Applications of Data Science and Artificial Intelligence Methodologies in Customer Relationship Management

Customer relationship management (CRM) is a set of technologies, methods, and practices that companies adopt to analyze and manage customer interactions and data throughout their engagement with them. The primary purpose behind using CRM is to enhance the business and improve interaction with the customer at the service point. It also helps in increasing the revenue of suppliers or manufacturers and is more useful in customer retention. The efficient operation of the CRM system needs to collect information from several contact points with the consumer, such as direct phone calls, live chat, marketing materials, the company’s website, chatbot, social media, and mail communication. In addition, the CRM system also collects and provides detailed information about the customers’ personal information, preferences, history of purchase, and various concerns with the employees from the marketing side. Thus, the CRM system rapidly processes a huge volume of data from the consumer and uploads numerous data from the supplier or manufacturer. In such cases, an efficient way of handling this voluminous data is highly needed. The advent of Data Mining techniques and their rapid growth makes it easier to handle this large volume of CRM data more effectively. The present work discusses various Data Mining techniques and their application to CRM. It also outlines how effective it is to make a contemporary CRM from a conventional one.