The top 5 ways AI can transform CRM software in 2023 will change the dynamics of businesses

The term CRM, or client relationship management, refers to the corporate practices and technologies that promote collaboration, improve execution, and improve overall client interaction focuses.

When it comes to this new revolution, software-based services are the easy pickings. Instead of creating services from scratch, AI may more readily be integrated into already-existing software. As they may quickly affect a company's bottom line when handled properly, CRM systems are a particularly alluring target for this. A reasonable approach for a CRM implementation is to increase sales by a few percentage points by more accurately targeting profitable clients.

1. Improving Consumer Segmentation

The ability to generate data on client groups, spending habits, and expenditure history should be a feature of a CRM system that is fully connected. This allows for the customization of marketing campaigns to target particular client segments or direct sales approaches made by a sales team. These reports, however, may be challenging to run and take a while to reach the appropriate individuals depending on the CRM and its settings. By incorporating ChatGPT into its Power Platform, Microsoft has made it possible for companies to swiftly create their processes that have a welcoming chat interface. Users from the marketing and sales teams may utilize natural language to identify prospects instantaneously rather than conducting often complicated report requests.

2. Changing the Sales Process

Based on the aforementioned capacity, sales funnels, and customer journeys may be changed instantly to respond to variables such as shifting market circumstances, rival activity, and changing consumer preferences. For example, what worked last month might not work this month, and AI can enable a more dynamic conversion process for prospects into consumers.

3. Using Corporate Information Resources Again

Businesses are drowning in data, and according to IDC, between 2018 and 2025, that amount will expand by more than five times. Given that just 2% of the data collected in 2020 was kept and used in 2021, many firms are not utilizing their information assets to their full potential. Whether in text or picture formats, generative AI can swiftly and affordably reuse corporate data assets into marketing materials.

4. Production of Customised Marketing Content

Marketing messages and content may be adjusted to meet the requirements and preferences of specific clients and prospects, which can help use information assets even more. It's not too difficult to picture generative AI systems that display images of customers wearing or utilizing a company's items in various contexts. Although there are undoubtedly privacy concerns and any implementations would need to be controlled very carefully, it is certainly feasible with the right consumer opt-ins.

5. Using the Impact of Platforms

With announcements from Salesforce and Microsoft this year, it's clear that CRM providers who create platforms that entice outside developers to expand their product offerings will be the ones to dominate this burgeoning market. Companies that developed platforms have been among the technological innovators' biggest winners during the past 20 years.