As the old familiar saying goes – what you put into something determines what you get out of it. To date, most every CRM system has been under-leveraged due to the limited amount of data that is being input, much of it manually. The true value proposition of CRM lies in its ability to make sense of historical external and internal enterprise data. So CRM systems, once connected with real-time data from the Internet of Things, become empowered to generate deep insights that can in turn drive a series of actions.
The promise of CRM systems has always been to collect data, convert it into actionable information, and build a knowledge base for future use. Today, thanks to the massive amounts of device-supplied data, CRM systems can be utilized for deeper learning and better instantaneous decision making. Accrued knowledge derived from this deep learning can be referred to for future use when the CRM system detects contextual relevance for a decision. When the right context presents itself, these decisions can be made based on customer behavior, location, needs and patterns. With intelligent end points, smart gateways and advanced edge computing technologies, CRM systems have become empowered to deliver powerful customized offers, unique new services and ultra-personalized support.
IoT has profound impact on CRM as the immense IoT data containing customer information and contextual inputs can drastically enhance CRM capabilities. This future of CRM is powered by cognitive computing, big data analytics, deep industry knowledge and business functional flows.