Skip links

AI Revolutionizing CRM: Driving Growth and Innovation

Jump To Section

CRM or customer relationship management has had a strong relationship with AI for a few years now.
How AI Transforms CRM for Better Customer Communication

CRM or customer relationship management has had a strong relationship with AI for a few years now. There have been multiple companies engaged with AI on an operational basis as well as strategic ones. This means that there are CRM software that allow you to enhance your communications through AI, as well as others that integrate AI as a core system within the model.

Every large industry participant from Salesforce to SAP, has made significant investments in AI. They’re trying to refine their data-focused solutions to become more consumer-friendly. They’ve also been acquiring many AI companies so that they can speed up the AI-to-market process for their large scale multinational clients.

Research from IDC (International Data Corporation) suggests that AI in CRM will boost global revenues by more than a trillion dollars by 2021. This could also result in 800,000 new jobs created as an overall impact.

AI-Powered CRM: Enhancing Customer Communication

CRM has the added advantage of being customer-focused, leading to innovation stemming from core-insights. CRM has the capabilities of perfecting each customer interaction to get the most out of every sales opportunity. This AI-enabled offering has introduced new avenues of growth for firms working with CRM providers. They’re more agile, as a result, and can reach out to their customers for any upselling and scale-related opportunities.

Not only is customer communication a major advantage in the CRM space, there have been advancements made in the technological implementation as well. We saw basic and essential AI being introduced in the form of chat-bots and data-miners. Now, we’re seeing a more sophisticated approach to CRM through AI. The AI-technology can integrate various processes within the CRM system to streamline communication better.

E.g. if customers approach the system via email or via call, the chain of CRM flow changes according to their location. If they’re long-term customers vs new customers, the system can analyse that and make changes in its approach.

Overall, if there is to be a significant change in the way marketers view CRM its to do with AI. A few years ago, CRM was seen as software. This software could be cloud-based or device-based depending on where you were accessing the information from. Now, the script has changed, and AI has become ever more popular in the field. AI has become a core-component of CRM’s core systems, which has made CRM a core component of marketing.

The insights obtained from CRM activities are invaluable to organizations, who view it now as a concrete and dependable source of insight. Otherwise, CRM reports were sent to the CMO’s office and were approved or rejected without going too deep into the numbers. AI has also made reporting that much more efficient by introducing smarter insights and better decision making (more or less autonomous).

CRM enabled AI has made taking decisions a much more streamlined process. There have been multiple iterations being tested on consumers as well. With Microsoft and Google making strides in the space, CRM is going to be bot-based in the near future. This will almost completely change the way we interact with computers and make AI-enabled home robots a common phenomenon. Currently though, we are only seeing the basic effects of AI, which is self-learning and understanding through processing billions of data points.

CRM has also opened up how companies view innovation in the space of customer communication. We don’t see many brands taking risks in the customer communication space as automated responses still need reviewing. This is where AI can take over by learning about the hundreds of online communications points that large organizations deal with daily. This can make text-based responses, email-based ones, and phone-based ones seem human-like thereby increasing the rates of retention and improving communication.

Also read: Building an Effective AI Team: Key Roles and Responsibilities

There have also been significant enhancements in the flexibility that AI offers CRM. Companies can offer different solutions to customers based on AI’s power of computation. E.g. Zoho’s Zia Voice CRM is a text and speech powered virtual assistant. Not only is Zia one of its kind, it can also innovate on the spot leveraging its learning algorithms in real time. Through this, clients can leverage better customer communications at scale, and offer flexible solutions in return.

CRM is also heavily dependant on data management. Managing data effectively is one of the key areas of focus for AI software. As there are thousands of data points that are collected every session, it’s important to get both real-time data and accumulated data as well. Data needs to be scrubbed for inaccuracies and subsequently converted into insights. With the power of AI, CRM has advanced to a position of offering these solutions currently. The relationship between AI and CRM has enhanced multi-fold owing to the rise in computational competencies.

With increase in technology adoption, CRM has become synonymous with AI. There have been multiple instances of CRM being the first step of introduction to the marketing side of a firm. In terms of ROI and accountability, it’s at the top of the chain in this matter. That’s why CMOs don’t hesitate to incorporate AI based CRM systems. They can base their evaluations on core metrics such as attrition, time spent, etc. That’s where marketing can truly innovate based on ROI metrics provided by CRM and AI.

CRM has also developed into a key area of investment, when it comes to marketing spends. Marketers aren’t hesitating to invest big in CRM as it leverages the capabilities of deep learning and mapping. That’s why the industry, as a whole, has grown multi-fold over the past few years. With the growth of the CRM industry, there have been new jobs opening up in the marketing sphere giving rise to the development of the space further.

With rise in investments, and funding in quality talent development, the quality of analysis and reporting obtained via CRM has also improved significantly. The rationale behind investment 10X and 20X in CRM has become clearer and quality talent are driving the innovation in the sphere further. Those graduating and joining the labour pool in 2018 will have significantly different CRM skills than those that entered 5 years ago. That’s why the space is exciting on many counts, and the future is yet to unfold completely.

About Author

Chitra is an expert in development and deployment of cloud computing technologies and has managed global teams. She has led the deployment of cloud computing platforms for Fortune 100 companies in varied sectors – Pharmaceutical, Insurance, Automobile, Aviation, Telecom, to state a few.

She has experience in integrating IoT and cloud platform in the renewable energy sector. Chitra holds an M.S. in Computer Science from Ohio University, USA and B. Tech in Information Technology from the University of Madras, India.

Picture of admin

admin

Suggested Reading

Ready to Unlock Your Enterprise's Full Potential?

Michael Woodall

Chief Growth Officer of Financial Services

Michael Woodall, as the Chief Growth Officer of Financial Services at Altimetrik, spearheads the identification of new growth avenues and revenue streams within the financial services sector. With a robust background and extensive expertise, Michael brings invaluable insights to his role.

Previously, Michael served as the Chief of Operations and President of the Trust Company at Putnam Investments, where he orchestrated strategic developments and continuous operational enhancements. Leveraging strategic partnerships and data analytics, he revolutionized capabilities across investments, retail and institutional distribution, and client services. Under his leadership, Putnam received numerous accolades, including the DALBAR Mutual Fund Service Award for over 30 consecutive years.

Michael’s dedication to industry evolution is evident through his involvement with prestigious organizations such as the DTCC Senior Wealth Advisory Board, ICI Operations Committee, and NICSA, where he served as Chairman and now holds the position of Director Emeritus. Widely recognized as an industry luminary, Michael frequently shares his expertise with various divisions of the SEC, solidifying his reputation as a seasoned presenter.

At Altimetrik, Michael plays a pivotal role in driving expansion within financial services, leveraging his expertise and Altimetrik’s Digital Business Methodology to ensure clients navigate their digital journey seamlessly, achieving tangible outcomes and exponential growth.

Beyond his corporate roles, Michael serves as Chair of the Boston Water & Sewer Commission, appointed by the Mayor of Boston, and is actively involved in various philanthropic endeavors, including serving on the board of the nonprofit Inspire Arts & Music.

Michael holds a distinguished business degree from Northeastern University, graduating with distinction as a member of the Sigma Epsilon Rho Honor Society.

Anguraj Kumar Arumugam

Chief Digital Business Officer for the U.S. West region

Anguraj is an accomplished business executive with an extensive leadership experience in the services industry and strong background across digital transformation, engineering services, data and analytics, cloud and consulting.

Prior to joining Altimetrik, Anguraj has served in various positions and roles at Globant, GlobalLogic, Wipro and TechMahindra. Over his 25 years career, he has led many strategic and large-scale digital engineering and transformation programs for some of world’s best-known brands. His clients represent a range of industry sectors including Automotive, Technology and Software Platforms. Anguraj has built and guided all-star teams throughout his tenure, bringing together the best of the techno-functional capabilities to address critical client challenges and deliver value.

Anguraj holds a bachelor’s degree in mechanical engineering from Anna University and a master’s degree in software systems from Birla Institute of Technology, Pilani.

In his spare time, he enjoys long walks, hiking, gardening, and listening to music.

Vikas Krishan

Chief Digital Business Officer and Head of the EMEA region

Vikas (Vik) Krishan serves as the Chief Digital Business Officer and Head of the EMEA region for Altimetrik. He is responsible for leading and growing the company’s presence across new and existing client relationships within the region.

Vik is a seasoned executive and brings over 25 years of global experience in Financial Services, Digital, Management Consulting, Pre- and Post-deal services and large/ strategic transformational programmes, gained in a variety of senior global leadership roles at firms such as Globant, HCL, Wipro, Logica and EDS and started his career within Investment Banking. He has developed significant cross industry experience across a wide variety of verticals, with a particular focus on working with and advising the C-Suite of Financial Institutions, Private Equity firms and FinTech’s on strategy and growth, operational excellence, performance improvement and digital adoption.

He has served as the engagement lead on multiple global transactions to enable the orchestration of business, technology, and operational change to drive growth and client retention.

Vik, who is based in London, serves as a trustee for the Burma Star Memorial Fund, is a keen photographer and an avid sportsman.

Megan Farrell Herrmanns

Chief Digital Officer, US Central

Megan is a senior business executive with a passion for empowering customers to reach their highest potential. She has depth and breadth of experience working across large enterprise and commercial customers, and across technical and industry domains. With a track record of driving measurable results, she develops trusted relationships with client executives to drive organizational growth, unlock business value, and internalize the use of digital business as a differentiator.

At Altimetrik, Megan is responsible for expanding client relationships and developing new business opportunities in the US Central region. Her focus is on digital business and utilizing her experience to create high growth opportunities for clients. Moreover, she leads the company’s efforts in cultivating and enhancing our partnership with Salesforce, strategically positioning our business to capitalize on new business opportunities.

Prior to Altimetrik, Megan spent 10 years leading Customer Success at Salesforce, helping customers maximize the value of their investments across their technology stack. Prior to Salesforce, Megan spent over 15 years with Accenture, leading large transformational projects for enterprise customers.

Megan earned a Bachelor of Science in Mechanical Engineering from Marquette University. Beyond work, Megan enjoys playing sand volleyball, traveling, watching her kids soccer games, and is actively involved in a philanthropy (Advisory Council for Cradles to Crayons).

Adaptive Clinical Trial Designs: Modify trials based on interim results for faster identification of effective drugs.Identify effective drugs faster with data analytics and machine learning algorithms to analyze interim trial results and modify.
Real-World Evidence (RWE) Integration: Supplement trial data with real-world insights for drug effectiveness and safety.Supplement trial data with real-world insights for drug effectiveness and safety.
Biomarker Identification and Validation: Validate biomarkers predicting treatment response for targeted therapies.Utilize bioinformatics and computational biology to validate biomarkers predicting treatment response for targeted therapies.
Collaborative Clinical Research Networks: Establish networks for better patient recruitment and data sharing.Leverage cloud-based platforms and collaborative software to establish networks for better patient recruitment and data sharing.
Master Protocols and Basket Trials: Evaluate multiple drugs in one trial for efficient drug development.Implement electronic data capture systems and digital platforms to efficiently manage and evaluate multiple drugs or drug combinations within a single trial, enabling more streamlined drug development
Remote and Decentralized Trials: Embrace virtual trials for broader patient participation.Embrace telemedicine, virtual monitoring, and digital health tools to conduct remote and decentralized trials, allowing patients to participate from home and reducing the need for frequent in-person visits
Patient-Centric Trials: Design trials with patient needs in mind for better recruitment and retention.Develop patient-centric mobile apps and web portals that provide trial information, virtual support groups, and patient-reported outcome tracking to enhance patient engagement, recruitment, and retention
Regulatory Engagement and Expedited Review Pathways: Engage regulators early for faster approvals.Utilize digital communication tools to engage regulatory agencies early in the drug development process, enabling faster feedback and exploration of expedited review pathways for accelerated approvals
Companion Diagnostics Development: Develop diagnostics for targeted recruitment and personalized treatment.Implement bioinformatics and genomics technologies to develop companion diagnostics that can identify patient subpopulations likely to benefit from the drug, aiding in targeted recruitment and personalized treatment
Data Standardization and Interoperability: Ensure seamless data exchange among research sites.Utilize interoperable electronic health record systems and health data standards to ensure seamless data exchange among different research sites, promoting efficient data aggregation and analysis
Use of AI and Predictive Analytics: Apply AI for drug candidate identification and data analysis.Leverage AI algorithms and predictive analytics to analyze large datasets, identify potential drug candidates, optimize trial designs, and predict treatment outcomes, accelerating the drug development process
R&D Investments: Improve the drug or expand indicationsUtilize computational modelling and simulation techniques to accelerate drug discovery and optimize drug development processes