Written by: Yvonne Dias, CFO
Utilising the powerful capabilities of AI to revolutionize your CRM software strategy
More and more businesses are realizing that their competitive advantage lies in creating an engaging customer experience. Easy? Unfortunately, not. But, thanks to more accessible and affordable analytics technology and CRM solutions designed to accommodate it, businesses can gain much better insights into the formation of next-generation customer experiences today than ever before.
Data-driven customer experiences have significantly impacted industries and provided unique competitive advantages to organizations by delivering more personal experiences to customers. By recognizing interests and preferences and understanding/predicting sentiment and intent, businesses gain a more in-depth understanding of their customers, thereby, ensuring interactions that lead to higher revenue.
With a wider variety of options available to consumers in the digital world – from competitors to substitute products to new trends – it has become crucial for businesses to predict needs to ensure that they can meet continuously evolving consumer expectations. Data analytics reveal what works and what doesn’t, enabling organizations to focus their efforts where they are needed.
Are CRM Systems/Programs not Enough?
Customer Experience (CX) initiatives up until now have had some limitations. While still serving as the driving force of customer centricity in organizations, CX programs combined with AI are now able to provide insight into customers’ expectations, sentiment, and activities, thereby, really enabling organizations to become customer centric. Any person within the organization should have a 360-degree view of any customer, and KPIs in areas including case resolution, upselling, and target achievements should be available for use at the right times.
AI is not a one-time product to be deployed. The technology strategy that enables AI-driven insights should be applied as an ongoing part of an organization’s CRM technology roadmap to transform decision making and drive improved business outcomes.
To ensure that the combination of AI with CRM is meeting objectives, the following capabilities and related metrics need to form part of your CX strategy:
- Case resolution and automation
AI can help organizations to automate time-consuming tasks, uncover hidden trends among masses of data, extend and enhance human insight and, thereby, guide sales or case-management personnel to ensure targeted customer engagements. With the correct routing and escalation paths implemented in a CRM system, customer cases can be resolved more quickly and with rapid feedback provided to the client. Organisations can, therefore, use their case resolution data prior to the implementation of AI technologies to measure the effectiveness of their AI roadmap.
- Metrics Customisation
The biggest benefit of AI is the ability for the technology to learn and adapt. Machine learning enables you to continuously review data and trends and to adapt your CX metrics accordingly, such as customer conversion and retention rates, to ensure that you achieve the desired outcomes.
- User Experience (UX)
To ensure that your AI roadmap comprises the correct goals and actions that will drive your overall objectives, you need to start with that which is at the center of every process and technology within your organization: people. Responsibilities, goals and actions need to be defined for each group of users within your organizations. Then AI can be applied to provide insights into those processes and further guide decision making that will promote and enhance customer centricity. An example of this would be customer service response rates. If your goal is to improve response rates, customer query history can be analyzed to see which queries can be automated through chatbot technology.
AI allows for businesses to drill and really refine the above-mentioned capabilities and focus their efforts in the correct areas, allowing more consistency and predictability. All touch points with the customers must have a consistent, proactive interaction and ensure the customer has the expected experience. Metrics enable organizations to see whether this is achieved and how CRM and AI can be applied and configured to reach objectives.
Are you ready for data analytics with AI?
For organizations that want to transform and enable next-generation customer experiences by combining AI with CRM, clean data is a necessity to ensure the technologies can be applied correctly.
Just like CRM, AI is an amazing innovation enabling organizations to reach new levels of automation, efficiency and CX. However, organizations need to have a deep understanding of their clients, combined with clearly defined internal processes and procedures to ensure that the technology will be applied correctly. It’s not just a nice-to-have, but forms part of a technology roadmap that unlocks continuous improvement to cement competitiveness.
About Mint Group
Mint Group a global IT consultancy recognized as a top 1% global systems integrator. Having provided CRM software to South African FSP’s for more than 17 years, the organization is also a member of the prestigious Inner Circle for Microsoft Dynamics and recruits best-of-breed global IT skills and capabilities with two of only 144 ALM Rangers and 1 of only 160 PCSA’s globally employed as part of the Mint Group of companies. As the dominant solutions provider to Africa’s financial services conglomerates, the company enables better business by digitally leading its clients through Customer Centricity with Dynamics 365, Employee Engagement with Office 365, Intelligent Insights with AI and Cognitive Computing, and Smarter Systems with Azure in the digital space.
Mint Group. Create Tomorrow.