Artificial intelligence has impacted almost every genre and industry. It has redefined and transformed the business models and means of delivering information. The convergence, driven by the integration of technology through computing power, has led to discovering new forms of technologies.
Now when you talk about incorporating AI in your business model, you can’t overlook the use of CRM. According to the statistics, the CRM-integrated with AI is expected to increase the global business revenues to $1.1 trillion by the end of the year. Furthermore, AI-integrated software is likely to generate 800,000 net-new jobs, thus encouraging users to adopt automation.
How AI-Powered CRMs Assist Businesses
In any business with an increase in transactions, customer data also piles up, which becomes complicated to manage and monitor. Customer information is one of the most important aspects that help business foundation progressively. It lets a business understand the needs and preferences of their target audience.
This data should be monitored and evaluated regularly to improvise and enhance the business strategy. Now that you have a bulk of data left unattended, how will you keep your business updated? That’s where AI-powered VRM comes in to rescue business operations and strategy makers. The unstructured data covers 90% of the total data received. With the help of AI tools, you can seamlessly convert the unstructured data into structured information.
5 CRM Trends You Must Follow
As industries are reshaping their business models, it’s time you learn about the forecasted CRM trend for the year 2021. So read on the list and make the most out of the year.
The Integration of Voice Technology
With the evolution of SaaS software, the use of voice technology is accelerating. It has become an important usability element to provide ease in interacting with your platform. It simplifies the functionality and helps the users to locate the product or browse a thing efficiently. Voice search can be applied to every form of CRM channels, including the ticketing management system.
Almost all users (94%) consider voice technology easy to use and say it does more than save time – it improves their quality of life.”- extracted from Adobe’s research.
Einstein Voice Assistance has turned out to be one of the leading voice technology integrated CRM that enables sales professionals to manage, track, and monitor the customer-oriented data effortlessly. Considering the outcomes generated through this new form of technology, it turned out to be the most enthralling integration that is progressing at a much faster pace.
The Use of One-Channel Strategy
As per the CRM trend of 2020, the need to shift to an omnichannel approach is imperative. Like every other communication channel or gradually getting unified, these channels can be handled from a single source.
CRMs come with the Omnichannel approach, where businesses interact with customers by making themselves accessible on commonly used communication channels. With advanced CRM, you can smoothen your customer’s journey and increase conversion rate with a strong clientele. Therefore, adopt the one-channel approach and focus more on building relationships with your customers instead of striving to discover a new communication mode.
The Adaptation of IoT Technology
According to Statista, the global IoT market is expected to reach up to 1.6 trillion by 2025.
From smart homes to smart devices, the rise in the Internet of Things’ interaction is hard to overlook. As per the TechJury report, the year 2025 will be flooded with a massive count of 64 billion IoT powered devices. To improve customer relationships, businesses are adopting IoT solutions for better data handling. It enables them to incorporate personalized marketing strategies, thereby strengthening their relationship with their clients. The CRM software with IoT integration helps companies identify potential problems, performance issues, and detecting products lacking in the stores.
Focusing On Improving Customer Experience (CX)
Making “ease in usability and accessibility” the main feature, companies are now diverting towards improving customer experience. According to Salesforce’s report, “84% of customers feel the experience a company provides is as important as its products or services.”
When ensuring to follow the customer-centric approach, your CRM will facilitate a highly personalized service package that will help you get closer to your target audience. Not only this, but such a CRM will also act as a marketing funnel to convert prospective customers. Enabling targeted selection and highly intelligent segmentation, the CRM will gear up your business to experience better stability and success possibilities.
The Rise Of Mobile CRM
Mobile CRM solutions show higher adoption rates. Productivity and profitability are the two outcomes generated by the integration of mobile CRM in the workforce. Forester statistic reports stated, around 50% of teams have proven to perform more productivity by the mobile CRM technique.
Take a look at the Nucleus Research report below:
The report clearly shows that 65% of companies using the mobile CRM system are achieving their yearly sales quotas, whereas only 22% of companies with no mobile CRM are managing to reach their sales targets.
The Growth of CRM Is Not Slowing Down
The revenues customer relationship management software generates expected to reach up to $80 billion by 2025. CRM has turned out to be one of the fastest-growing software industries. Considering the increased growth of CRM adoption and its effectiveness in generating better sales, around 44% of businesses have increased their IT budget in 2021. They are planning to incorporate the use of CRM in stretching customer relationships. Therefore, it’s high time you incorporate a CRM in your business model.