Why CRM Continues to Play a Leading Role in Digital Initiatives
Looking Ahead: CRM, Marketing, and Customer Service
As we approach the final few weeks of 2014, we look back on what Gartner predicted for the CRM market for this year and 2015:
- “CRM will be at the heart of digital initiatives in coming years.”
- “Hot areas for CRM investment include mobility, social media and technologies, Web analytics and e-commerce.”
- “CRM software revenue is forecast to reach $23.9 billion in 2014, with cloud revenue accounting for 49 percent. SaaS- or cloud-based CRM deployments currently represent more than 40 percent of all CRM deployments, and look set to reach 50 percent during 2015.”
- “Unsurprisingly, high-tech, banking, insurance, securities, telecommunications, pharmaceutical, consumer goods, IT manufacturing and IT services vertical industries will continue to be the largest spenders on CRM as they have the widest use of different types of CRM applications and technologies.”
- “All these industries are also increasing investment in emerging economies, further driving spend.”
At Astute Solutions, we recognize that all industries continue to invest in technologies that close the gap between the organisation and the customer – and the most effective way to do this is through the right engagement models that can stand the test of time. In their studies, Gartner also discusses the emerging trend of customer engagement centres (CEC) that rely on big data analytics to provide omni-channel customer experiences, targeted to the consumer’s needs and preferences.
According to Gartner, the top 5 drivers for CRM growth over the coming years will be:
A combination of reactive and proactive methods are needed to offer customer service across an increasing number of social sites and applications as well as to leverage this new source of qualified leads and marketing data.
Mobile internet connections will exceed PC users by the end of 2014 (in some countries they have already overtaken PCs for accessing social networks). Bring your own device (BYOD) movements are also forcing the mobile and tablet market across all industries.
Predictive analytics are the new norm, providing sales and marketing insights like never before. A shift in the skills of marketers from sales-focussed to data-drivers is also a challenge for traditional companies.
A relatively old driver for the CRM space (from the late 1990s), cloud adoption will continue to grow but at a slower rate.
Internet of Things
An advanced connectivity of everything is transforming industries at a staggering pace. For sales and marketing teams this means needing to have the technology available to adapt to this lightening speed.
How can companies remain in front in the CRM game?
Investing in a CRM is no easy or quick decision for many companies as they struggle to ensure effective processes, prove a healthy ROI and at the same time, try to increase customer engagement. Astute Solutions‘ range of integrated products, including an award-winning CRM (ePowerCenter), social relationship management (SRM), sophisticated telephony and customer engagement tools (Astute Knowledge) delivers on all these fronts.