Sales teams are often the first to jump onboard with new technology. They are the early adopters of the business community, looking for the latest tool that will help them keep track of all their information, and perform better. In many cases, theyll even go out and buy their own devices in order to get the edge they need.
The downside to this technical sales revolution is that software hasn’t always been there to keep up with the devices. While sales teams like new gadgets that help them sell, the software built for sales hasnt really held its own. CRM (Customer Relationship Management) tools have proven to be pretty ineffective in the past, and more of a burden than an aid. Fortunately, theres another trend that may end up saving CRM and transforming it into something reliable and useful. The hero? Big Data.
A recent IDG study predicts enterprises will have spent, on average, about $8M on Big Data initiatives in 2014. Thats really not too surprising, as Big Data analysis promises better data-driven decision making. By using historical information and inputting any number of variables, analysts hope to discover important trends and use them as an accurate way of predicting future results.
Its not hard to see how this would lend itself to CRM. The management tool could be developed to help create better benchmarks, improve customer service and most importantly, calculate ROI more accurately.
Heres a small list of benefits sales reps could experience thanks to Big Data integration into CRM:
Predictive Modeling
One of the biggest benefits of analyzing Big Data, is the ability to create models for future behavior. By imputing the right historical trends, businesses gain the ability to predict how customers may react in the future. Analysts can also modify trends to see how different variables could hinder or help new projects.
Customer Analysis
On the heels of predictive modeling, CRM and Big Data allow sales teams to segment customers according to actions, demographics or any other category of choice. Trends can then be used to predict needs, direct product development and create new promotions. Users could develop better benchmarks thatll help determine what needs to be accomplished in order to be successful and get the right outcomes.
Real-Time Analytics
CRM can also call upon Big Data to help create customized solutions for customers right on the spot. Reps can input information based on the needs or concerns of their clients, and have the data tell them what options, services or products can meet those needs.
Better Decision Making
Finally, with all this information, it culminates down to the obvious benefit: better decision making. Big Data can provide endless details on products, what works and customer information. With the right benchmarks, improved understanding of customers and predictive models, there is plenty of information to help sales teams and management make more informed, confident decisions.
BYOD and Big Data
All of this converges at an interesting point. Not only do we have Big Data influencing CRM tools, but new devices influencing the way these tools are used. BYOD trends have made it so sales teams are using a wide range of devices. In order to meet the needs of its users, CRM is transitioning to mobile. This is invaluable, as reps can now have access to important tools and information wherever they are, whenever they need it. This will make them far more effective when meeting with potential customers, as theyll have a better idea of how to tailor their approach based on specific needs. Even further, thanks to cloud storage capabilities, the information is no longer stored on a specific device. That means reps can use whatever machines they prefer, from Apple to Samsung.
While this offers exciting possibilities, its important to point out the hazards. Whenever were dealing with cloud computing, important data and BYOD policies, there is a very real security threat. While BYOD shouldnt be limited, BYOD security measures should be taken seriously. Having the proper controls and oversight is important. Implementing the right policies in combination with new technology will ensure data protection and productivity.
