How CRM helps businesses engage customers better. Source: Shutterstock

How CRM helps businesses engage customers better. Source: Shutterstock

Why you should never underestimate the power of your CRM

“THE world’s most valuable resource is no longer oil, but data,” said the Economist a few months ago — and it hit the nail on the head for business leaders weighing the pros and cons of data.

In the information age, all data is useful, but data about the customers of a business is valuable across the organization. Which is exactly why companies need to take care of it, fuss about it, and leverage it to transform their businesses.

Come to think of it, organizations store all the information about customers in their CRM.

With new technologies such as artificial intelligence, machine learning, big data analytics, and cloud computing turbocharging today’s CRMs (while also keeping costs low), businesses of all sizes have more power than ever before — to shape the experience and engagement that businesses offer to their customers.

In fact, at a recent DBS Fintech event, experts discussing why CRMs are key to organizations chasing positive customer interactions and reviews pointed out that cloud computing has been a boon to this market.

“We are seeing technology moving to the cloud. It’s not just a fad — the shift from traditional software models to the internet has steadily gained momentum over the last 10 years and will continue to grow in the future.”

According to one speaker at the event, “customers give your company a sense of purpose and direction. They provide invaluable feedback and serve as a springboard for new concepts and ideas. And let’s not forget about the revenue they bring in. The relationships that you cultivate with your customer-base will determine your company’s level of success.”

“The key to giving customers what they want lies in understanding them, and a CRM system does just that.”

A good CRM platform not only keeps customers engaged with the latest updates, but using AI and analytics, can help uncover insights about their needs, wants, expectations, and spark innovative ideas across the organization.

Adopting new technologies in CRM is like keeping up when a friend shares what they recently found interesting.

The world wasn’t as connected as it is today. As consumers become more digital, it is essential for businesses to also embrace digital transformation in their approaches.

It’s exciting to mention at this point that modern CRMs aren’t just focused on the customer but also on making life easier for employees within the organization.

Tie-ups with Amazon’s voice assistant Alexa and partnerships with data visualization solutions prove that CRMs too are innovating to make sure businesses can make the most out of the data that the systems store.

Business leaders appreciate that integrating AI and big data into the CRM approach keep businesses closer to their customers.

With components of AI and big data included, businesses will always be there for their customers and look forward to tailoring and personalizing the experience for them — resulting in more (financial) rewards for the business.

This is why you should never underestimate the power of your CRM.