AI Infuses CRM with Dramatic Gains
Customer Relationship Management (CRM) systems have been in vogue for some time among sales and marketing enterprises. Typical legacy CRM programs are actually quite limited in their effectiveness, though. They have acted basically as databases of contacts, with names, addresses, and notes; they have also served as record-keepers of letters and e-mails as well as success rates in landing or losing a deal. All of that was a big improvement in a company’s internal operations. However, in the past couple of years, there have been major changes in CRM, the biggest of which is the integration of Artificial Intelligence (AI).
The Lock team decided about two years ago to research these changes (of course we pride ourselves on having a little expertise in the research game). The potential, frankly, blew our minds and we subsequently invested in a new CRM system that is revolutionizing the way we serve clients. We continue to be amazed at what Artificial Intelligence does in our search assignments to bring the right candidates to the right employers in a more effective way. How does that work, you might ask…
AI delivers a more predictive and personalized customer experience, through the use of complex algorithms that analyze situations in a matter of microseconds. In essence, it makes every Lock consultant a data scientist, and it transforms our extensive database of employers and candidates into an effective and speedy source of information and recommendations. That information still needs human interpretation, though, and that’s where the experience of a good consultant combines with AI to deliver better, faster results.
You might compare a traditional CRM system to your first laptop computer – great back then, but no one would think of lugging one around today to make a serious business presentation. Current laptops are blazing fast, enabling you to do things you never dreamed of a few years ago. It’s all about speed to market, and that’s what AI delivers in spades. This is a disruptive technology, and in the best way possible; it simplifies and improves the laborious efforts previously required in a complex search effort. Although there have been some concerns recently that Artificial Intelligence will impact the quality of human life in perhaps unpredictable and unfavourable ways, we believe our experience in the past few months proves that AI plays a valuable role in our work, both for our clients and for our researchers.
Speaking of faster results, did you know that the number one issue for HR professionals is response time? Whether the need for additional staff arises from resignations, dismissals, or new business opportunities, HR professionals are often tasked with the near impossible – finding the right person quickly. Therein lies the major advantage of employing AI in the search – you can set complex parameters that AI analyzes, including soft skills and emotional intelligence – and an experienced consultant can create a shortlist of qualified candidates in very short order.
The explosion of data is affecting every business, and it’s really just beginning. In fact, some analysts predict that by 2020 the amount of data available will increase by over 4000%. Today’s business decision makers are unanimous in stating that the use of AI will be pivotal in their future success. Companies will be using advanced machine learning in ways that concentrate data. Some have called this “the rise of intelligent decision making.”
The best companies are more 40% effective than their peers, and they are delivering operating margins that are 30% to 50% higher (source: DXC Technology Insights). Being on the leading edge of technology is a key factor in their success, and in our recent successes. Clients and candidates alike tell us that Lock’s speed and agility in the search process separates us from our competition, particularly those firms who are not using today’s technology to full advantage.
Let us put our leading technology to work for you. Contact a Lock consultant today to learn more about how our Artificial Intelligence capabilities can transform your search for talent.