Top Tech Trends That Drive CRM Innovation
The customer relationship management (CRM) software has evolved from being a tool to access the data to beneficial software that transforms your business. With the start of the new decade in 2021, we are, and we will witness the newest tech trends that drive CRM innovations.
The CRM software market is growing, and the competition is increasing globally. Business leaders want to deliver the best customer experience with CRM strategies. They are also aware of the crucial role that CRM holds to adapt to the market trends and demand for business expansion.
Here are a few top technology predictions that will reinvent the CRM system and make it even more robust:
The benefits of artificial intelligence are seen across all the aspects of technology, including machine learning, robotics, and analytics. The best CRM software vendors prioritize and invest in acquiring and increasing the capabilities to enhance customer interactions with AI. In the state of artificial intelligence report by Teredata, it states 80% of the business leaders interviewed are planning or in the process of implementing artificial intelligence in their work process. AI helps businesses in the following ways:
Customer service department:
Many business owners deploy AI-assisted chatbots to automate most tasks which help businesses to handle more customer queries and capture customer data. For example, a customer initiates a refund via a webchat for his lastest cancellation. AI chatbots gather all the required information like customer name, travel date, booking reference number, and other vital details to process refunds. Once the chatbot collects the data few advanced system processes; the refund automatically, or other ones transfer it to the backend team to process it manually. AI chatbots are capable of gathering and analyzing customer feedback which helps to improve your products and services.
Businesses can implement AI in the CRM software to convert a potential lead into a customer. AI is capable of analyzing the lead based on purchasing power, history, and interest. It will give your sales team an overview of the customer behavior and provide customized service to close the deal. For instance, a customer enters your retail store, the system can analyze the social footprints of the customer to understand their interest so that your team can show relevant products to increase the basket value.
Strategic next action plan:
Artificial intelligence is capable of predictive analysis based on data; in the CRM software to make strategic business decisions. Based on the database, the system helps the team members to understand which products to sell and which products to suggest as an add-on. This technology assists team members not to lose on an opportunity to upsell or increase the basket value.
Businesses implement the best CRM software to automate mundane tasks to reduce the work burden on their teams. The customer interaction team might request to process for the customer. The system sends the request to the respective department to work on the customer grievance. Once the backend team closes the ticket, the software sends an automated email to the customer informing the same; also tells the customer how to proceed.
Businesses can design an algorithm in the CRM system to distinguish between automated tasks and actions that require human interaction. Automation helps the customer with self-assistance regarding the issue he is facing and a quicker resolution to it. If the task requires human interaction, the system will automatically guide the team member to the next course of action to assist the customer.
Based on task automation, whether it needs a human to perform the task, or the CRM system does it automatically. It also helps to identify the magnitude of the task; which helps the system to assign the difficult task, to the best employees. The system is capable to route or distributes the task amongst the team is increasing in the CRM system.
Businesses today generate a large amount of data, and the top CRM software is an efficient solution to store and process all of it. Moreover, the best software solution will also integrate with other systems like ERP, accounting, billing, and a few more according to your business needs to gather the data.
The best cloud-based CRM software will be easy to integrate with third-party systems as well to simplify the task for you. The advanced systems are capable of integrating other solutions like Google Maps, cloud-telephony, SMS, and email services. The integration with other web services makes it feel like an all-inclusive solution for your requirements.
Blockchain is an overview of blocks where you can add and interlink records. Blockchains create a decentralized open transaction ledger between parties that is variable. The best CRM software might have blockchain and will help in the following way.
Blockchain does not allow access to the information; to unauthorized personal and restricts the editing, changes, and rectification in the block. CRM software with blockchain will ensure transparency between departments and customers.
The businesses that implement CRM innovation trends like artificial intelligence, automation, data integration, and blockchain have a higher potential to grow. The best CRM software innovations also help them to deliver the best customer experience and make more revenue.