Artifical Intelligence and CRM: A Case of Telecom Industry

Artifical Intelligence and CRM: A Case of Telecom Industry

Shailja Dixit
Copyright: © 2022 |Pages: 23
DOI: 10.4018/978-1-7998-7959-6.ch006
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Abstract

Disruptive technologies such as IoT, big data analytics, blockchain, and AI have changed the ways businesses operate, with AI holding immense marketing transformation potential. AI is influencing marketing strategies, business models, sales processes, customer service options, and customer behaviors. AI-CRM's improving ability to predict customer lifetime value will generate an inevitable rise in implementing adapted treatment of customers, leading to greater customer prioritization and service discrimination in markets. CSPs are working through the challenging process of digital transformation, driven by the need to compete with fast-moving OTT and consumer tech players. CSPs need to move quickly and can advance digital transformation with solutions that leverage AI which can drive value across the business from network optimization and data analytics through to customer care and marketing engagement. The chapter tries to identify how AI is impacting the CRM in the telecom industry and leveraging the benefits of this technology for better customer management and growth.
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Understanding The Concepts

Customer Relationship Management (CRM)

CRM as defined by Paul Greenberg: “CRM is study of fundamental nature of knowledge, reality and a business strategy, supported by the system and technology, designed to improve human interactions to that of the business environment. It is a continuing business process which demands a dynamic, ongoing plan of action for customer agreement.” Due to the customer aligned view of the market, the business needs to concentrate on the needs of the customers. To customize their products according to the customers liking, every organization should study their customers closely and observe their activities. CRM mainly indicate business practices taking place across the enterprise to set-up the assets, aggregate and analyze the customer profiles Amoako, et.al 2012.

Components of CRM

Customer Relationship Management (CRM) aims to get a “single integrated view of customers‟ and a „customer centric approach‟. There are three components of CRM Maheshwari, 2014:

  • 1.

    Customer

  • 2.

    Relationship

  • 3.

    Management

Types of CRM

There are three types of CRM (Rababah, et. al. 2011, Haridasan, & S. Venkatesh, 2011):

  • 1.

    Operational CRM: commonly refers to services targeted towards the customers to solve their problem.

  • 2.

    Collaborative CRM: is a very efficient method of communication since it includes feed-backs and issue reports directly from the customers.

  • 3.

    Analytical CRM: takes into consideration product and service decision-making as well as pricing and new product development.

The main targets of CRM are to achieve higher profits and increased sales by the means of customer satisfaction and reducing buying and delivery costs. The basic steps to accomplish the targets are (Maheshwari et. al. 2014).

  • 1.

    Customer Identification: Getting to label the customer overtime via different websites marketing medium, surveys and communications.

  • 2.

    Customer Differentiation: Differentiate each and every customer depending on their individual unique demands and requirement.

  • 3.

    Customer Interaction: Interact with the customers to keep track of their behavior and needs and the changes in demand over time.

  • 4.

    Customization: Customize the product in such a way that the customers are treated uniquely and they’re each and every demands are fulfilled.

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