CRM—short for Customer Relationship Management—is a system that combines technology, business strategies and procedures with the goal of strengthening a company’s business relationship with its customers. CRM systems often integrate sales, marketing and customer service tools to track, analyze and engage with individuals at various touchpoints throughout their customer lifecycle.
Businesses use CRM systems to collect and store customer information, automate certain tasks, streamline customer service interactions and connect various company departments. By bringing every aspect of a customer’s relationship with a company under one roof, CRM can help identify sales opportunities, target marketing campaigns and facilitate customer service outreach and follow-up activities.
Today, new innovations in conversational AI and automation are greatly augmenting and enhancing the capabilities of traditional CRM systems. With AI-enabled CRM, businesses can gather and leverage richer data from each interaction—including customer sentiment, intent and emotional information—to form an even deeper understanding of their customers and accelerate their level of engagement.