Well, although that quote was made in the context of humans and our inherent capabilities, this thought can actually also be applied to anything that’s created by us. The more we learn, the better we apply.
To build on that idea, let’s talk about one such small, albeit important, piece of creation – Customer Relationship Management, or simply CRM.
The concept of CRM evolved from the 80s’ Rolodex devices, which were hailed for being the next-generation contact management tools at the time. CRM, after experiencing its highs and lows in the 90s and the beginning of the new millennia, has grown and firmly rooted itself as an indispensable resource for businesses in the Information Age.
But can it continue its run in the times to come?
1. Analyzing an exponential increase in data input
Most CRM software today have an efficient data collection tool embedded within themselves, which aims to recognize social patterns and make context-based decisions for the business. Markets are no longer influenced by businesses and corporate institutions; instead, it’s their entire customer base that has full control over each and every transaction.
In the future, as big data becomes even more prominent, it’ll become extremely challenging for a business to analyze and make sense of the huge amount of customer data. CRM system will have to build on analytical tools and make smarter decisions in order to serve a large customer base and keep them loyal.
2. Creating experiences that deliver maximum value
All businesses need to understand that their customers appreciate it when their queries and complaints are heard and resolved, and then some.
The future of CRM has to be built on smarter data and trend analysis. Digging deeper and obtaining insight into their customers’ behavior will allow businesses to pro-actively create better product and service offerings, and address their needs more accurately.
3. Adopting the future with smart AI technologies
As digital capabilities continue to grow, reliance on actual manpower becomes less prominent. This is essentially due to the emergence of Artificial Intelligence (AI), which aims to impart rationality to a machine and mirror the concept of ‘thought’ in them.
In the same vein, as CRM becomes augmented with smarter AI, businesses are avoiding wasting precious time on the more monotonous and repetitive tasks. Along with this, the AI can make substantial studies on existing customer data and predict and deliver exact suggestions on sales and marketing activities. And it will constantly learn and re-calibrate itself to keep imparting more and more accuracy to these results, sans any human intervention.
4. Meeting the bottom line in a more efficient manner
At the end of the day, every business transaction is a value exchange between the company and its customer. And each business aims to maximize this value potential.
Delivering an exceptional customer experience with CRM can greatly improve customer acquisition and loyalty rates, which can in turn exponentially increase the profit margins for the business. A more adept CRM can interpret market data and deliver better suggestions in a swift and productive manner.
As a CRM software keeps iterating and improving itself with the use of Artificial Intelligence, businesses can start to rely less on making uneducated decisions and come up with more meaningful strategies to engage with their customers organically. This not only fulfills the customers’ value requirements, but also makes the business more successful – a win-win situation for both the parties.