With the assistance of AI, sales managers can also focus on the bottom line to produce better results.
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It’s time for a change . Now. Essentially, CRM hasn’t changed since it was introduced to the market in the late nineties, in such that it requires the end user to log into whatever application they’re working with, create and manage tasks in the software (log calls, emails, create reminders, move leads down the pipeline, etc.) manually. This is cumbersome, time-consuming and redundant. It’s time the software (machine) does its job. According CSO Insights, 73% of sales people don’t believe that CRM makes them more productive.
Millions in R&D – are we there yet?
Companies spend millions of dollars trying to make CRM work, and it just doesn’t. Well not completely anyway. We do know that there have been improvements to CRM in general with the use of AI (artificial intelligence) or machine learning. Using statistical methods, mathematics and probability in these algorithms, the technology in these CRMs helps with many tasks. Some examples of AI-infused software in CRM: Improved sales team productivity: Leveraging machines to gain new insights from past sales data, reducing manual analysis and saving valuable time
Exceptional support for marketing: AI can assess previous price information, like discounts, promotions and sales history, to calculate price elasticity of the products so price can be optimized.
Customer retention: AI can analyze previous sales data that shown when and why a customer left. Now you can see the early warning signs of potential customer churn.
Pattern recognition: AI software can now analyze your most valuable customers based on certain data points and then compare this to potential new customers and predict the value of the new customer. This also allows sales managers to reallocate resources more appropriately based on the customer value.
AI and machine learning are readily available now, and we know it can be used to automate much of the repetitive tasks and processes that humans do now. However, AI can’t handle complex decision-making tasks. To complete the full sales process, it requires the full machine-human team working together. For example, the human element is a critical component of the sales process and is something that can never be programmed. Solving business challenges for a customer is intrinsically far more fulfilling than inputting data into a CRM system.
Additionally, AI alone will not be enough to make or close sales. It will certainly be a machine-human collaborative effort to complete the entire process successfully. However, with the assistance of AI, sales managers now can work efficiently and focus on the bottom line to produce better results. Continual use of this AI-infused software and the help of analytics will optimize both the platform and the process.
AI is no longer science fiction – put it work today
Many companies are trying to fix CRM by adding AI-driven “sales assistants,” which are tools that sit on top of CRM and are designed to help sales reps be more effective. However, this approach is flawed because the assistants are using AI to make decisions on poor and incomplete data in the CRM. […]