Why CRM is your best bet in the age of Internet of Things
By Sarah Meyers
“Internet connects us”. Take a moment to remove the ‘us’ from of the previous phrase and replace it with ‘everything’. This is how the internet of things (IoT) can be understood in its entirety.
Internet is no longer dependent on us to feed it information. There’s another element, more ready than ever, to be included as information generator in the age of IoT. Guess what will start generating and transmitting information. Yes, things! This new phase, by 2020, will have 50 Billion connected things and ready to change how everything happens, everywhere, for all time to come, explains Cisco.
Morgan Stanley estimates the number to be as high as 75 billion. It also predicts that there will be 200 unique consumer devices connected to the Internet for the first time ever.
Yes you’re going to be impacted by IoT
Guess which landscape is most likely to be affected by this? Yes! Business. Collecting information transmitted from these connected ‘things’ and using it to create marketing campaigns and Sales techniques are going to define your business in this new age.
IoT is already all around us. Nike has come out with Fueband, Google with Google Glass, and Apple with iWatch. All these products are leveraging on the increasing connectedness of things.
Regarded as the ‘next industrial revolution’, it will most certainly revolutionize the whole landscape of the way businesses are run today.
Just imagine if everything around you is getting smarter, what if you and your business stuck to the old (dumb) ways. Against this backdrop, would you rather be on top of things with a more powerful CRM or without it?
We have outlined 5 ways in which CRM is going to help you capitalize on the IoT
1.Data explosion, IOT and CRM
‘Big Data’ has generated quite a buzz in the recent times. Tackling it will be a challenge! Wondering if you’ll have the appropriate Analytics to apply? Will your analytics extract the most important insights? Don’t worry:
“Terabytes of data are only useful in the business world if you’ve a means to make sense of them”
says Henning Ogberg, VP at SuagrCRM.
A modern CRM is going to prove to be the most promising tools in the hands of businesses. Why? Because the challenges which are faced by fixed Saas based models are extinguished by modern CRM’s flexibility, adaptability and the energy to swim in the world of connected things. SuagrCRM is equipped with open tools and scalable infrastructure options, which help businesses to adapt to the challenges presented by Iot.
2.Analytics will teach you to swim in this Tsunami of IoT Data
Analytics offered by your CRM will surely prove to be a life saver in the futuristic business world. This is mainly because the stakes are so high this time businesses cannot afford to ignore analytics. Competition is on the rise; new players are entering the market. Do you realize the situation is so precarious that the established businesses can go bankrupt overnight and new players can become market leaders in the same period?
Look what MarketResearch has to say about it:
“When Big Data and IoT are blended, more robust, agile and scalable platforms, data storage systems, and tools will be required than for conventional IoT or Big Data infrastructure”
3.CRM: an Eagle eye on IoT to drive revenue
Working in the IoT will be a constant masterwork. Your business process will have to be continuously honed and fine-tuned to have a grasp on all things at all times. Today’s CRMs especially SugarCRM, is continuously evolving to enable your businesses make the most in the coming IoT age.
To use the analogy, CRM will enable finding the needle in the haystack of customer data.
Certainly the first thought that businesses are having regarding IoT is how to use it to drive revenue. It’s a make or mar kind of a situation. However, with IoT and analytics working in tandem, businesses can generate far more detailed insights about their customers, their perceptions, motivations, behavior, thought process, and of course preferences, ultimately leading to innovations and increases in sales figures.
4.Customer Service will be redefined in the age of IoT
The more you know your customer, the more you’ll be able to succeed in IoT/According to Gartner, Customer Service will undergo nothing short of a revolution in IoT. The right CRM will go a long way in defining your new roles, relationships and duties vis-à-vis your customers.
5.IoT is driving Investments in CRM: Should you Jump the bandwagon?
Just take a look at some of the industries and how they are planning to implement the CRM into their businesses.
Agriculture Industry is connecting everything from soil sensors to their tractors which offers invaluable visibility. Law enforcement agencies are looking to create smart cities, to gain valuable insights into activities as they happen. Hospitals are making use wearable equipment through which patients can send real time insights to the doctors. And, Hotels are inserting sensors into every room equipment I order to provide the guests with the most customized and personalized services possible.
With the IoT approaching, the visions of so many industries are increasingly becoming futuristic.
Think you’ll be prepared without a CRM?
Believe it or not; the world around you is going to change. The question is whether you’ll capitalize on the emerging trends or succumb to the rising challenges presented by IoT.