How Is Big Data Relevant To CRM?
By Amer Wilson
Big Data? Over-hyped Fad or a Revolution that will touch every life and every business on this planet?
Let’s take a look at some stats;
The data volumes are exploding; more data has been created in the past two years than in the entire previous history of the human race.
73% of organizations have already invested or plan to invest in big data by 2016
The most staggering fact: At the moment less than 0.5% of all data is ever analyzed and used (just imagine the potential here!)
At the onset of the millennium, the biggest challenge that companies were facing was to collect ‘Big Data’. ‘Today, the Frankenstein’s monster is becoming his own nightmare’. The Social Media revolution in the last few years has gathered for companies so much data that today they confront the dilemma of how to best make use of it.
Or to put it more simply: How to make Big Data into Smart Data?
Big Data and CRM: Any Relation?
To reap strategic advantages, the CRM systems have to think more and more about integrating Big Data into their respective CRMs. In this respect, the players including SugarCRM, Microsoft Dynamics and Salesforce have already started to dive into the world of Big Data.
SugarCRM with its individual to individual (i2i) philosophy puts the individual first. In SugarCRM, the Big Data revolves around the interaction between the client and the individual he is interacting with. Therefore users can use CRM analytics to recognize emerging patterns, find several associations, identify trends and this way assist the users in creating unforgettable customer experience.
Why You Need to Integrate your Big Data with SugarCRM?
Let’s see what Larry Augustin, the CEO of SugarCRM, has to say on the relationship between Big Data and SugarCRM
“Today we are drowning in a sea of customer data; there is so much information available now about every customer – be it inside your own back-office systems or in social media and third party data sources…The key, in my opinion, is to help our customers turn Big Data into “Small Data.”
There are multiple reasons to shed some fat off of your Big Data and use SugarCRM to glean actionable customer insights from the data in their CRM system.
1. Data Intelligence Tools: SugarCRM and D&B
Dun & Bradstreet provides business content integrated within SugarCRM to help you growth, sales velocity, and ROI.
D&B for SugarCRM helps sales, marketing and customer service professionals boost their effectiveness and ROI by
- Eliminating data errors and duplicates by removing the need for manual account creation and maintenance.
- Shortening the sales cycle and optimizing the “Lead to Cash” workflow.
- Minimizing one of the biggest costs in business – poor data quality.
There are several other Intelligence and Data Enrichment integrations in the market which allow Sugar users to extend the functionality of the product. If your company has Big Data which needs trimming, pruning and extracting, these tools can be used from within Sugar to see trend and patterns which you never thought could pave the way for improved service and hence more ROI.
2.Bench-Marking and Continuous Improvement
Big Data has an inherent ability to carry out extensive bench-marking over time. This lets your company define your vital indicators such as customer retention, average spending and most importantly general customer sentiment towards your product or service.
This assists you in producing better products and improves services in future to rise above industry standards.
3.Improved Customer Analysis
Integrating Big Data into SugarCRM allows your Sales Reps and Marketing executives to analyze all of the consumer touch points including:
- social media
- Web click-stream.
This lets your team better forecast consumer preferences, predict future needs, direct product development and decide on promotional efforts.
4.Predictive Modeling, Big Data and SugarCRM
When large amount of data flows through SugarCRM, you gain the ability to predict how customers will respond in the future based on their behavioral history. This converts your Big Data into Useful Data as it can show demographics, segmentation and respective preferences of the consumers.
This is especially valuable when you need to pour more investment in your venture and can’t decide on the when, where and how much?
5. Data Security: How Safe is Big Data is the safest with SugarCRM
When it comes to cyber security and data privacy, Sugar takes a holistic, layered and systematic approach in safeguarding their crucial customer data. It provides the option for your big data to be deployed on site, as well as in hosted and hybrid configurations. This is to meet a range of security and regulatory requirements for their customers. Moreover, deploying Sugar via the SaaS model means multiple layers of protection and security for its customers.
Summary: ‘Big Data’ is here and giving organizations mixed feelings! Many organizations are likely to be drowned by Big Data. For you to leverage on its strengths you need a CRM solution which comprehends and evolves to adapt to the requirements of ‘Big Data’ age. SugarCRM lets you automatically visualize the insights form heaps of Big Data. It streamlines your systems and processes around your data to make the best use of it and grow while keeping you most safe
Rolustech is a team award winning certified SugarCRM experts taking pride in successfully implementing SugarCRM for more than 500 firms worldwide.