SugarCRM announced last month that it has acquired Node Inc., an artificial intelligence (AI) platform that leverages customer relationship management data and extensive external sources. It is the fourth acquisition of SugarCRM since Accel-KKR invested in the company from Menlo Park in August 2018.
The three acquisitions of Collabspot, Salesfusion and Corvana, are part of SugarCRM's joint services for two million commercial users in 120 countries. Node's newly acquired technology capabilities could be the ultimate solution to the big data problem of CRM platforms, driving Sugar's time-conscious Customer Experience (CX) platform.
The improved technology will usher in the new HD-CX (High Definition Customer Experience) paradigm by providing CRM with greater accuracy. It is also added to the platform by automatically predicting expected results and highlighting previously unforeseen challenges and opportunities.
Time-conscious technology is the long-awaited innovation that will hopefully fix the ongoing flaw in traditional CRM software. According to Craig Charlton, CEO of SugarCRM, traditional CRM solutions are ideal for tracking the current health of customers. The problem is that the "current state" is currently a single time, he said.
"Solutions are lost when something changes. The really revealing facts come from seeing how customers interact over time," Charlton told CRM Buyer.
SugarCRM is the only customer experience platform based on an advanced event database that logs every change event in the customer journey and then predicts future results.
CRM Buyer analyzed the current state of CRM platforms with Charlton and how artificial intelligence is key to improving sales, service, and predictability in automated CX.
CRM Buyer: Why is Time-Aware technology important for CRM software?
Craig Charlton: A complete historical view enables time-conscious knowledge, e..B. This includes the average time that potential customers spend at each stage of the process, comparing current sales performance with a past period, and knowing when the current performance is outside historical standards.
SugarCRM also expands time awareness with AI-based predictions in the future. Accurate predictions enable organizations to make better business decisions, manage risk, and identify and respond to problems and opportunities faster. This gives companies a complete overview of their customers' current, current and future and customer-oriented business processes.
CRM Buyer: How does this concept of time awareness differ from other AI-driven CRM platforms?
Charlton: Conventional CRM systems show a funnel, but it is a static view of this funnel. What it does not show is how this funnel develops over time, where and why the lines fail and how much time they spend in each section of the funnel.
By combining Node's artificial intelligence capabilities with Sugar's time-conscious customer experience platform, companies can gain an incomparable view of their customers' past, present, and future. The main distinguishing center of the node is the accuracy of its predictions.
This accuracy is made possible by enriching model data. Node extends your customers' data with personal, business, and market data from a variety of public sources. This model data enrichment allows Node to provide exceptionally accurate predictions and incorporate factors into its predictions that are not normally included in CRM data, even with limited or incomplete CRM data.
CRM Buyer: How does node capture fit into the SugarCRM environment?
Charlton: Node's artificial intelligence technology completes Sugar's high-resolution CX platform, which we have developed and that we offer to midsize businesses. The value of Node's comprehensive deep learning platform enables Sugar to quickly create, test, and deploy predictive models for Sugar products, each focusing on specific use cases that have challenged sales, marketing, and service teams for decades. .
CRM Buyer: Is Node a fully absorbed part of SugarCRM's business structure or a subsidiary of the company?
Charlton: SugarCRM has acquired Node's AI-as-a-Service platform and its 30-strong team joins Sugar. Node's valuable skills and expertise will help accelerate Sugar's development plans, which focus on artificial intelligence and deep learning.
CRM Buyers: How can node technology improve the inherent inaccuracy of heuristic approaches generated by deep learning logarithms?
Charlton: Deep learning models are limited by the quality and quantity of input data that has been inaccurate or incomplete in real CRM implementations in the past. Node's deep-learning models identify signals with up to 81 percent more accuracy than heuristic approaches to achieve the tangible benefits of higher performance and true predictability.
The node extends the data that companies collect through their customers from a variety of public sources. Without this data enrichment model, other approaches are limited to information that an organization could pre-view and are matched against data that the company considered relevant at the time of implementation of its customer systems.
By enriching model data, Node can provide exceptional predictions with limited or incomplete customer data and integrate factors into your predictions that are simply not represented in enterprise systems. The node displays answers that were not covered by the company's data and raises questions that the company didn't even know should be asked.
CRM Buyer: What made SugarCRM so popular on other CRM platforms?
Charlton: Zucker's focus on four main pillars is very important to us and our customers know it. In fact, Sugar was one of the highest retention rates of any qualified supplier in gartner's Magic Quadrant for automating the recently released sales representative. Our Net Promoter Score (NPS), a measure to assess customer loyalty for a company's brand, product, or service, was consistent in the mid-1990s and unknown to enterprise software.
CRM Buyer: How important are the four pillars you mentioned?
Charlton: Our four pillars include time-conscious action with forward-looking knowledge (e.B. the core of our products, not an add-on), contactless information management, continuous cloud innovation and collaboration with our customers.
CRM buyer: This sounds like internal marketing jargon. Are these four pillars really a guiding technology or an elegant description of the product?
Charlton: Here's a little more than these pillars mean:
Time-Aware is an innovative feature in which SugarCRM uses an event database that records every change in the customer journey and allows companies to rewind the past, understand the present, and predict the future. Predictive AI is integrated into our products (core, not supplement) to improve customer acquisition, expansion and loyalty.
Contactless information management allows users to spend less time typing and searching for customer information. Instead, they spend more time on high-quality work.
CRM buyer: How does this make a better CRM product?
1) We are looking for ways to automate data collection. We are looking for ways to turn it into an automatic by-product of the user's interaction with customers and with other tools and systems. We want to copy and paste the need or enter information manually.
2) We are looking for ways to process and analyze data automatically to get information and the next best course of action. Therefore, a user does not need to interact with the system to do something.
3) Finally, No-Touch is about providing users with customer information as part of their activities so that they can receive important information exactly when they need it.
CRM Buyer: What about the other two pillars?
Charlton: Continuous cloud innovation is a feature that is not available on other platforms. SugarCRM is designed to take advantage of AWS Cloud Computing capabilities. This means that sugar innovation's cloud solutions can develop at a pace that is not being achieved by our competitors, while providing a world-class cloud infrastructure. The Sugar platform does this at a very reasonable price.
In addition to the accommodations, we currently use 34 AWS Advanced Computing Services, and this number is growing rapidly. These are technologies that would require cloud providers that own our industry to make prohibitively large investments.
Customer loyalty is both a continuous product goal and a solemn entrepreneurial commitment. We do our best to help our customers create customers for life. With the highest customer loyalty of all providers on Gartner SFA MQ, industry-leading NPS and enthusiastic G2 reviews, our customers generally agree.
CRM Buyer: How widespread is the use of AI on CRM platforms today?
Charlton: Although there are several CRM vendors that integrate AI into their platforms, SugarCRM's approach is unique in three ways. I have already described the time detection function in detail. The second unique approach is the enrichment of model data.
Remember what I said about how Node expands SugarCRM data with selected data? Competitive solutions are based solely on the limited information available in your CRM.
By contrast, SugarCRM's AI performance provides exceptional predictions, even with limited or incomplete CRM data. Your predictions take into account factors that are simply not represented in CRM. By integrating AI into our core products, SugarCRM enables customers to avoid the time, cost, and technical expertise required for competitive AI solutions.
If you put all this together, we have a solution that democratizes the power of artificial intelligence and enables an unprecedented predictive vision for all companies, regardless of size, business maturity, or technical sophistication.
Jack M. Germain has been a reporter for ECT News Network since 2003. His main focus is on open source, Linux and corporate IT technologies. He is a respected critic of Linux distributions and other open source software. Jack also deals intensively with business technology and data protection issues, as well as developments in e-commerce and consumer electronics. Send an email to Jack.