Customer Relationship Management (CRM) software is now an integral part of the way companies create and maintain lasting relationships with their customers. It helps companies streamline sales and marketing and deliver rich experiences to their customers. However, many business processes are increasingly dependent on high volumes and CRM software is certainly no exception. Performing analytics is the primary way to understand the data a brand has, but the sheer volume of information is beginning to overwhelm traditional analytics systems. Therefore, one of the leading trends in the CRM software industry is the integration of AI-powered analytics for data management.
WHAT IS AI POWERED ANALYTICS?
AI-powered analytics involves using artificial intelligence (AI) and machine learning (ML) algorithms to process, analyze, and generate insights from large data sets. It involves applying AI techniques such as natural language processing (NLP) and sentiment analysis in data processing. When integrated into CRM, it creates an advanced analytics tool that provides rich insights into customer behaviour, preferences and needs. Therefore, brands that buy this technology are empowered to make better sales, marketing and customer engagement decisions.
Using traditional CRM analytics used to be the industry standard, but the limitations meant a more robust system was needed. For example, traditional systems lack predictive capabilities and can only process historical data. This means that data coming from such systems may be of limited use. There is also the problem that traditional CRM analysis tools have limited automation capabilities. Therefore, users have to invest valuable man-hours in repetitive tasks. All of the above will affect the usefulness of traditional CRM systems. However, AI-powered analytics have powerful features that address many of these limitations, vastly transforming businesses in the process.
WHAT ARE THE FEATURES OF AI DRIVEN ANALYSIS IN CRM?
There is growing adoption of AI-powered analytics among CRM software vendors. For context, consider that Markets and Markets expects the global AI in CRM market size to reach $25.9 billion by 2025. This rapid growth is possible thanks to the many great features that AI-powered CRM analytics bring. They contain:
Machine learning is a subset of AI that can learn and improve from data. When applied to CRM, it enables the software to learn from demographic, geographic, and other forms of data fed into the system and provide rich insights into customer behavior, as well as make data-driven decisions.
NATURAL LANGUAGE PROCESSING
While traditional CRM struggles with unstructured data, AI-driven analytics have no such issues. Natural language processing can process social media posts, emails, and customer feedback to help businesses better understand their customers.
Sentiment analysis is a breakthrough innovation that definitely has a place in CRM technology. Marketers, sellers and customer service agents can take advantage of this AI feature by analyzing interactive customer data and determining sentiment, positive or negative, towards the brand.
Traditional CRM analysis tools are strictly retrospective, but AI-powered analytics can help companies look ahead. Predictive modeling allows companies to predict future customer behavior simply by analyzing historical data. This helps companies plan and deliver the right offers to customers at the right time.
AI-powered analytics provide assurance that your business will be able to generate automated insights from customer data. This enables real-time decision-making across the board.
WHAT ARE THE BENEFITS OF AI-POWERED ANALYSIS FOR CRM USERS?
According to Accenture, companies using AI-powered CRM analytics for sales and marketing purposes increase their deal size by 20% and shorten their sales cycle by the same percentage. This is just the tip of the iceberg regarding the benefits of integrating AI in CRM analyses. Here are five other huge benefits:
The importance of personalization for business activities is already well established. According to Salesforce, 76% expects customers to understand their needs and meet their expectations. With AI-powered analytics integrated into your company's CRM, the task of delivering personalized marketing and sales becomes much more manageable. This is due to the availability of insights into each customer's needs. With this information, businesses can seamlessly personalized product recommendationsn and e-mail correspondence to all customers, among other forms of personalization.
BETTER CUSTOMER ENGAGEMENT
Increased customer engagement leads to an increase in almost every important business metric. This includes everything from customer acquisition to conversion rates. AI-powered analytics amplify a brand's ability to deliver an omnichannel customer experience that drives strong engagement across touchpoints. Since all content and recommendations to customers match their interests, the brand will have a stronger connection with its prospects and customers, which will increase loyalty and satisfaction.
HIGHER STAFF PRODUCTIVITY AND EFFICIENCY
Both McKinsey and Nucleus Research agree that AI-powered analytics improve productivity by at least 40%. With AI automating various repetitive tasks such as data entry and lead capture, team members can save valuable time and spend those hours on more strategic tasks. By helping companies with insights for decision-making, AI-powered CRM analytics also ensures that employees are more effective with the business processes entrusted to them. All this contributes to smoother business operations.
As mentioned earlier, predictive analytics is a feature of AI powered systems that makes them superior to the alternatives. AI powered CRM. Analytics can provide companies with information to take action on future events. All it takes is the computational power of statistical algorithms and machine learning techniques to analyze historical data and make predictions based on the insights generated. Examples of predictions that can be made include products individuals are most likely to buy and customers most likely to drop out. Consequently, companies can take preventive measures to influence long-term results in their favor.
IMPROVED CUSTOMER EXPERIENCE
According to PwC, 73% of the customers strongly consider the customer experience when making purchasing decisions. With AI-powered analytics powering your CRM software, businesses can take full control of the experience they provide to their customers. Customer preferences can be easily identified, engagement is increased, and personalization is better delivered with AI-powered CRM analytics. The sum of these improvements is a richer customer experience that increases loyalty and drives revenue growth.
In conclusion, AI-powered analytics is the way to go for companies that want to get the best out of their CRM software. It's an improvement worth investing in for the remarkable benefits it brings. Therefore, forward-thinking companies that want to gain a competitive advantage should be proactive about integrating AI into their CRM analytics platform as soon as possible.