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“Rapidly changing customer expectations are changing everything. The face of CRM as well. It would not be wrong to say that it is the customers who are driving the digital transformation today.”
says, Balaji Ramachandran, CEO, SoftClouds LLC.
Should Enterprises get affected by the Industry debate on CRM vision to the Cloud?
Enterprises should not be affected by the debates, instead they should focus on the business and company needs. CRM users find it hard to fully grasp what “the cloud” means, and no one at the service provider level is willing to provide a complete definition/vision of CRM to the Cloud. Odds are high that a cloud-based solution will do the job for you. It’ll cut your costs and even enable you to be more flexible than you’ve been in the past. But, the point is to let your business objectives lead you to it. And that’s really the way enterprises should be reaching these decisions.
If you do that, the question of whether or not to deploy CRM via the cloud will decided itself, regardless of the definition du jour of “cloud computing”.
What are the effects of CRM on the Retail Markets?
Today, CRM goes beyond data gathering and segmentation. Customer experience is seeing a new face almost every day. It is now all about holding on to the attention of the millennials. We have reached a stage where we are no longer selling products, we are selling experiences.
CRM Platforms of today hugely support the retail market. Predictive Analytics, Artificial Intelligence, and Machine Learning are going to drive the retail market towards better customer experiences with hyper-individualization.
Here are some zones of retail that are fascinating.
- Segmentation: You can adjust your retail strategies and approach according to each segment of your customers.
- Buying: We are in need of hyper-individualized marketing to satisfy today’s customer. It helps you reach out the target specifically.
- Retention: At the end of the day, every factor boils down to retaining your customers. CRM definitely helps you serve in a much more focused and convenient way.
How is Technology and Connectivity Transforming the Auto Industry?
The Auto industry is usually the first one to get impacted and embrace newer technologies – whether it be music, location, connectivity or anything else, the auto industry paves the path for others to follow.
Automotive OEMs today are bringing in total innovative technology with driverless and autonomous vehicles. The technology implications are huge and the auto-industry will keep transforming all aspects of life.
Connectivity has become so pervasive that its no longer a luxury but a necessity. Cars with radars, cameras, scanners, and sensors fitted in and out are capturing real time data helping in automatic parking, collision warning systems, intelligent traffic control, and much more.
Also, our generation Z, that wants to avoid a huge investment but want to have an impeccable driving experience is becoming a major social force shaping the auto industry. This has created a sharing economy, where its no longer necessary to own a car – rather just share your rides. Given the amount of companies crowding the car-sharing space, dealer centric models will be threatened by the sharing economy.
How are companies keeping up with the new, digitally conscious customer?
The interesting thing about this question is that it is not the companies that are driving this change but it is the customer! It’s their journey that is dictating your strategy.
Consumers are no longer tied to a single channel. They have countless browsing and buying options. They typically leave a site in less than 15 seconds if they cannot find what they need.
Companies are trying very hard to keep up with the digitally active consumer with providing them with instant gratification. Companies are moving on to cloud to connect the digital dots of a customer in every way – social, personal, spending habits, etc. They are collating data from every possible source to provide best of the best and most importantly hyper-individualized experiences. It has gone to a level, where brands like Amazon are not only fixing the customer issues, but are trying to convey empathy and design their platforms to reflect that.
How is AI transforming CRM Software & Platforms?
Not every enterprise will have the same CRM system nor they will have a similar ways of working towards their next generation customers, hence micro-services will start to impact and grow.
With customer experience and customer retention being at an all-time high, AI aids in learning and making decisions for fulfilling these consumer experiences. AI finds better and efficient ways of dealing with extensive customer data and provides useful insights, identifies new opportunities, answers customer questions etc., AI’s simulated intelligence helps organizations better strategize and handle the customer focused engagement and experiences.
Bala is the Chief Executive Officer at SoftClouds, a leading CRM & CX solutions provider with expertise in Hybrid Cloud & IoT.
Consummate team-builder & promoter of innovation, Bala has really knuckled down on CRM Solutions, Research & Strategy around various Hybrid Implementations.
20+ years of Entrepreneurial and Innovative leadership, adding value to the CX industry, Bala with focused vision has been the source of inspiration for SoftClouds.