Global business revenue is set to increase by more than 1 TRILLION dollars in two years.
That’s the projection of an IDC white paper on the use of Artificial Intelligence (AI) in CRM.
The authors of the study conclude that companies employing AI in CRM will be able to drive the cognitive systems market to more than 46 billion dollars by 2020.
The paper also predicts that 800 thousand net new jobs will be created in that time, as a result of the combination of AI, Machine Learning (ML) and CRM, perhaps putting paid to the idea that digital transformation will be a net drain on employment.
What The Heck Is AI?
So, what’s all the fuss about AI? What is it and what kind of promise does it hold?
AI could be considered as “the broader concept of machines being able to carry out tasks in a way that [humans] would consider smart”.
If you have ever conducted a Google search by simply typing a word, phrase or query into the search bar, you’re engaging with AI, specifically Machine Learning (ML).
Machines That Learn
For businesses, AI is much more powerful than a Google search, as sophisticated as that already is.
At the leading edge of AI is ML. Machine Learning is more than telling a computer what to do, based on inputted data. It’s about inputting massive amounts of data and letting the computer “figure out” what to do and how to do it.
This happens through the use of neural networks, very similar to those found in the human brain.
As young children, we learned as much through experience as through explanation. It was those experiences that programmed neural connections in our brains that led to further connections (discoveries).
So, too, neural networks in computers permit machines to analyze data and draw conclusions that humans then judge as correct or not, giving feedback that impacts the computer’s neural networks, spawning more learning, in effect.
AI Tackles Big Data
When AI and its technology subset, Machine Learning, are let loose on the enormous amounts of data generated by businesses in conjunction with CRM platforms, tremendous things can happen.
Suddenly, all that data that has been organized within the CRM can now be mined: subjected to analysis to reveal patterns or trends.
For an organization’s sales force, for example, this can mean sorting leads with little or no future from those with greater potential and, more importantly, explaining why.
Because CRM can provide a holistic view of a customer, through AI, marketing teams can design highly personalized and proactive campaigns that can seem to predict a customer’s needs or wants.
In a similar manner, service teams can anticipate customer needs and be ready when the customer calls or turn up on site to inspect a piece of customer equipment because a sensor triggered a warning code directly back to the service department.
All of these uses lead to the same result: a highly satisfied customer who has no reason to go elsewhere.
AI Is Transforming Manufacturing
In the manufacturing sector, the benefits of AI and CRM expand.
A discrete manufacturer, for example, needs to inspect every product before it goes out the door to the customer. Such a process is often done manually, using humans whose sole job is to look for flaws or inconsistencies.
Machines powered by AI are now being used to spot imperfections, based on just a handful of visual examples inputted into an algorithm – and to repeat the process continuously and smoothly.
Siemens has now developed a two-armed robot that is capable of manufacturing products without having to be programmed to do so; it functions through reading CAD drawings and then converting the data into a programme to transform the drawing into an assembled product.
Simply put, the future of manufacturing has become the present.
Now we can begin to understand why IDC (International Data Corporation) states in its white paper that more than a trillion dollars in revenue will be generated globally through AI and CRM.
As a Salesforce partner, Gerent designs and implements CRM solutions that contain these powerful AI elements.
Einstein is the brand name of the AI system being used in Salesforce CRM. The Salesforce Einstein platform features machine learning, natural language processing, computer vision and automatic speech recognition, all of which contribute to why Salesforce is the leader in CRM around the world.
Choose An AI Partner Wisely
To properly take advantage of AI capability today and capitalize on where it will lead to tomorrow, a client needs the guidance and knowledge of experts in the field.
Gerent specializes in optimizing AI technology within the manufacturing sector; we understand the needs and concerns of manufacturers.
AI is something a manufacturer cannot overlook and expect to remain competitive in a landscape marked by shifting customer expectations and advancing technology.
Contact us for a deeper discussion of Artificial Intelligence and its power to push your business to new heights.