Fostering CRM Through Artificial Intelligence

Introduction

The present competitive environment emphasizes liberalization and globalization of the economy. Presently, customer satisfaction has been focused as an important component towards the pursuit of corporate goals and objectives. Many companies organize their business focused to the rising customer expectation for quality, service and value. So, the Companies shift their focus towards the customer they serve instead of nearby product lines or geographic business units. In the early 1990, the term Customer Relationship management first gained importance. It states the holistic approach of the organisation. The organisation uses CRM to manage their relationships with the customer. It includes policies related to customer’s contact, gather, store, analyse customer information, and the technology required to perform these jobs (Ngai, Xiu, & Chau, 2009; Scherer, 2015; Hofacker, 2019).

According to many authors (Bohling, et.al. 2006; Al-Ajlan, & Zairi, 2006; Frow & Payne, 2009; Filimonova, 2020; STATE, 2020) CRM is concerned to maximize customer loyalty by effectively managing the information about each customer and all customers ‘touch point”. In short, it may have defined to manage customers and all customer facing departments and partners with the alignment of related strategy, process and technology. CRM supports in developing effective customer relationships and provide better service to the customers. It includes company’s sales, services and marketing teams to know about holistic view of a customer for customer relationship. The ultimate goal of CRM is to develop life time value of all the customer i.e. customer equity. By developing data warehouses and using data-mining technique CRM analyst try to maintain long term relationship with the valuable customers (Haenlein & Kaplan, 2019).

Artificial Intelligence plays a huge role in our routine life but still is unknown to many. While using different platforms like Uber, Alexa, Amazon or other voice assistants on our smartphones. . AI supports natural language processing and thus understand the audio data. There is also support to agricultural sector, this specifically becomes more important in Indian context. Monitoring crops till it ripens become easy with the help of drone and satellite system. Banking is another sector benefitting from AI. Risk analysis, fraud warning, credit reporting and audit trails become very efficient. Artificial Intelligence (AI) technology makes our work easier in different aspects (Luo, Tong, Fang & Qu,2019). Most of us must have used Netflix to find recommendations of which movie to watch, AI algorithms influence our decision on which movie to watch next. In Businesses also, AI influences the decision making process such as customer support, intelligent personal assistants, or process automation (Chatterjee, Nguyen, Ghosh, Bhattacharjee, & Chaudhuri, 2020). Businesses work for providing best services to consumers, which is revolving the use of Customer Relationship Management (CRM) software. It is important for companies to understand their customers; after realizing this importance companies are expected to grow their spending on CRM software by the year 2019. As per Medium.com, the trends of 2019 show that CRM systems have developed and integrated AI technology to progress the customer experience. AI is used by business to enhance the decision making process. Real time data has real value for the business, and CRM system connected to the ERP has many advantages for business. Data integration apps like Commercient SYNC, #1 platform for sales can accomplish many goals of business. Therefore, it will provide valuable information to business.