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Exploring 2024 Trends for AI in CRM and AI in ERP Systems

March 18th, 2024 Intech SystemIntech Systems AI, AI in ERP Systems

Exploring 2024 Trends for AI in CRM and AI in ERP Systems

Did you know that a study conducted by McKinsey in 2023 predicts that AI could add a staggering $25.6 trillion to the world’s economy? AI is constantly advancing, becoming more accessible and effortlessly integrated into our everyday lives. Its ability to analyze vast amounts of data, reduce manual intervention, automate routine tasks, and provide valuable insights is transforming industries worldwide. From delivering personalized customer experiences to streamlining business operations, AI is fundamentally changing the way businesses operate. In this blog, we will discuss how businesses are driving digital transformation by employing AI tools and technologies in 2024 and how AI in CRM and AI in ERP systems is ushering in a new era of business innovation.

Maximizing Engagement: AI Integration in ERP and CRM Systems

As we welcome the new year, we have seen a rising need for hands-on solutions that can deliver value to larger enterprises. Modern ‘Customer Relationship Management’ (CRM) and ‘Enterprise Resource Planning’ (ERP) systems are taking the lead, integrating advanced AI features like generative AI and automation. This evolution is changing the way businesses operate, providing streamlined workflows and data-backed decision-making. In addition, it provides personalized service to customers through tailored interactions and predictive support boosted by AI algorithms.

In today’s digital age, CRM and ERP systems serve as more than just tools; they enable innovation and growth in a fiercely competitive business landscape. If you are a business leader looking to embrace new ways of driving efficiency for your employees and customers, you have come to the right place. Let’s dive into the top 3 ways you can achieve unparalleled growth and success through the adoption of AI in your ERP and CRM systems:

  1. Transforming your siloed applications into a comprehensive and automated ecosystem nurtures cooperation among team members and facilitates seamless information exchange.
  2. Promoting better teamwork among stakeholders and providing all users with AI-powered natural language analysis tools to simplify decision-making processes.
  3. Utilizing comprehensive customer profiles to tailor interactions at every touchpoint and integrating AI-driven chatbots for continuous customer support around the clock.

And this is just the start. We have reasons to believe that AI adoption will grow beyond a movement and become a strategic imperative for the year 2024 and beyond. We are likely to witness a growing demand for the adoption of CRM AI for automating sales, marketing, and service operations while AI in ERP will drive businesses forward by streamlining finance, supply chain, and others. The question is: Will you jump on the bandwagon or watch from the sidelines as AI trends take charge?

A Look Back at 2023

In the past year, we have observed an exceptional surge in the evolution and adoption of AI tools and technologies, notably in the domain of generative AI. Open AI launched ChatGPT back in November 2022, but it wasn’t until 2023 that people started to use ChatGPT in all its glory. After the release of ChatGPT in November 2022, it was quick to take the market by storm, striking over a million users in just five days. Over the next two months, its user base shot up to 100 million, making it the fastest-growing consumer app of its time.

Today, generative AI and AI-powered work assistants have become mainstream. The advancement of large language models beyond basic language processing is now a reality and a part of our everyday lives. All of the top players in the market today, whether Microsoft or Google, have rolled out their own AI-powered tools to stay relevant and grow more profitable than ever before. Just as we were ready to bid our goodbyes to the past year, Microsoft launched Microsoft Copilot for Dynamics 365 in November 2023, and today it is the world’s first copilot natively built for CRM and ERP systems.

Insights into AI in CRM and AI in ERP: What to Expect in 2024

In a recently published study that aims to understand the impact of AI on work, Microsoft analyzed hundreds of early users of generative AI. The key findings revealed that 70% of users found that generative AI boosted their productivity, with 68% reporting an enhancement in the quality of their work. Additionally, 64% of surveyed sales professionals noted that generative AI assisted them in tailoring customer interactions more effectively, while 67% mentioned that it allowed them to dedicate more time to engaging with customers.

 

While our expectations of flying cars and robotic butlers are yet to be realized, we have made great strides in science and innovation in the past year alone. The interest in AI is growing, and it continues to attract major investments from global corporations. All this goes to show that 2024 is going to be big for AI, and here are some trends to watch out for to get in on the action:

  1. Adoption of Data-Driven Approaches:

    We can anticipate the widespread adoption of intuitive interfaces incorporating the capabilities of Dynamics 365 Copilot and customizable dashboards, facilitating teams across departments to access AI-generated insights promptly. This allows stakeholders across cross-functional departments to share information seamlessly, prompting quicker decision-making processes.

  2. Prioritizing Personalization and Customer Experience: 

    While retail and HoReCa businesses have been using personalization strategies to foster customer loyalty for some time now, businesses across industries are only now beginning to understand the benefits of AI-powered predictive sales and marketing strategies. AI technologies enable users to study customer preferences and forecast customer behaviors, allowing targeted outreach campaigns and amplified customer engagement.

  3. Improved Productivity Using AI and Cloud Technologies:

    In addition to the capabilities of AI-powered ERP and CRM tools, businesses can also harness the potential of robust and scalable cloud platforms to drive improved productivity. This synergy amongst the three will enable businesses to identify automation use cases of higher value and deploy those on the cloud, thereby improving employee productivity and business process precision.

  4. Evolution of AI-powered Customer Support:

    In 2024, customer support solutions driven by AI are projected to become more sophisticated and widely used. We can expect significant developments in natural language processing (NLP) and sentiment analysis, enabling AI systems to better comprehend and revert to customer queries with greater accuracy and compassion. This advancement is prepared to boost customer satisfaction levels and result in faster, more precise resolution of issues, eventually enhancing the overall customer experience and nurturing customer loyalty.

  5. Increased scrutiny of Ethical Guidelines for AI Development and Implementation:

    The advancement of AI-powered tools and technologies has been nothing short of a boon for us. However, the risks and dangers associated with the increased adoption of AI are well known. Business users and professionals have been worried about the various factors that come into play with fast-tracked AI adoption, including technology dependency, privacy, security, ethics, bias, etc. AI ethics is increasingly taking center stage, and businesses will face increased scrutiny concerning the ethical implications of these tools and technologies. Microsoft has defined responsible AI principles that not only uphold order but also work towards advancing AI policy, research, and engineering.

AI-Driven Innovations Redefining CRM and ERP Platforms

As CRM and ERP platforms evolve, it is important for business leaders to also pay attention to the ongoing progress in low-code/no-code development platforms. These tools enable both technical and non-technical users to improve processes and develop applications, encouraging collaboration and customer engagement through new and innovative methods. Embracing AI-driven innovation in ERP and CRM solutions offers extensive benefits for businesses. According to research from Forrester, companies investing in AI initiatives can expect a 50% boost in productivity and creative problem-solving by 2024.

To lead effectively in 2024, organizations must prioritize and champion AI integration within their business strategies. However, when you think about what is next for your business, remember that while automated workflows and AI-generated insights are valuable, it is imperative to understand that the adoption of AI does not come without its fair share of risks, and the success of any business still relies on its people making strategic decisions intelligently.

Partner With a Leader in AI Innovation 

So, are you ready to take the next step towards redefining your future?

If you are finding it difficult to manage your day-to-day marketing, sales, finance, and other operations, it is time to make the switch to AI-powered tools and technologies. With copilot and other AI-powered capabilities in Dynamics 365, your business can bring siloed applications together to create unified ecosystems, accelerate growth, and deliver outstanding customer experiences. Take the first step today to position your organization for success in 2024. Get in touch with us at sales@intech-systems.com to get started.

We at Intech understand that AI adoption is a journey and comes with its set of unique considerations. Book some time with us to explore how AI works with Microsoft Dynamics 365, a comprehensive and customizable suite of intelligent CRM and ERP applications.

And if you are looking for a smart assistant to help you draft emails, generate images, schedule meetings, etc, explore Dynamics 365 for Copilot. Request a Copilot demo here.

Ready to get started? Let’s go!!!

About Intech Systems:

Intech Systems is a leading IT services company focused on providing world-class implementation and support services for Microsoft Technologies. Intech’s wide range of services helps companies in their digital transformation journeys by providing technology solutions, across all three Microsoft clouds– Azure, Dynamics 365, and Microsoft 365. With offices in India and the US, Intech has a rich experience of over 40 years, with more than 250 certified consultants, having implemented projects in 10+ countries. Today, Intech is amongst the top managed partners in India and a Microsoft-certified Solutions Partner for Data and AI (Azure), Business Applications, and Digital App and Innovation.

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