5 ways AI will transform CRM
The
potential
for
generative
AI
systems
such
as
OpenAI’s
ChatGPT
and
Google’s
Bard
to
transform
how
businesses
work
is
being
realized.
The
potential
for
generative
AI
systems
such
as
OpenAI’s
ChatGPT
and
Google’s
Bard
to
transform
how
businesses
work
is
being
realized.
Hype
still
surrounds
some
predictions,
but
change
is
here,
and
one
of
the
first
product
categories
to
be
impacted
is
CRM
systems.
Software-based
services
are
the
low-hanging
fruit
when
it
comes
to
this
emerging
revolution.
AI
can
be
plugged
into
existing
software
more
easily
than
using
it
to
build
services
from
scratch.
CRM
systems
are
a
particularly
attractive
target
for
this
since
when
implemented
effectively,
they
can
have
a
rapid
impact
on
a
company’s
bottom
line.
Nudging
sales
up
a
couple
of
points
by
better
targeting
profitable
customers
is
a
realistic
strategy
for
a
CRM
deployment.
Segmenting
customers
more
effectively
A
well-integrated
CRM
system
should
be
able
to
produce
reports
on
customer
segments,
spending
patterns,
and
spend
history.
From
this,
marketing
campaigns
can
be
tailored
to
reach
specific
customer
groups
or
direct
sales
approaches
made
by
a
sales
team.
However,
depending
on
the
CRM
and
its
configuration,
these
reports
can
be
difficult
to
run
and
be
delayed
reaching
the
right
people.
Microsoft’s
integration
of
ChatGPT
into
its
Power
Platform
is
enabling
businesses
to
quickly
build
their
own
workflows
that
incorporate
a
user-friendly
chat
interface.
Rather
than
running
often
complex
report
requests,
users
from
across
the
marketing
and
sales
team
can
use
natural
language
to
identify
prospects
instantly.
Transforming
the
sales
funnel
Building
on
the
capability
above,
sales
funnels
and
customer
journeys
can
be
modified
on
the
fly
to
adapt
to
changing
variables
such
as
economic
conditions,
competitor
activity,
and
evolving
tastes.
What
worked
last
month,
for
instance,
may
not
work
this
month
and
AI
offers
the
potential
for
a
more
dynamic
process
of
changing
prospects
into
customers.
Repurposing
corporate
information
assets
Companies
are
drowning
in
data,
with
IDC
predicting
there
will
be
more
than
a
five-fold
increase
in
the
data
generated
by
organizations
between
2018
and
2025.
Bearing
in
mind
that
only
about
2%
of
the
data
generated
in
2020
was
retained
and
used
in
2021,
many
businesses
are
not
effectively
leveraging
their
information
assets.
Generative
AI
offers
the
potential
to
quickly
and
cost-effectively
repurpose
corporate
data
assets
as
marketing
materials,
whether
in
text
or
image
formats.
Creating
personalized
marketing
content
To
further
help
leverage
information
assets,
marketing
content
and
messages
can
be
tailored
on
a
personalized
basis
to
suit
the
needs
and
desires
of
individual
customers
and
prospects.
It’s
not
too
far-fetched
to
imagine
generative
AI
systems
showing
customers
wearing
or
using
a
company’s
products
in
a
variety
of
scenarios.
Clearly
there
are
privacy
issues,
and
any
implementations
would
need
to
be
managed
very
carefully
but,
with
appropriate
customer
opt-ins,
it’s
easily
within
the
realms
of
possibility.
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