The future of business technology is here and one of the major game players is customer relationship management, or CRM. Companies that use this software know how big of a role it has on data, relationships and day-to-day processes. We’ve seen what CRM can do for our company and know there is much more potential for CRM. PYMNTS.com shares a few insights of where CRM seems to be headed in the next decade and beyond.
David and Goliath?
Research done by PYMNTS other data sources show the increasing important of CRM offerings that offer better customer service and more personalization features. The many talks of integrated artificial intelligence with just about any program – CRM especially – is going to become a norm (maybe in the early 2020’s) rather than continued discussion. Artificial intelligence (AI) and machine learning-supported systems are at the cutting edge of CRM, and the audience and market for AI-related solutions is growing. “Some estimates claim that AI-enabled CRM software is on course to increase global business revenue by as much as $1.1 trillion from 2017 to 2021. Using such technologies to enhance CRM capabilities allows quick-service restaurants (QSRs) to provide customers with AI-enabled screen access at select QSR drive-thrus and other retail locations, offering personalization that would be impossible to match by relying on traditional Excel spreadsheet analysis.”
As businesses grow, people spend money and years go on, data continues to grow. CRM’s capabilities in data management will grow with it. Data is very important not just for operations and finance, but for the relationships with customers and vital information to help continue those relationships. The article states, “The general idea is to provide an omnichannel experience that applies to the 2020s. Birnbaum defined that experience as a “single-thread conversation around a topic where you can converse with your customers in any channel you support.” That requires a tight focus on customer service, and via personalization as well.”
CRM is just getting started so we should expect more companies implementing this solution in 2020 and beyond.