Trillion-dollar boost: economic impact of AI on CRM activities
Artificial intelligence-powered CRM (customer relationship management) 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.
This has been revealed by Salesforce, the global leader in CRM, which has recently announced the findings from a new research from IDC detailing the economic impact of artificial intelligence (AI) on CRM.
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 five 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.
2018: landmark year for AI adoption
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.”
Beyond the hype: companies turn to AI to work smarter
AI associated with CRM could boost global business revenues by $1.1 trillion from the beginning of 2017 to the end of 2021. While 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 percent) and voice/speech recognition (30 percent), to text analysis (27 percent) and advanced numerical analysis (31 percent).
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.
Leading 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.