7 Things You Need to Know About Artificial Intelligence and CRM
Artificial intelligence (AI) is projected to create more than 800,000 net-new jobs by 2021, and other takeaways from the report by IDC and Salesforce.
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AI is impacting all sectors of the economy and every business. Here's what you need to know.
AI associated with CRM could boost global businesses revenues by $1.1 trillion from the start of 2017 to the end of 2021, according to the report.
IDC says this revenue boost will be driven by increased productivity ($121 billion) and lowered expenses due to automation ($265 billion).
According to IDC, 28 percent of all respondents said their organizations have already adopted AI, while another 41 percent said they will adopt AI in the next two years. Thirty-four percent of Salesforce customers report they are AI adopters.
IDC said that companies are planning to use or explore a range of AI types, including machine learning (25 percent), voice/speech recognition (30 percent), text analysis (27 percent) and advanced numerical analysis (31 percent).
Forty-six percent of AI adopters told IDC that more than half of their CRM activities are executed using the public cloud. IDC said, “cloud vendors are expected to lead in the delivery of AI to customers by embedding AI into their applications.”
The U.S. is expected to lead the way in new business revenue growth due to the impact of AI ($596 billion), followed by Japan ($91 billion), Germany ($62 billion), the U.K. ($55 billion) and France ($50 billion).
According to IDC, 75 percent of enterprise and ISV development will include cognitive/AI or machine learning functionality in at least one applications.
According to IDC, 75 percent of enterprise and ISV development will include cognitive/AI or machine learning functionality in at least one applications.
Artificial intelligence (AI) is projected to create more than 800,000 net-new jobs by 2021, which should help offset the jobs it will replace, according to a new IDC White Paper, commissioned by Salesforce. AI could eliminate 5 percent of jobs, IDC said, and 49 percent of job activities could be impacted by AI.
CRM is expected to be one of the areas that will benefit greatly from AI – which is welcome news for Salesforce and its AI play, Einstein. According to IDC and Salesforce, “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,” Keith Block, vice chairman, president and COO, Salesforce said in a statement. “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.”
According to the report, Salesforce customers should account for $293 billion of the total aggregated revenue and more than 390,000 of those jobs by the year 2021.
Click through the slideshow for 7 other takeaways.
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