According to a series of forecasts by value-focused analyst firm Valoir, an increasing number of businesses are expected to embrace modern customer data platforms (CDP) by 2024. This trend is attributed to a growing recognition of the benefits of this technology beyond its traditional marketing applications.
Valoir’s predictions for 2024 emphasize the role of statistics in CRM and highlight the significance of data integration and artificial intelligence (AI) in enabling CRM solution providers to leverage CDP effectively. By harnessing AI capabilities in conjunction with CDP, businesses can enhance sales interactions and implement data-driven predictive practices, leading to improved support agent efficiency and more meaningful customer engagements.
Moreover, Valoir outlines seven key strategies to ensure that businesses are well-prepared for the era of conceptual AI.
The adoption of data-driven approaches empowered by CDP is poised to enable sales and customer support teams to operate with greater agility, efficiency, and intelligence. While CDP has been in existence for some time, the integration of AI systems and advanced workflows is now enabling businesses to deliver value rapidly.
I share Valoir’s viewpoint that the broader adoption of CDP programs will be driven by the escalating consumer demand for personalized, efficient, and intelligent user experiences. To remain competitive, businesses must prioritize delivering rapid value aligned with the expectations of their customers.
Additionally, Valoir presents five additional forecasts for business and technology in 2024:
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The convergence of Employee Experience (EX) and Customer Experience (CX) is anticipated to increase, enabling businesses to focus on enhancing critical customer interactions by leveraging diverse datasets, including human resources information. Concepts such as conceptual AI, natural language processing, and machine learning can enhance both EX and CX, underpinned by reliable data as the fuel for AI-driven practices.
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Real-time tone and sentiment analysis will supplant traditional surveys, enabling businesses to gain deeper insights into customer and employee needs. Companies will seek less intrusive methods to improve their responsiveness and engagement, emphasizing personalized touchpoints and real-time feedback mechanisms.
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While AI is expected to deliver significant efficiency and technological advancements in 2024, challenges in adoption and implementation may arise due to maturity issues, inadequate training, and policy frameworks. Success in AI implementation hinges on fostering strong partnerships and leveraging a combination of culture, people, processes, and technology.
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The evolution of AI technology simplifies the creation and management of skill ontologies, enabling businesses to understand and leverage the unique skills of their workforce effectively. Companies must identify critical skills for business continuity and prepare employees for emerging skill requirements driven by AI advancements.
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Clear and consistent policies for cross-functional and remote work are essential to ensure equal opportunities for employee development and advancement in the evolving work landscape.
