Gone are the days when there were limited products and services in the market which were monopolized over by a few players. Now, businesses must compete for market share and build a better relationship with the customers. At present, products and services need to be customer-centric for generating sales. Customer Relationship Management (CRM) is essential for businesses to know about their customers. Traditional CRM systems cannot handle the complexity of modern-day customer demands. It is why businesses are looking towards AI for IT Operations (AIOps) to improve CRM.
Understanding a CRM system
A CRM system is responsible for collecting data about customer interactions from different sources. It brings the customer interactions to a central location which, can then be used for data analysis. A CRM system stores the contact information of potential customers and helps in converting them into loyal customers. Customer experience can be skyrocketed with an effective CRM system as you can find an efficient way to address customer pain points. Customer retention and service availability are highly boosted with CRM. Any person in the organization can see all the past interactions with a customer if needed. You gain information on what the customer bought last and what are his or her preferences.
When you know more about your customers, you can mold your marketing campaigns accordingly. Your marketing campaigns can be customer-centric with the insights collected by a CRM system. Not to forget, a business can identify new sales opportunities with an effective CRM system. CRM technology is one of the fast-growing software product engineering services in 2021. Gone are the days when a CRM system was only used for storing customer communications. In 2021, organizations are using CRM for supply chain management, vendor relationship management, finance management, and much more.
Challenges with traditional CRM systems
A few years back, even the best CRM systems in the market could not handle the complexity of customer demands. To meet customer demands, businesses started using AI in operations management services. The productivity of CRM was enhanced when it was connected with AIOps. Let us understand the challenges with traditional CRM systems that generated the need for AIOps:
- At present, there are several ways in which a customer can interact with a business. Gone are the days when customers used to interact with businesses only on calls. Customers can now interact with businesses via mobile applications, websites, social media sites, and many other channels. Traditional CRM systems cannot collect customer data from so many sources.
- Since the customer interactions channels have increased, the amount of customer data produced has also increased. Traditional CRM systems lack scalability and cannot handle large amounts of data.
- Traditional CRM systems cannot perform high-end data analytics. You may not be able to forecast market trends and customer expectations with a traditional CRM system. It is why businesses started looking for CRM systems embedded with predictive analytics models for high-end insights.
- CRM systems can run automatically but up to an extent. Since businesses are moving towards hyper-automation, traditional CRM systems do not fit in the current scheme.
What if your CRM system stops functioning due to an IT disaster? How will you make sure that the sensitive customer data does not get lost? If a CRM system stops functioning, it can have adverse effects on service availability. This is why businesses need AI & data analytics monitoring tools to predict IT outages and disasters. With the best AIOps products and tools in the market, you can increase the productivity of your CRM.
How AIOps is transforming CRM?
AIOps-based solutions can collect customer data from different sources and analyze them to uncover customer expectations. In the wake of the remote work culture, AIOps keeps CRM systems up and running for maximum productivity. Also, the need for manual effort for CRM processes decreases significantly with AIOps. There are several use cases of AIOps for CRM:
- With the bestAIOps products and tools in the market, you can improve customer interactions. A chatbot can greet your customers until a customer support executive is available. AI-led chatbots can provide customers with pointers to resolve their queries quickly. When you decrease the time taken to respond to customer queries, you build better relationships with customers.
- AI data analytics monitoring tools can identify patterns that arise from customer discussions. You can predict what the customer’s need is by analyzing their first few sentences. It helps in decreasing the reaction time for answering customer queries. You can know about the preferences of your customers in advance.
- By installing AIOps based analytics platform, you can arrange the customer tickets effectively. For each customer query/complaint, a ticket is generated to identify the customer. AIOps based analytic platforms are known to arrange the tickets by place, support area, date, and much more. It can help you in designating the tickets to different IT teams based on their focus area. This can be done by an AI-led platform without any manual efforts.
- AIOps can present real-time customer interactions from numerous sources. Also, it will provide you with deep insights to resolve customer queries. CRM and AIOps combined can help in providing a personalized solution to the customers. It will increase your customer retention and customer satisfaction rate significantly.
- Your customers can obtain solutions for their queries 24*7. AI-data analytics monitoring tools will keep working regardless of physical unavailability of employees. The service availability of your customer support department will increase significantly with AIOps.
Besides improving customer experience, AIOps will also monitor the CRM system rigorously. It will make sure the CRM system provides optimum performance without any risks. AIOps will use predictive analytics models to remove vulnerabilities of your CRM system.
By the end of 2030, the worldwide AIOps industry will have a worth of more than USD 500 billion. The AIOps market has grown rapidly during the COVID pandemic. AI & data analytics monitoring tools can transform your CRM according to modern-day customer needs. Boost the productivity of your CRM system with AIOps!