Connected systems have brought a revolution in business process management. With the proliferation of cloud technology, edge computing, IoT, and the demand for real-time visibility, businesses are opting to take full advantage of the connected systems to connect with people, processes, and systems and make business operations management more efficient and intelligent. This allows them to craft better strategies to meet customer needs and develop new and innovative ways to generate revenue.
With the connected CRM system, businesses can gain visibility into customer behavior across all channels, giving them an in-depth understanding of customer preferences. This allows them to craft personalized offers and experiences for their customers, which can lead to increased loyalty, more sales, and new revenue models. Businesses use CRM software applications to streamline their sales processes, customer service, marketing efforts, and many more. Businesses can leverage maximum benefits by integrating CRM systems with IoT and other business applications.
The News
- Organizations have deployed 187 applications on average.
- Only 28% of the enterprise applications used are connected. There is a huge scope for integrating applications.
- The CRM market is expected to grow upto USD 145.79 Billion by the year 2029 with a CAGR of 13.3%
- 91% of companies with more than 10 employees make use of CRM software.
- 75 billion IoT devices will be installed worldwide by 2025. Data from IoT devices will be a focus of companies to improve customer experience in 2023.
- There will be more than three internet-connected devices for every human on the planet by the year 2023.
- 48.4% of US households are predicted to own a smart home device which was 41.9% in the year 2021.
- Implementation of CRM results in 30 to 40% growth in businesses across sales, service, and operations.
- 82% of organizations consider customer retention a prime objective of CRM implementation.
- The new cross-functional analytics with next-generational connected CRM fetches data from every part of the business to deliver complete, actionable revenue intelligence.
- Consolidating Customer Relationship Management enables a consistent experience across the customer lifecycle and builds the foundation of a resilient business for decades to come.
How did we get here?
#1. Need for Connected Systems in Complex Organizations:
Augmenting Existing Functionalities
Connected systems play a crucial role in improving the existing functionalities of the business. The use of connected devices can result in incredible automation. Automation in the business process can assist businesses in achieving results with the optimum use of resources. The use of sensors in manufacturing can help reduce the required time and wastage involved in the process. Connected systems can also make a difference in managing inventory and production planning processes.
Optimizing Existing Infrastructure and Systems
Using multiple systems in business requires establishing network infrastructure for all the systems. Multiple systems require separate network infrastructure and data storage technologies for each system.
However, when the systems are connected, the need for multiple data storage facilities is cut down as the data is stored at a centralized location. Connected systems can also optimize infrastructure requirements.
Increased Visibility
Visibility of assets is the ability to track the system's intermediate and finished results with access to the data throughout the journey. Connecting people, applications, and systems make the process work smoothly and eliminates data silos.
When the systems are properly connected, the activities of all the systems are more visible and can be monitored appropriately. The information from the systems can be analyzed individually and even in relation to one another.
Improved Decision-Making
Smarter decisions are key to a successful business. What can help in making smarter decisions is accurate and reliable data. When major processes and systems of a business are connected, the data obtained from these systems are more reliable.
The data that is collected from connected systems gives better insight into the dependent process and can assist in forecasting the future. Reliable data from connected systems can help businesses make better-informed decisions.
Eliminating Silos
Data silos are a major obstacle in company data management. A data silo is raw data that is accessible to only a certain department and isolated from the rest of the organization. When some crucial data is isolated from a concerned department, it can impact the decision-making capability of the organization.
Eliminating data silos is thus an important factor in improving the efficiency of the business. When a company's systems are connected, the organization's data is centralized, and real-time data is accessible to all the concerned departments.
Increased efficiency
Connected Systems are better positioned to meet KPIs.
When systems are connected, the majority of the processes are automated. Automated processes help in reducing human efforts to a great extent. A connected system offers data synced with all the systems, which requires rekeying data multiple times. Availability of synchronized and real-time data results in increased efficiency and productivity with optimum use of resources.
Enhanced Customer Service
Connected systems provide a single view of customers and make their journeys smoother while customers traverse through multiple departments.
When systems like ERP and CRM are connected, there is better coordination between inventory management, sales, and customer satisfaction processes. When information about the products that are in stock and that are scarce in availability is accessible to customers, it helps them make better decisions.
Also, when the concerned teams are aware of the issues that consumers face, they can adopt measures to avoid such issues in the future.
With the available information regarding the demand for goods and services, special discount campaigns can be implemented to improve overall customer service.
Better Return on Investment
The implementation of connected systems may seem to be expensive in the beginning. However, connected systems can provide a good return on investment. With the effective increase in productivity of the business, the costs are greatly reduced. Customer satisfaction leads to customer satisfaction which helps in better sales and improved return on investment.
Reduced Operating Costs
System integrations lead to the automation of several processes, which reduces human efforts and, thus, the costs involved. The use of connected devices results in the optimization of the network infrastructure as well. The reduction in the use of resources
#2 Benefits of CRM systems Integrated with IoT-enabled Applications
CRM is software that acts as a tool to manage the relationship between the business and its customers. CRM integration is the process of connecting CRM software with other platforms that can help enhance the performance of the connected systems.
CRM softwares are designed specifically based on the requirements of the industry. Healthcare CRM and Real Estate CRM, when integrated with IoT, can bring about a revolution in the Healthcare and real estate industries, respectively.
Connected CRM consolidates data from multiple touch points, including POS, ERP, Accounting, HRM, and other platforms businesses use in their organizations. These connected systems are IoT-enabled platforms that create a strategic framework for superior customer experience and a rationalized increase in revenues.
When CRM is integrated with IoT, the data collected from the connected devices can be processed by the CRM software without delays. Integration with IoT-enabled platforms can help CRM contribute to achieving an organization's business goals.
Following are a few benefits obtained through CRM and IoT integration:
Increased Sales
Customer relationship management is about retaining loyal customers and increasing the company's customer base. CRM is not only about the customer database, but it also concerns with the nurturing of prospects. IoT-integrated CRM is a great tool for targeting prospects and obtaining valuable information that can create a difference.
The combination of CRM and IoT also improves customer experiences. The data obtained from IoT devices is real-time and can help decision-makers manage and change the cost of the products based on their demand. All of these efforts contribute to improving sales for the business.
Salesforce Automation can prove to be of great aid in streamlining and monitoring sales activities.
Improved Customer Service
A business runs successfully when the customers are satisfied. It is, therefore, necessary that businesses focus on customer satisfaction. The most crucial factor of customer satisfaction depends on prompt service to customers.
What customers expect from service providers is that the issues are solved promptly and accurately when they arise or, better, even before issues arise. Once an issue has been raised and solved, preventive measures can be adopted to avoid the issue again in the future.
Integration of IoT and CRM systems will help maintain the data of the raised issues and improve customer services by reducing the time consumed in the process.
The use of IoT has changed the approach to maintenance and field services. Instead of the scheduled maintenance that companies provide, the trend is now to get visibility of the conditions of the equipment based on the real-time data gained from the connected devices and take action accordingly.
Developing a proactive and predictive approach enables businesses to reduce the involved costs by providing seamless services to their consumers.
Creating a More Personalized Experience
Using smart devices can help small businesses with immense customer information. The integration of IoT-enabled applications such as POS and CRM systems can help with the use of this data in order to give a personalized experience for the customers.
The data collected from IoT devices gives an idea of customer behavior. The availability of personalized information can aid in better problem-solving based on customer interactions.
Smart devices can also aid CRM systems in tracking customer visits to stores, and this data can assist in customer retention. The information collected from these devices can help design campaigns that include special discounts and incentives. Since these devices can analyze the information gathered from the connected devices can make the process customizable per the customer's requirements and troubleshoot the issues remotely in a small amount of time.
Managing Prices as Per Demand
All the products or services are not always in demand. There are times when a product goes out of stock, and there are times when there is scarce demand. The use of smart devices can help businesses monitor the demand for the product.
Businesses can manage prices based on the results received through the connected CRM. The availability of real-time data can lead to prompt decision-making with respect to the prices of the products. The decision to price based on the demand at a particular time and location is an effective way to get the most out of sales.
Designing the Marketing Process
An effective marketing process is crucial to increasing sales. Targeted marketing is an efficient marketing technique that improves sales. The data obtained from business apps integrated with CRM systems enables determining the target market for a particular product or service.
Identification of the specific customer base based on their buying history and the nature of the product can assist in curating a perfect marketing campaign.
Improving Customer Engagement
Location-based devices enable brands to track the mobile location of customers and help companies execute location-based marketing campaigns. Not just location-based ads but proximity marketing is another way to deliver content by more precisely targeting customers.
Providing information about a product, like its ingredients and other manufacturing details, just by scanning a QR code can assist consumers in improving their engagement with the brand.
Generating and managing leads is an important part of improving sales, and Lead Management Software can greatly assist in engaging a loyal customer base for the business.
Increased Visibility Over Assets
Monitoring assets is a tough job when they are not connected. Integrating CRM systems can help businesses get better visibility of assets.
When CRM is integrated with IoT-enabled business apps, real-time data from the assets can be obtained, and decisions can be made accordingly. Visibility of assets aids teams in monitoring and visualizing data remotely.
What’s Next
IoT enables CRM systems to transform various services and positively impact customer satisfaction. CRM is one of those versatile business-related technologies that can benefit the organization in many direct ways and several areas. The coming years will see IoT transforming CRM because of the tremendous data gathered and enhancing the functionalities of organizations.
Integrating CRM systems with other software applications such as ERP, Accounting systems, POS, and many more help businesses create more personalized products and services, identify new opportunities, develop new pricing strategies, and launch new products and services. All of this can lead to more revenue and greater profitability.
In the new landscape of customer experience with digital imperatives, personalized experiences, and empathetic overtones, connected CRM is a transformative moment. It separates the laggards from the leaders and makes businesses stronger and more resilient. Businesses with connected CRM systems can navigate the post-pandemic world with ease and confidence.
