM data is left incomplete, and about 70% of that data ends up decaying annually. This is precisely where artificial intelligence (AI) can step in to create a big difference.
The advent and impact of AI and automation promise to transform the modern businesses that will aid in delivering new revenue opportunities, while increasing employee satisfaction and improve human productivity. Advancements in computing and data storage have unleashed the potential benefits of AI by adding it to daily enterprise tools like CRM. In fact, as per the PricewaterhouseCooper prediction in 2019, 48% of organizations will enhance their profits by leveraging AI.
In CRM functioning, AI can boost the revenues by freeing up the time and focus on prospecting and closing deals by providing teams actionable insights and intelligence to assist easier pipeline delivery. AI can take over where humans actually “drop the ball” while collecting and processing the data, reducing the chances of human error. McKinsey has predicted that around 30% of all tasks within the 60% of all jobs can be easily automated.
To reap the real rewards of AI for CRM, businesses need to start with automation prior to deciding to embark on their AI journey. The best way to start implementing AI is to begin laying the foundation by lightening the burden of data-intense processes, including manual data entry. SiriusDecisions, the analyst firm, estimates that sales reps spend only about 26.6% of their working week selling to their customers, with more time 27.2% being spent on repetitive internal administrative tasks, including data entry and activity logging. AI can help that!
Implementing AI is not a quick fix; it should be communicated as a long-term strategic initiative for all processes, which include CRM, with clearly defined objectives.
Adopting AI for CRM will create a transformational effect for sales teams that can save sales reps from the burden of cumbersome manual data entry to empower them. This is what will boost the productivity of the sales teams, ultimately serving to assist in driving business growth.