AI, IoT and CRM are not new technologies. Big data as a concept has been around for years, too. But this is a watershed moment for big data and CRM, says SAP Labs director Seema Thomas -- because companies can track and collect more customer behavior data than ever before, and computing power has increased, as well.
Working in concert, internet of things (IoT) sensors and artificial intelligence (AI) analysis support data mining in CRM, which can reveal deeper insights to drive sales and service successes that wouldn't have been possible just a few years ago.
Thomas ought to know. On the front lines of new projects for SAP, Thomas can see cutting-edge pilot programs as they are built. At the Customer Engagement & Commerce conference in Orlando, Fla., earlier this month, she demonstrated how a wine vendor uses IoT sensors to monitor its stock for temperature, pressure and other variables that can affect taste and quality.
Many companies are interested in IoT sensor installations, as they want to use the sensors in a service context, monitoring products and detecting problems while they can still be corrected. AI, of course, can not only automate service experiences, but can also be the key to personalizing sales experiences, thus inducing more customer purchases. Such data mining in CRM is the next wave of advancement.
But all the potential applications of IoT and AI -- not to mention the cost of integrating them -- can be overwhelming to many businesses, especially small- and medium-sized enterprises. In this video, Thomas discusses how an organization can realistically examine investments in these technologies to meet its business goals.