Will the Rise of AI Dismantle the Traditional CRM?

January 30, 2021 in AI



Will the Rise of AI Dismantle the Traditional CRM?

AI is already disrupting many industries, with some of the most profound effects seen in traditional CRM space. As the technology develops, what will this mean for the way we utilize and think about the classic CRM. In this decade, the importance of AI to sales organizations looks like it will continue to increase. Let’s take a look at how the rise of AI looks to change the face of CRM. 

Automating Routine Operations

Within a traditional CRM, there are mundane and routine tasks that have to be conducted by a sales professional. AI  promises the automation of these chores, increasing sales efficiency. Whether it’s filling forms or creating reports, modern CRM can reduce the time and effort required to complete these tasks so sales professionals have more time to cover high-priority tasks such as closing leads. 

Virtual Assistants

One development that is dramatically impacting sales is the creation of virtual assistants/chatbots. They have given way for customers to communicate with a brand at all hours of the day and receive relevant responses. AI has allowed for some replacement of live support agents, which helps to cut costs–by learning from past conversations and optimizing their responses to deliver a more engaging and useful customer experience. 

Moreover, virtual assistants can schedule meetings, calls, and conduct lead follow-ups efficiently. They come embedded within CRM software, making it easy for sales managers to delegate admin work and focus on their core tasks. 

Enhanced Customer Segmentation 

Finding out about your target audience is something that every business strives for, and although a traditional CRM might help with this, it is often ineffective at analyzing key patterns. Smarter AI-powered CRMs can provide in-depth segmentation that includes specific demographic factors, past purchase behavior, and buyers’ intent. Analyzing data through algorithms assists marketers in making critical customer-centric decisions.

Customer segmentation traditionally centers around creating specific ‘personas’ then subsequently targeting and communicating with them; instead of targeting personas, an AI boosted CRM can specifically target individuals with ease. Due to the constant learning, it can offer an incredibly personalized experience for the end-user. 

Big Data

The management of data has always been a vital cog in the CRM machine. The rise of big data has necessitated smarter CRMs that can store and analyze this data in more effective ways. The modern CRM doesn’t just collect data; instead, it provides in-depth reports by studying data. User-friendly dashboards help marketing professionals make quick and informed decisions that contrast to the past’s complicated and confusing traditional CRMs. With the dramatic recent increase in data collection, it has become necessary for the modern CRM to collect, categorize, and interpret it. The customer database’s scope is quickly expanding, which is where the current CRM has the advantage of capturing and analyzing this data. 

Predictive Lead Scoring

Machine learning allows this data to formulate predictive lead scoring. This crucial predictive modeling innovation shows how the way we think about CRMs is continuously changing. Previously, sales professionals would rank leads based on ‘rules’ and prior assumptions. This approach has been inefficient and fast becoming outdated. AI has made it easier to learn about customer intentions and to rank their likelihood of conversion. Algorithms analyze historical and real-time data to detect trends that can inform lead scoring. Predictive models continually test assumptions and models so that the most accurate ones are selected. AI has dismantled the old way of manually scoring leads and provided an efficient automated approach that empowers sales professionals to make better decisions. 

Features of the Modern AI-Powered Sales CRM

While we may not truly dismantle traditional CRMs, the modern variant will utilize more features to offer far more outstanding performance. Here is a roundup of the top features that you can expect to see. 

  • Greater sales intelligence 
  • Predictive analysis leading to enhanced lead scoring
  • Better corrective measures in the sales pipeline
  • High-quality intent analysis to formulate more relevant responses
  • Smart chatbots/virtual assistants
  • Incoming lead distribution
  • More accurate and scalable relationship marketing 
  • Automated task creation for sales professionals based on pipeline events and status updates

These features show how the new CRM is much improved but still keeps its traditional role at the heart of sales. The conventional CRM gives way to a far more efficient software that can better understand customers and process data in a more useful manner. Both customers and firms benefit from this since consumers obtain more personalized goods/services while firms can improve their profit margins, their offerings, and their client interactions.

Summary

AI is beginning to change the notion of what we expect from traditional CRMs. But, that does not mean we will see the end of the CRM. Instead, the technology will pave the way for transformation that enables sales professionals to streamline their processes. The focus and purpose of a CRM have always centered around managing customers and potential customers in the best manner possible. The rise of AI means that companies can get to know their demographic in far more depth than had been possible before. 

You can say goodbye to the clunky traditional CRM of years past and welcome a system that will supercharge your sales process. Take a look at how Grapevine AI is at the forefront of the CRM AI solution. Join our waitlist, and you will be able to see the power of our wonderful assistant–we’re confident once you use Grapevine AI, you’ll wonder how you ever lived without us.