A new dimension
In this blog , you will know more about the CRM accelerated by Big Data for enterprises. The new intelligence of business is the data – it is the new oil for industries! All forms of data, structured and unstructured are propelling industries in unseen ways than earlier. The unstructured data is now collated Big Data. The entire concept of Big Data is about representing, processing, and interpreting huge volumes of data that expands typically into petabytes or even zettabytes sourced from all possible areas. These include text, database fields, voice, video, blogs, or social networks, and websites in a way that is meaningful and actionable to business. Easier said than done!
Big Data, when combined with CRM solutions, can help in transforming the data into customer insights to improve processes and services of a business for improved customer deliveries and engagements. This can, in turn, increase customer loyalty, improve customer satisfaction and conversion, enhance advocacy and share of wallet – the end goals of any successful enterprise!
Big Data adds multifaceted dimension and scale to business application and creates a mindset and a path for relevant information and sensitivity to be effectively applied for a meaningful solution. CRM complements Big Data in this by capturing information about every customer and personalized aspects of his/her behavior and turning it into the customized messaging and engagement to drive loyalty, purchase, and operational efficiency.
The success of any CRM implementation largely depends on the ability of the users to efficiently work with the system. This is the best way to know more about the SuiteCRM Implementation.
A visible and long-lasting impact
Many companies are striving hard to unlock the opportunities that CRM provides in their internal world. A big factor on how a company’s CRM is affected by Big Data is how mature the company is in the capture and application of this data. Many companies are still exploring the opportunities that CRM provides to their internal processes and systems. Marketing and call automation platforms are linked with robust CRM programs that augment their well-managed internal data with third party data sources, keeping security in mind as well into a seamless and unified view that cuts across all facets of the organization.
Advanced and leading companies in every sphere define common threads that can be monetized by aggregating systems with metadata like app usage, browsing behaviors, Geo location, financial and credit scores.
The depth and breadth Big Data adds to CRM are added in this table below.
It is not so simple!
The practical aspects of applying the benefits are the main reason why there is no much discussion around this technology and strategy. Some of the major challenges that occur while aggregating Big Data sources to customer profitable insights by companies are listed here:
1. Race for upside
Advanced users of Big Data and Customer Relationship Management are searching and scratching beneath the surface for loyalty rewards and potential profitability the synergy can provide. The results should go beyond the buzzwords and have measurable returns that will define the goals and justify the investments. To unlock the full potential, many pairings of information and business outcomes are yet to be discovered.
2. Quality vs. quantity – the age-old debate
Rather than trying to go full throttle, it is advisable for companies to focus on one part of the business and then move on to a fuller scale after a successful pilot. It is recommended not to get fooled by big claims of the solution providers and market news into by capturing all data that is available without knowing its legality, application, quality, and impact on large customer-focused search.
3. Data access security
The data about the customers is sensitive information, businesses need to consider the access control and security features very carefully before sharing it across with say, third-party systems. With cloud enablement and SaaS models gaining steam, it is often lucrative to let the data travel across interfaces that are out of the control of the business. This should be dealt with tight measures, control, and legal contracts while scrutinizing the details of the security aspects.
4. Maturity is sensitivity
If the companies do not exert significant restraint in applying the intimate customer knowledge that is gathered then they can probably catapult into reverse gear. One needs business maturity, caution, and multiple checks within the business process ecosystems to ensure that the correct insights and profitable collaborations between Big Data and CRM are adopted.
Big Data can expand Customer Relationship Management in new ways by accelerating the capture and application of multi-dimensional customer understanding and engaging with them in better and meaningful ways.
When successful companies capture relevant data and develop internal sensitivity in its application, they can expand profits by expanding customer intimacy. This is thus an idea mooted by technical pundits, business experts, and strategy consultants. The road is long, but the journey has begun!
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