What is artificial intelligence?
Artificial Intelligence (AI) or artificial intelligence is the concept in which machines ‘think like humans.’ It refers to the ability of machines, software, and devices to draw their own conclusions, make decisions, and understand complex content. One of the most important building blocks of artificial intelligence is pattern recognition in data through machine learning.
Artificial intelligence is nothing new, and the first artificial intelligence software dates back to the 1950s. In 1950, the professor developed Arthur Samuel A game program that could play checkers on its own, and the more games it played, the stronger it became. Even back then, it managed to beat one of the better American checkers players.
Three breakthroughs ultimately led to the rapid rise of artificial intelligence: big data, powerful computers (mainly thanks to the ‘cloud’) and sophisticated algorithms. Artificial intelligence has become more accessible and visible in recent years. Just think of virtual assistants (Cortana, Siri), chatbots (Billie from bol.com), and self-driving cars (designed by Tesla, Mercedes, Google, and others). But how is artificial intelligence actually being used in the CRM world?
How is AI used in CRM software?
With the rise of artificial intelligence, the major CRM vendors have also jumped on the bandwagon. For example, Microsoft, among others, launched its business software platform Dynamics 365 on the market, with specific features based on AI. Research firm Gartner had previously predicted that the development of intelligent systems would be a major competitive battleground for technology providers in the coming years.
Artificial intelligence is used in CRM to provide more predictive and personalized customer experiences. In addition, the goal is for artificial intelligence to takes the work off your hands of employees. The days when CRM was used solely for tracking customer data are long gone. Much CRM software now streamlines business processes and brings together data from a wide range of internal and external sources. To analyze all this data quickly and ‘smartly,’ artificial intelligence used. This allows companies to better understand and help customers.
Some examples of AI use in CRM
- Predictive Lead Scoring, allowing the CRM tool itself to assign scores and qualify the most valuable leads. If your marketing team receives hundreds of leads, it’s time-saving that the CRM tool automatically prioritizes leads and forwards them to the sales team for further follow-up.
- ‘Next-best-action’, with CRM providing sales representatives with the best follow-up actions. The tool alerts the sales representative to take action at the right time and guides him or her in selecting the appropriate communication channel. This contributes to a better customer experience.
- Sentiment Analysis, is another example in which artificial intelligence in CRM software can independently gauge the sentiment and level of interest of leads and customers, and thus can better assess opportunities for closing deals.
Microsoft Dynamics 365 and Artificial Intelligence
Microsoft, too, is actively working on the application of artificial intelligence. In his book ‘Hit refresh’ writes Satya Nadella, CEO of Microsoft, said that Microsoft aims to make the technology behind artificial intelligence available to everyone. “Democratizing artificial intelligence means that anyone and any organization can conceive of and create brilliant and perfectly tailored AI solutions.”, according to Nadella. Microsoft is convinced that it needs to develop artificial intelligence tools for programs, applications, services, and infrastructure.
Similarly, in Microsoft Dynamics 365 specific features built in, supported by artificial intelligence and machine learning. Some examples of these are:
- Relationship Insights, which continuously analyzes data from emails, phone calls, appointments, and more—all stored in Microsoft Dynamics 365 and Office 365. These analyses provide deeper insight into your business relationships and identify the best follow-up actions to take with customers or prospects.
- Customer Insights, which collects and analyzes data from Dynamics 365 and other commonly used business applications, websites, social media, and IoT sources to provide a 360° view of the customer journey, predictive matching and scoring, and segmentation of marketing opportunities.
- Connected Field Service, that devices securely connected to the Internet (Internet of Things) constantly monitors, reduces downtime, addresses problems more quickly, and lowers maintenance costs.
- Product Recommendations, which helps retailers offer personalized product recommendations to their customers.
Microsoft Dynamics 365 makes full use of the power of artificial intelligence and promises to continue investing in this area. We’re already looking forward to learning more!
