AI is clearly the cool new kid on the block, and although there is still a lot of uncertainty around how the technology will be applied, one of the main areas AI is changing business right now is in Customer Relationship Management. By using data to give companies deep insight into customer identity and behavior, a nuanced approach to customer relations will soon become the norm thanks to Artificial Intelligence.
“The year 2018 will be a landmark year for AI adoption. More than 40 percent of companies said they will adopt AI within the next two years,” it said. In fact, by 2018, IDC forecasts that 75 percent of enterprise and ISV development will include AI or machine-learning functionality in at least one application. AI-powered CRM activities will cover a large spectrum of use cases and touch almost all facets of an enterprise, including accelerating sales cycles, improving lead generation and qualification, personalizing marketing campaigns and lowering costs of support calls.
PwC’s Digital IQ said 73% of companies are investing in Internet-of-Things and 54% are investing in AI – both aimed at better knowing customers. Companies’ digital transformation initiatives should establish direct contact with end customer by knowing their names, e-wallet, social networks and activities. Customer ownership is the only way for businesses to survive in the next 10 years.
-David Yang, Information Week
IT companies like Microsoft, Salesforce, SAP, and Oracle are making a big bet that AI powered CRM is going to be an even bigger business in the next few years. Seeing how they manage the growth of this industry and who pulls it off best will be a huge indicator into the future of each company’s respective market share.
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