Enhancing Productivity and Customer Experience for Enterprises through Generative AI Capabilities in CRM

Enterprises are increasingly adopting cloud customer relationship management (CRM) platforms to enhance sales productivity, improve customer service efficiency, and gain deeper insights. CRM vendors are integrating generative AI (Gen AI) capabilities across the CRM value chain to automate tasks, generate predictive insights, and facilitate skill development while forming strategic partnerships to augment customer engagement and operational efficiency. Industries such as manufacturing, retail, and high-tech show high adoption rates, driven by the need for better production planning, omnichannel experiences, and personalized marketing. The adoption of CRM suite is leading enterprises to significant revenue growth through enhanced upselling and cross-selling opportunities.

Both demand-side and supply-side trends are covered in our Cloud Customer Relationship Management Suites 2024 Market Insights™ and Cloud Customer Relationship Management Suites 2024 RadarView™,  respectively. These reports present a comprehensive study of CRM vendors and closely examine market leaders, innovators, disruptors, and challengers.

Avasant evaluated 18 vendors using three dimensions: product maturity, enterprise adaptability, and innovation road map. Of these, we recognized 12 providers who brought the most value to the market over the past 12 months.

The RadarView recognizes platform providers in four categories:

• • Leaders: Microsoft, Oracle, SAP, and Salesforce
  • Innovators: Adobe, HubSpot, and Zoho
  • Disruptors: Pega, SugarCRM, and Zendesk
  • Challengers: Creatio and Freshworks

The following figure from the full report illustrates these categories:

“The adoption of cloud-based CRM platforms is accelerating as businesses seek to replace outdated systems with centralized, AI-enhanced solutions,” said Gaurav Dewan, research director with Avasant. “This transition is essential for gaining deeper customer insights and improving service efficiency, further enhanced by the use of Gen AI.”

The reports provide a number of findings, including the following:

• • Enterprises are leveraging Gen AI within CRM platforms to draft emails, improve developer productivity, and enhance learning and development, leading to increased operational efficiency and customer satisfaction.
  • High CRM adoption rates in manufacturing, retail, and high-tech industries are driven by the need for better production planning, omnichannel experiences, and personalized marketing, leading to significant revenue growth through upselling and cross-selling opportunities.
  • Strategic partnerships among CRM vendors are focused on augmenting customer engagement, improving operational efficiency, and accelerating transaction dispute resolution, providing enterprises with comprehensive solutions for various use cases.
  • Cloud CRM suite vendors are providing extensive training programs to ensure practical skills development, enhance customer satisfaction, and achieve operational excellence, supporting enterprises in maximizing the potential of their CRM investments.

“AI capabilities within CRM platforms are rapidly evolving, offering predictive insights and enhanced customer interaction,” said Premal Shah, lead analyst at Avasant. “These innovations are vital for industries like manufacturing and retail, where personalized marketing and efficient production planning are key drivers of growth.”

The Cloud Customer Relationship Management Suites 2024 RadarView™ also features profiles of the 12 CRM vendors, including their solutions, offerings, and experience in assisting enterprises with CRM adoption.

This Research Byte provides a brief overview of Cloud Customer Relationship Management Suites 2024 Market Insights™ and Cloud Customer Relationship Management Suites 2024 RadarView™  (click for pricing).