THE ECONOMIC IMPACT OF AI ON CRM AND WHY YOU SHOULD CARE

AI or artificial intelligence has affected our daily lives. It has become such a common subject that we hardly notice it is even there. Now, this technology is changing the way people do business. AI was developed to carry out additional burdens and labor-intensive jobs, such as data entry. However, the biggest advantage of AI technology is that people use CRM software on a daily basis.

The CRM activity has evolved since its creation. And today, it is a billion-dollar industry that plays an important role in the global economy. Entrepreneurs are now more inclined to CRM software development solutions that rely on paper or spreadsheets for obvious benefits. This growing acceptance of AI integrated CRM has significant economic effects and can affect your business.

Here's what you want to know about the situation.

How AI is used in CRM

Before the advent of AI, the chatbot was a limited program. You have to greet the users and that's it. However, things have changed since then. Modern chatbots can answer frequently asked questions and simple questions. If the issue gets out of hand, they can simply direct the user to a real person.

AI can also work as a marketing manager. Nowadays, many software development companies receive requests from many customers to develop social CRM software. This software tracks users and collects their data and reports what they like and what they need. Once marketers know what their prospects want, sellers will find it easily! Thanks to AI, companies can also stay in touch with new and existing customers. You can send personalized emails and text messages that increase the credibility of your business.

The AI-powered CRM comes with an advanced algorithm to understand a customer. By looking at the interaction record, they can predict whether the prospect is interested in a purchase or not. Once they understand the intent of a prospect, they assign a score. And based on this score, salespeople can spend time with someone who is likely to buy. This saves a lot of effort and resources. And of course, the "guesswork" is omitted.

Acceptance of AI

Some companies have already introduced AI-infused CRM and are growing at an exponential rate. Others plan to do so in the future. According to studies by independent researchers, 40% of companies are eagerly awaiting the introduction of AI Integrated CRM. This means that the CRM market will continue to grow much faster in the future than it does today.

The economic impact of AI on CRM

An AI-integrated CRM is expected to increase global sales by more than one trillion dollars by 2021. Most of the benefits come from higher productivity and lower labor costs. Most companies plan to introduce a CRM integrated into AI with machine learning, VRP, test analysis, and numerical analysis functions.

People who are afraid that AI will take over from people can rest a little! According to studies, the new increase in sales will help companies employ more people than the jobs lost by AI automation.