By : Limesh Parekh, CEO of Enjay IT Solutions
With the fast evolution of technology and its innovative implantation to drive business intelligence, it is imperative to understand the key developments in the area. CRM or Customer Relationship Management has seen a marked growth in 2017, recording widespread acceptance and adding several innovations to its structure. Being perceived now as an essential standard business procedure, CRM in 2018 can get a grand transformation. Listed here are some of the key trends to look out for:
With the fast paces business technology, CRM in 2018 will move to become an agile platform, retaining strong core functionalities and enabling organisations to react and adopt to varied business landscapes faster. Being agile will also include features related to other key dynamics, like changes to reflect changed consumer behaviour, renewed target group, new service structure or pilot projections etc., all of which can be temporarily or permanently be adjusted, in a short span of time, to suit the need of the hour. Mobile CRM and Social CRM applications are already leading the way to agile CRM structures and the trend is set to see multi-scale growth.
AI driven Relationship intelligence
With machine learning and artificial intelligence finally coming of age, with ready to use everyday functions, it is not long before the big data driven consumer insights are replaced by ‘Relationship Intelligence’ powered by AI driven algorithms. While businesses are betting on Big Data to drive sales, marketing and a host of vital business functions, its convergence with AI can drive insights to a new realm of opportunities, transforming the entire approach of consumer engagement and interaction, at every level. Pegged to be available as a SaaS/ Cloud service, the ‘relationship intelligence’ is touted as the next big CRM ace card, set to reinvent business approach among both B2B and the B2C organisations.
CRM design driven by Subscription Economy
The past few years saw the emergence of a ‘subscription’ economy, with quality services- from entertainment to transport being essentially consumed through this model. Although renewable contracts as a phenomenon is yet to invade all key segments, it has become a strong factor affecting consumer satisfaction and long terms loyalty. Customer service has thus evolved as a prominent game changer, driving CRM processes to focus more on rich insights that have a pulse on consumer mood and dynamic retail sentiments. With sophisticated tools for data analytics and superior machine learning driving automated marketing processes, CRM in 2018 will see a transformation from being a tool of consumer engagement to an essential business process driving growth while managing profitable business sentiments amidst the target audiences in an increasingly dynamic market reliant on recurring revenues.
GDPR driven Cloud Platforms
Cloud computing, in the IT industry, has been one of the most widely received offering, transforming business processes for smaller and medium enterprises and start-up’s. With the advent of a security savvy global clientele, introduction of General Data Protection Regulation (GDPR) and variants in Private and Hybrid cloud set up’s, CRM is undergoing a massive transformation with several permutations and combinations to cater to specific needs of global businesses of all sizes. As more sophisticated cloud concepts evolve, and the CRM SaaS finally comes into play in 2018, diversification of Cloud offerings and its viable integration for CRM processes is set to drive CRM penetration among new age businesses.
Mobile Applications for Remote workplace
With business concepts becoming more agile, transforming the work-life balance and flexible work spaces that allow for performance driven modern workforce, CRM too is adopting to offer solutions that are versatile and mobile. Further, with the wide availability of internet and rise in use of wireless, smart devices integrated with new age telecommunication applications, has taken the physical equation of presence for business out of the picture, making CRM too adopt to mobile platforms. While 2017 did see a rise in the mobile CRM application, 2018 will see a much more mature, agile and user-friendly acceptance from executives, with CRM being a constant companion on the filed with them for instant data capture, rather than being a dread documentation process within the confines of the cubicle.
As modern, cutting edge technology finally comes to application, impacting day to day living experiences, CRM too will be one of the major applications impacted positively and extensively with the integrated approach of these technologies and is expected to undergo a massive transformation. Even as businesses begin to brace themselves with the massive tech revolution, CRM is something that can provide a strong and rooted stability, despite the chaos, and help emerge as a prominent game changer in how businesses can holistically consume technology.