Software company Salesforce (CRM) is saving about $100 million every year by using artificial intelligence (AI) to handle its customer support. The company shared this news at its annual Dreamforce conference and said that it is using its own AI platform, called Agentforce, to take over tasks usually done by human employees.
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Specifically, the savings come from the use of AI tools in its customer service operations, where tasks such as answering common questions, resolving basic issues, and assisting early-stage sales are now handled by intelligent agents.
CEO Marc Benioff said AI tools have opened up $60 million in new business opportunities and helped the company connect with customers it had missed before. Further, the company noted that more than 12,000 customers are using its Agentforce platform and benefiting from it.
For instance, the social media site Reddit (RDDT), one of the early adopters, said the AI tools helped fix customer support issues 84% faster.
“AI Is Our Core Business”
In an interview with CNBC’s Jim Cramer, Benioff said that AI is now the most important part of his company.
“People don’t understand that Agentforce is part and parcel of Salesforce. It is the core of every product we make now, it is the platform,” said Benioff.
He stated the Agentforce platform has come a long way since its launch last year. It helps companies use smart bots to handle tasks more efficiently. He added that tens of thousands of businesses are already using it and are ready to take things even further.
Is CRM a Buy, Sell, or Hold?
Turning to Wall Street, CRM stock has a Moderate Buy consensus rating based on 28 Buys, nine Holds, and one Sell assigned in the last three months. At $329.52, the average Salesforce stock price target implies a 39.02% upside potential.
