Customer Relationship Management: How It’s Changing Businesses

Customer relationship management (CRM) technology platforms are tools that businesses of all sizes can utilize to serve their customers better. As a contact database for storing customer information, CRM technologies have evolved significantly in the previous two decades to become an indispensable source of relationship intelligence for the entire customer lifecycle.

And while you’re busy gaining some insight from a reputable IT consulting firm about CRM, here are the three most significant trends to keep an eye on.

Customer Service Backed by Artificial Intelligence (AI)

Machine learning, predictive analytics, natural language processing, and robots are examples of artificial intelligence (AI). For years, CRM companies have been making significant investments in AI-enabled technologies to serve their customers better. At least 80% of respondents surveyed by Teradata in their “State of Artificial Intelligence for Enterprises” report said they were working to incorporate some AI in their company. We envisage AI supporting CRM platforms in the following ways in this fast-expanding scene:

More and more customer service queries are being handled by AI chatbots integrated into CRM systems. Let’s imagine an online chat is used to initiate an auto insurance claim. It collects relevant data like the client’s name and verifies the customer and vehicle during task management. This information can then be sent to an insurance claim representative who will finish the procedure with them. Bots are pre-programmed and can be taught new things based on the input they receive from customers. A bot’s feedback loop can help it get better with every interaction.

The application of artificial intelligence (AI) in lead management increases the possibility of a closed deal for sales teams. For starters, AI analyzes the lead and recommends the following steps based on interest or past purchasing behavior. A hospital, for example, can provide a pointer to a medical device maker. Artificial intelligence would take data from sales history, hospital information, the proximity of similar hospitals, and interest levels to generate a score in this instance. By using artificial intelligence (AI), the company can promote other products and features, such as a preventive maintenance field service contract, which increases the possibility of closing that particular account.

Process Automation

Businesses use CRM to automate routine workflows, such as when a specific event occurs, an action is taken. A workflow rule may state that if a service request was previously opened and now has the status of closed, an email will be sent to the client telling them that the case has been closed. Most, if not all, CRM solutions have workflow as a standard feature. Several new CRM trends have emerged in the automation capabilities space:

team meeting

Companies must define job activities and determine whether a computer or a human should complete them to serve their consumers better. In addition to providing step-by-step directions for how to complete tasks, task automation also saves time. The CRM system directs or guides an associate during an engagement with a customer regarding what to say and do to inform the consumer. Prescriptive task automation is based on input received, client profile, or other business conditions and prescribes what steps to undertake.

Process diagramming tools or low-code resources can be utilized by business-oriented resources to define job automation. When a business analyst explains a task, such as processing an insurance enrollment, the organization will use a graphical tool that guides the analyst through each phase, decision point, and predicted conclusion.

Data Integration

Systems for customer relationship management (CRM) generate and consume enormous volumes of data. CRM technology platforms have traditionally been coupled with transactional data retrieval systems like enterprise resource planning (ERP), accounting, claims to process, and billing. An enterprise service bus (ESB), application programming interfaces (APIs), file integration, and computer telephony integration (CTI) are integration techniques.

In today’s CRM systems, communication protocols allow data to be accessed via web services. Instead of making phone calls or sending emails, this level of collaboration enables an organization to engage with other sources and organizations like credit bureaus to share consumer information and speed service needs. Because of this level of integration, businesses of all sizes will better serve their customers.

If you’re interested in learning more about CRM innovation in general, check out these other resources. To better grasp the role of social media in customer-focused business strategy, read the article Social CRM Defined. It will help you better understand how organizations transform the customer experience through social CRM as a business practice. It’s vital to note that while CRM solutions at the contact center give valuable information when administered ineffectively, they can complicate rather than simplify client experiences, such as social CRM, mobile CRM, and AI-driven CRM.

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