Artificial intelligence (AI) is in the midst of a technological explosion. We’re seeing the integration of AI technology in hundreds of different applications, from medical diagnoses to self-driving cars. But in a much quieter transition, we’re also seeing the encroachment of AI into the world of sales and marketing; with efficient machine learning algorithms and much faster development cycles, most modern CRM systems are starting to see AI become a fundamental pillar of their success.
So just how is AI starting to transform the CRM industry?
The Sales Process
For starters, AI is starting to optimize the sales pipeline and process for individual companies. Through machine learning and advanced data processing, AI algorithms can study all the objective data you’ve gathered, and help you understand where the key turning points in your sales process are. It can also help you prioritize your leads so you can close more deals, improve your forecasting so you have a better idea what kind of revenue is in the pipeline, and may even be able to help you identify new opportunities based on deals you’ve closed in the past.
Reminders, Contacts, and Appointments
Most AI-driven CRM platforms, like Spiro, offer reminders and automated features like contact creation and appointment setting to make salespeople’s lives easier. Most CRM platforms offer this functionality on some level, but with an AI engine taking over most of the manual work, your sales team will have more time to focus on what really matters—building relationships and closing deals. Your team members will have higher morale and higher total productivity, which could improve your bottom line significantly.
Digital assistants are also making their way to CRM systems, in line with contemporaries like Siri and Cortana. Within a CRM interface, salespeople may be able to are able to look up information on practically any client or transaction quickly, noting the most important details without scouring through search results. Some AI technologies, like TalkIQ, are even capable of providing transcripts for phone conversations, sparing your team the hassle of note taking. These individual features aren’t especially impressive, but if each instances spares each member of your team 30 seconds of manual effort, it can add up to hours of spared productivity.
Data Visualization and Analysis
The power of AI for data visualization is hard to ignore; one SAP survey found that “ninety-one percent of business decision makers predict the demand for data visualization tools on mobile devices will increase in the next five years.” If you can better manage your data points, organize them, and present them in an intuitive way, you’ll have a much easier time forming the right conclusions, generating new insights, and communicating those conclusions and insights to other decision makers within your company.
Are You Falling Behind?
In a sense, you can think of AI adoption as both an offensive and defensive measure. In offensive applications, AI has the power to make your operations much more efficient and profitable, pushing your business’s capacity. In defensive applications, AI guards you against your competitors, who are likely already using AI to power their business decisions. If you don’t adopt new technology in line with the pace of your competitors, it becomes increasingly likely that you’ll fall behind, losing profitability and market share as your competing brands become more efficient and ride into new territory.
If you’re ready to upgrade your CRM, or if you’d just like to see what else is out there, make sure to check out SAP’s CRM software. Sign up for a free trial and see what you’ve been missing.