Though your CRM system might be fulfilling all your customer relationship management needs, you might be amused to know how Machine Learning can add wings to your CRM solution. If you are looking to improve overall customer engagement, it is imperative to understand how CRM and machine learning can bring a catalytic change for your business.
What is Machine Learning?
Machine learning is a lot like (AI) or Artificial intelligence, which assists computers or machines to learn without the need of explicit programming. Its data analysis method automates analytical model building. The technology enables machines to perform new tasks after being programmed using historic data sets. It analyses past purchase patterns and helps predict future decisive actions of buyers.
The learning / programming method is such intricate in machine learning that it can find out hidden insights from a vast pool of data. For example, if you want to find out the underlying sentiment from several feedbacks received by consumers, you can use intelligent machine learning tools to understand, and filter the required data. Machine learning can be broadly classified into supervised, unsupervised and reinforced learning wherein the application of each is beneficial under different data set.
Machine learning can be used to resolve various business complexities, increases business efficacy through predictive analysis, improves customer segmentation and simplifies time-intensive documentation process. It also assists in sales forecasts and streamlining your marketing campaigns.
Whilst there is a lot of hype about machine learning coming into fashion as a game-changing technology, in reality, it might take a little long to come into everyday business use. On the other hand, machine learning and artificial intelligence (AI) are silently revolutionising the customer service industry. These are constantly evolving and being fine-tuned in order to help businesses maintain stronger customer relationship.
Also Read: AI and CRM Take Off! The Next Big Wave
Machine learning can infuse more value to a CRM system in the following ways:
- Predictive analytics
CRM system only concentrates on past data and gives you insights about customer data patterns. Whereas, machine learning evolves constantly and adds value to your CRM software. It automatically interprets past interactions and makes recommendations on how to strengthen customer engagement to achieve better outcomes. This is largely beneficial to e-commerce companies that face a huge number of customers and transactions on a daily basis.
- Demystifying the “Why”
Though CRM lets you view all your customer data at one place, it is incapable of interpreting the type of interactions happening between the customers and organisation. For example, if a CRM system marks a customer as “on-risk customer”, you do not have a clarity over it. You need to spend time figuring out the exact reason behind the “on-risk customer” recommendation. Whereas, machine learning allows the system to learn by its own the reason behind such recommendations. The self-learning advancement empowers the system to demystify the “why” and discover the reason behind each recommendation.
- Encourage consistent use of unstructured data
Salespeople fail to jot down notes (created in those meeting rooms) that might benefit the marketing team. Your CRM only lets you view data inside it, whereas machine learning automates the processes and streamlines the representative’s work. It optimizes and tags unstructured though qualitative data like meeting notes, emails, and feedbacks or response templates etc. and enhances its value. The use of such unstructured data with the captured CRM data acts as cherry on top and becomes a great tool to drive better productivity.
Machine learning provides the opportunity to transform your typical CRM system into an intelligent predictive analysis system helping you understand your customers.
If you want to know how a CRM software can benefit your sales and marketing team, and keep your business ahead of the curve, reach us here. You can also SMS SAGE to 56767 or drop us a line at sales@sagesoftware,co.in for free consultation.
Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.