Customer Relationship Management or CRM is the future of the business and is not going to fed so soon. Starting from small businesses to the global multinational companies, their sales and marketing department are implementing az to deliver better customer experiences. This technology has helped them not only to retain their old customers but also allow them to gain new customers with better results. This is evident as CRM is moving more towards being only other company's applications to the heart of the company in a precise manner. Due to significant improvement in the technology, there have been recent trends of CRM, which have resulted in improved productivity among the working of the given organization.
CRM and AIThe combination of CRM and AI has stimulated the interest in the CRM systems, which works with artificial intelligence. Although CRM supports face and text recognition, it is the voice functionalities which would lead the future. One notable example is Salesforce' Einstein, which allows an organization to extract information from simple as well as complex data using voice commands. Another case in the form of Zoho CRM allows the user to access the data using voice assistants via desktop and mobile applications. These are all AI-run applications which, after integrating with CRM, would make their tasks more straightforward and more effective. There are some essential facts which prove that AI is the future of CRM:
- Adoption of AI in CRM activities in the USA would generate additional revenue of $394 billion by 2021
- The global business revenue would surge to $1.1 trillion with AI-associated activities by the end of 2021
Decisive Role of IoT in CRM
The future of customer service is IoT embedded with CRM. With the arrival of IoT, there would be a significant boost to the CRM system in driving sales, improving services provided to the customers, and enhanced satisfaction among them. One prominent example is a connected device from where information is generated, and all the issues relate to them are fixed albeit remotely. With virtually everything is connected to the network, the given transformation would be able to automate customer service to find solutions rapidly and efficiently.
There are significant facts which have indicated that IoT would have a profound impact on the working of CRM as there would be a substantial improvement in the data gathering from the customers in an effective manner. The proven facts have been shown below:
- The IoT market has been estimated to reach $1.7 trillion by 2019
- IoT devices have been forecast to grow worldwide by almost 31 billion in 2020
Increased Mobile CRM Usage
Mobile CRM enables real-time access from anywhere and anytime and from any device has become a recent trend, and it is not surprising that it would grow proportionally in the near future. As the number of mobile users would grow in the future, there would also be significant growth in the system accessing CRM on tablets and smartphones. This also indicates enhanced efficiency, improved customer service, access to highly accurate information, and eliminating the need to acquire knowledge of new software skills. Thus, this system is available in a wide variety of the devices as evident from the fact-"Mobile-connected CRM system is in place in more than 90% companies with more than ten employees.”
The future is nurtured by CRM and the latest trends have provided a green signal to allow this system to use technology more efficiently for customer's satisfaction. As CRM has become more vital for the working of the companies, it would shape the operation of the organizations towards an enhanced and cordial relationship with customers.