Businesses can get access to more in-depth data analytics with an AI-powered CRM, as it enables predictive analytics and natural language processing (NLP).
The majority of companies such as Salesforce, Oracle, and others have either acquired or developed sophisticated AI technology to garner better customer insights from their data. By 2021, an AI-driven CRM, platform, has the potential to increase global revenues by $1.1 trillion, says a Salesforce report.
Higher RoI with Predictive Analytics
According to Gartner, there has been a growing interest in predictive functionality from marketing technology in 2019. With AI-powered CRM, businesses can get access to predictive lead scoring, a tool that uses algorithms to study all of the data collected in CRM. The tool uses this data to offer a better idea of where the customers fit in sales funnel and then determine whether leads are qualifiable or not.
The predictive lead scoring tool goes through the available data to find trends about client behaviors to generate leads. With the help of predictive analytics, businesses can gain new customer insights that can be used to modify manual methods, going forward.
Engaging the power of NLP
Natural language processing (NLP) as a tool is particularly useful for businesses with teams dealing with a large number of escalations from customers. Even if the companies have a small team with knowledge about how customers are feeling, it will help to start the interaction with customers from a place of understanding. This will help companies handle or de-escalate situations with clients and will lead to higher retention.
Add to bottom lines
An AI-powered CRM tool eliminates mundane tasks such as inputting and cleaning customer data. It can perform the role of virtual assistants for all levels of employees thereby helping them improve their daily productivity. Applications within AI-powered CRM tools will be able to determine the context, urgency, potential business value, and the right technical teams to service the request. This smart routing of workloads will help enterprises set better customer service quality standards.