| |MARCH 20209Leading research firm IDC has found that AI-powered CRM activities are expected to create more than $1.1 trillion in new GDP impact worldwide and 800,000 net-new jobs by 2021. As such, AI is sure to have an enormous effect on fundamental CRM activities and could comprehensively transform the way companies sell, service, and market their offerings in the next few years. Customer Engagement via Cognitive CRM A focus on improving operational efficiency and powering conversational features has spurred enterprises to utilize the growing potential of cognitive technology to augment the capabilities of their human resources, especially in tech support. The next evolution of the CRM system is destined to append systems with increasingly human-like cognitive and conversational capabilities and could be referred to as Cognitive CRM. The year 2020 will witness enterprises focusing on cognitive CRM strategies to differentiate and create a competitive edge in the market.Ability to Integrate and Complement New ServicesThanks to Cloud adoption, several services like AI, speech to text, emotional intelligence and other cognitive services have become commoditized. With a treasure trove of CRM data and accessibility to the above services, companies can build various customized services both in B2B and B2C segments. To achieve this, CRMs should support API integration. Focus on AutomationAutomation of sales and support cycle can vastly improve turnaround time and customer experience. It can even help in up-selling of services. Any CRM that provides an orchestration platform to customize the relevant business process workflow will give companies an edge over the competition. RPA based automation is already making a mark in improving business outcomes. ConclusionAt CSS Corp, we have already leveraged the above capabilities to build unique service offerings to our customers both at the enterprise and retail levels. We have developed a diagnostic service platform leveraging cloud-based cognitive services and analytics engines that provide insight based on CRM data to provide customized and focused technical support to our customers. We have already started seeing several successful stories of cognitive services and bot-integrated CRM platforms, decreasing the need for human intervention to deliver services. I see the next phase of CRM will be the integration of the above capabilities in a SaaS-based CRM platform, enabling organizations of all sizes to bring more customer focus and a better experience. AI is poised to drive CRM capabilities to new levels of customer engagement, leading to market expansion with new use cases across unexplored market opportunities
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