Business Transformation through Effective CRM
The role of customer experience and relationship management (CRM) has become critically important to better connect the customer with the other digital systems and channels. The newly coined terminology, Digital transformation, is becoming a process for most of the organisations for harmonizing business processes.
Businesses are changing the way they engage with customers and manage customers & customer service teams by driving innovation around artificial intelligence and big data, for redefining the business life cycle. In the coming days, about 60% of customer interactions will be done with the help of Machine learning applications, chatbots and mobile messages.
Digital transformation needs to be innovative. Modern CRMs are designed with the individual in mind, which offers the most innovative and intuitive user experience. If your CRM has a modern and immersive interface, every customer-facing employee can effectively engage with customers, with them getting a consistent experience - regardless of their access point or device.
CRM systems are a key component of any business transformation. They have to have a very clear pricing with no hidden fees or forced upgrades which make the business case for deploying the system far easier to sell to decision makers. It has to be very flexible and mobile. There are certain CRM companies that charge more API calls, with multiple CRM integration points that end up with a high cost factor. The need of the hour is if your business is in need of a digital transformation; ensure you search for all CRM options before taking the journey of transformation.
When we think of the CRM vendors that are available in the market, the various vendors that can be identified are Salesforce, Microsoft, Oracle, SAP, Adobe, SugarCRM and others in the race. Salesforce continues to dominate CRM globally with nearly 20% market share.
Worldwide spending on CRM software grew 15.6% to reach $48.2B in 2018. 72.9% of CRM spending was on software as a service (SaaS) in 2018, which is expected to grow to 75% of total CRM software spending in 2019. CRM remains the largest and fastest growing enterprise software category today according to the latest market sizing. CRM drives the business to new levels of success.
It is also true that automation will reduce the need for some jobs. Less attention has been given to how automation can be successfully used to help employees do their jobs better and deliver benefits to businesses, their customers and the overall economy.
Digital technology has thus sprawled to every corner of Indian businesses and banks are no exceptions. Banks now face a new challenge in form of disruptive competition eagerly eyeing their market share. Banks need to go a step further to become digital.