On the webinar hosted on March 17th, a panel of experts from 451 Research and S&P Global Market Intelligence provided context surrounding the state of Customer Relationship Management (CRM) for organizations today, from the current challenges they face to the pain points that require digital transformation. In addition, the speakers discussed about the shift towards a Customer Intelligence Platform, what that is and the differences between technical laggards and leaders.
Traditionally, a CRM system was supposed to be the holder of all customer data, but 451 Research estimates that it has less than 20% of the data needed for effective decision-making. It is a fragment of what the business needs because it is scattered across silos of other data sources including social, video, voice, email, calendar, collaboration, mobile and other applications required by employees, and more specifically sales teams. In order to foster better experiences for customers, businesses must combine their expertise with machine intelligence, essentially acting as a B2B customer intelligence platform.
Customer experience is a catalyst in many digital transformation projects, as businesses invest in new digital technologies and processes to more effectively engage customers, partners or employees. By putting digital tools to work in a transformative way, organizations can ensure that data and insights connect people with information and processes that ultimately lead to a better experience for customers.
This digital transformation is the common thread connecting tools, technologies and approaches – innovations, from startup vendors and incumbents alike, that will drive lasting change among businesses that embrace them. Having said that, what are some of the key goals a company should consider when thinking about transforming that can help them determine where to start?
Many trends are changing the marketplace when it comes to managing data and the related workflows, putting pressure to organizations on how to utilize customer intelligence platforms. Most of them are trying to meet companies where they are at – by providing linking services to keep data cleaner, scribing tools for proprietary data or transcripts, and offerings of differentiated data to add value to analytics and machine learning models. It is not enough to have the right system, or fill it with the right data.
A customer intelligence platform takes all these solutions and helps organizations get the most from their data and deliver actionable insights. So, going from laggard to leader is not just about spending lots of money on technology, but instead is about thinking about your data management strategy and the workflows most important to your organization. Then, take a comprehensive look at your tools and systems to ensure you are truly enabled for success and remember not to let technology get in the way.
2020 Trends in Customer Experience & Commerce