Zoho rolls out AI-powered customer management features amid slowing growth
AUSTIN-TEXAS:Chennai-based Zoho Corp. has overhauled one of its key revenue generators, its customer management software Zoho CRM, amid slowing growth in the enterprise tech company’s key US market.The updates include the integration of AI-powered customer relationship management (CRM) analytics and support for businesses to use open-source AI models.Zoho’s global growth has slowed despite it reaching an annual revenue run-rate of $1 billion in November, chief executive Sridhar Vembu told Mint on the sidelines of a company event in Austin, Texas.
Revenue run-rate is an indicator of future performance extrapolating from current revenue. With its new software, Zoho is looking to undercut established enterprise tech companies such as US-based ServiceNow Inc.
and Salesforce Inc., Vembu added.Also read | Macro headwinds hit Zoho’s overall growthThe global CRM market was valued at $89 billion at the end of last year, according to market researcher Statista. Salesforce commands the largest market share, 22%.
Microsoft Corp., Adobe Inc., SAP SE, and Zoho each have a global market share of 3-5% in the CRM market.Zoho’s new suite, CRM for Everyone, will allow sales teams to implement custom modifications for other teams such as solutions engineering, contract management, customer onboarding, and advocacy. Zoho said the new features will “improve visibility for every stakeholder" and reduce turnaround times in customer queries—a critical factor in the CRM industry.“Traditionally, the CRM system has been built by IT and built for sales workflows," said Mani Vembu, chief operating officer of Zoho.
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