A Trillion-Dollar Boost: Salesforce Releases New Research on the Economic Impact of Artificial Intelligence on CRM

pablo (1).pngBy 2021, AI-powered CRM activities could increase global business revenues by $1.1 trillion and create 800,000 net-new jobs, according to predictions in new study

Salesforce customers are estimated to account for $293 billion of this revenue and more than 155,000 of the net-new jobs by 2021

The global market for AI in CRM is estimated to jump from $7.9 billion in 2016 to $46.3 billion by 2021

SAN FRANCISCO, June 14, 2017 /PRNewswire/ — Salesforce [NYSE: CRM], the global leader in CRM, today announced new research from IDC detailing the economic impact of artificial intelligence (AI) on CRM. AI-powered CRM activities will drive new efficiencies in how companies sell, service, and market, ultimately expected to create more than $1.1 trillion in new GDP impact worldwide and 800,000 net-new jobs by 2021—surpassing those lost to automation.

Infographic: Economic Impact of AI on CRM

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AI has impacted nearly every aspect of our consumer lives, redefining how we engage with technology and each other. With the convergence of increased computing power, big data and breakthroughs in machine learning, AI is also poised to transform how people work.

While some researchers predict automation driven by AI could impact 49 percent of job activities and eliminate around 5 percent of jobs, new data from IDC suggests AI could also augment and increase the productivity of employees, specifically in CRM-related fields.

From predictive sales lead scoring to service chatbots to personalized marketing campaigns, AI could provide every employee with tools to be more productive and provide smarter, more personalized customer experiences.

According to the new IDC White Paper, commissioned by Salesforce, 2018 will be a landmark year for AI adoption.

More than 40 percent of companies said they will adopt AI within the next two years. In fact, by 2018, IDC forecasts that 75 percent of enterprise and ISV development will include AI or machine-learning functionality in at least one application. AI-powered CRM activities will cover a large spectrum of use cases and touch almost all facets of an enterprise, including accelerating sales cycles, improving lead generation and qualification, personalizing marketing campaigns and lowering costs of support calls.

“AI is impacting all sectors of the economy and every business. For the CRM market—the fastest-growing category in enterprise software—the impact of AI will be profound, ushering in new levels of productivity for employees and empowering companies to drive even better experiences for their customers,” said Keith Block, vice chairman, president and COO, Salesforce. “For companies embracing AI, it’s critical that they create new workforce development programs to ensure employees are prepared for this next wave of innovation.”

Key findings from the IDC White Paper on the economic impact of AI on CRM include:

AI associated with CRM could boost global business revenues by $1.1 trillion from the beginning of 2017 to the end of 2021.
This global business revenue boost is predicted to be led primarily by increased productivity ($121 billion) and lowered expenses due to automation ($265 billion).

The types of AI companies are planning to use, or exploring, range from machine learning (25%) and voice/speech recognition (30%), to text analysis (27%) and advanced numerical analysis (31%).

New jobs associated with the boost in global business revenues could reach more than 800,000 by 2021, surpassing those jobs lost to automation from AI.

Underpinning the adoption of AI, 46 percent of AI adopters report that more than 50 percent of their CRM activities are executed using the public cloud.

The United States is predicted to lead the way in new business revenue growth due to the economic impact of AI ($596 billion), followed by Japan ($91 billion), Germany ($62 billion), the U.K. ($55 billion) and France ($50 billion).

Salesforce Leads the Way in Delivering AI to CRM

With Einstein, Salesforce is removing the complexity of AI and empowering every Salesforce customer and business user with AI embedded across the company’s leading apps for sales, service, marketing, commerce and more. Salesforce is leading the democratization of AI for CRM, and its customers are among the early adopters who are driving this economic impact. In fact, Salesforce customers are expected to account for $293 billion of the $1.1 trillion GDP impact and more than 150,000 of those direct jobs by the year 2021.

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Consumers love tech in the brick-and-mortar retail experience

Consumers love tech fredzimny.blog_500A new Bouncepad survey reveals U.S. consumers love stores that offer technology and they want more tech options in the shopping experience.

bouncepad-asset-consumers-want-more-tech-in-store-infographic.jpg__150x300_q85_subsampling-2.jpgThe study results, as outlined in this infographic, cite that three out of four want more tech and say they are more likely to visit a retailer if wanted tech was available. More than three quarters (78 percent) want retailers to do a better job of using technology to boost the customer experience. The research also notes that nearly two out of three consumers prefer self-serve compared to waiting on a line or having to track down an associate for help or a purchase.

When it comes to technology options, shoppers want the tools to help them discover price, product and any potential discounts or promotions. The survey states that two out of three (66 percent of consumers) have used self-service tables and kiosks in the retail environment.

Read all https://www.retailcustomerexperience.com/news/consumers-love-tech-in-the-brick-and-mortar-retail-experience/

AI Can Comb Through Your Data to Create More Compelling #cx Customer Experiences #custserv

The world has more data than ever before. In fact, it’s estimated that by 2020, we’ll produce 44 zettabytes every day. That’s equal to 44 trillion gigabytes. One gigabyte can hold the contents of enough books to cover a 30-foot-long shelf. Multiply that by 44 trillion.

That’s a lot of data — too much for most companies to process.

And yet front-line employees are still often left operating with data that’s “too little, too late.”

Most organizations are challenged to extract meaningful insights from their customer data when they’re drowning in so many data feeds.

Data is not always shared efficiently.

Many of the world’s biggest companies operate in silos — for example, their customer service and sales departments do not share a customer relationship management (CRM) database, and employees don’t collaborate around the customer to ensure a powerful customer experience.

More often than not, employees in one department don’t even know the employees in other departments, let alone use data that spans the organization. This often results in wildly inconsistent customer experiences that make companies look disconnected and unfocused.

Source: AI Can Comb Through Your Data to Create More Compelling Customer Experiences

Now available Pwc global #fintech report 2017

 

The pace of change in Financial Services seems only to be increasing – as does the urge for the industry to react.

The forces shaping this change have led us to reconsider the role of finance, more as an “enabler” than a provider of financial products and services.

Mobile money services have proven to be an effective gateway for financial inclusion among the unbanked, a demographic that could evolve into a US$3 trillion payments volume opportunity.

Tomorrow, your bankers or wealth manager will coach you throughout your day to take appropriate financial decisions based on a combination of Artificial Intelligence and transaction and contextual data.

Frustration and cost will decrease as new business models and emerging technologies are being adopted to streamline onboarding processes, operations and client communication.

The influence that FinTech is having on the market is growing and the long-term potential is even greater.

Engineering a #human touch into a #digital future #custserv

 

The die is cast.

We are marching inexorably into a new generation of digitally enabled customer experiences.

There is no turning back. Estimates vary as to the number of customer service roles that will be replaced by bots, robots, cognitive technologies and artificial intelligence (AI).

But commentators are agreed: we have reached an inflection point on the curve of customer experience (CX) improvement where the baton is passed from human to digital interaction.

Against this backdrop, the question CX professionals ask most frequently is: “If human interaction is what drives emotionally meaningful customer experiences, how do we compete in a digital future?

In this our eighth year of researching customer experience best practice, we seek to understand how the exemplar organisations are mastering this new world. The challenges they are meeting and overcoming, the preparations they are making for future change and the capabilities required.