Artificial Intelligence (AI) is undeniably ubiquitous. More important in business than ever, it has become a fundamental aspect of any modern customer relationship management (CRM) system. SugarCRM has acquired Node, an AI platform that leverages CRM data to deliver improved predictive capacity to business CRM applications.
Artificial Intelligence Is All Around Us
If you think that artificial intelligence is the stuff of science fiction, you haven’t been paying attention. Some examples in our day-to-day life include the ability of Alexa and Siri to use voice commands and the technology that has made ride-sharing apps such as Uber and Lyft so successful.
AI algorithms allow Netflix to recommend shows that are similar to ones we have seen or fit a profile that the algorithm has developed based on our preferences in previous streamed entertainment choices.
The Profound Impact of Artificial Intelligence on Business
AI has made it increasingly important to not only know your customer but to understand them as well. Businesses now routinely use bots that automatically respond to customer service inquiries, for example.
The largest CRM vendors have been investing heavily in AI and machine learning for many years. These vendors have been purchasing smaller companies and applying these new technologies to even the smallest of CRM applications.
Artificial Intelligence & Customer Relationship Management
According to Statista.com, an additional $394 billion in revenue gains are possible based on the adoption by businesses in the US of artificial intelligence in CRM applications.
AI’s value to business lies in the availability of real-time data. In recent years, AI has been the most important innovation in CRM technology. It will strongly impact the optimization of customer/client interactions.
The reason AI is so powerful in the CRM context is that AI can analyze customer behaviour and make logical decisions based on specific metrics. AI can take all the information from every phone call received by your organization, for example. It can then recommend ways to improve customer engagement.
SugarCRM Acquires Node
Craig Charlton, CEO of SugarCRM said in a statement, “Obtaining a high-definition view of your business and customers, from pipeline to forecasting, is all about replacing a fragmented, dated, and distorted picture with one that is sharply focused and rich in breadth and depth.”
“Sugar is democratizing AI, ushering in a new frontier in customer experience with its powerful combination of AI, time-aware, and data enrichment. AI will drive business performance and enable predictability for companies of all sizes.”
Node claims that its deep learning models identify signals with up to 81 percent greater accuracy than heuristic-based approaches. For sales, marketing, and service teams, the union of SugarCRM and Node will enhance the entire platform by improving the ability to:
- identify customers most likely to churn.
- predict the likelihood of customers to convert.
- forecast quota attainment and monitoring of sales and closing data.
- recommend add-on products to customers during the sales process.
- develop customer engagement models through predictive case routing and contextual data in real-time.
The addition of Node will bring improved predictive accuracy to Sugar’s platform. This will result in better business outcomes for both businesses and customers alike.
Eligeo Business Solutions specializes in CRM software consulting. Contact us to learn more about SugarCRM along with its improved capacity for AI integrations and follow us on LinkedIn for upcoming news and updates.