Over the past few years, the computer world has grown manifolds. The computer data volumes are exploding, as more and more data gets generated on a daily basis. This data that can be mined for information is referred to as ‘Big Data’. This Big Data gets generated from various sources such as mobile apps, server logs, database stores, business records, social media platforms etc. As limitless data gets generated, it becomes vital for companies to use them effectively.
Businesses have now started using Big Data to deal with the ever-increasing, high-speed traffic of customer information that is being obtained. The Big Data is used for business to draw assumptions into customer behavior based on the data that they have at their disposal. Let us see how companies use the Big Data to help them serve the customers better-
Impact of Big Data :
- Big Data can be used by organizations to accumulate accurate and detailed information about the customer. This can be used to expose variations in information. This will also boost the performance of the organization as big data improves the efficiency.
- Big Data can be used to improve decision-making, which can assist in the growth of future services, goods and products.
- Top companies are using data collection and the data analysis to make improved management decisions to adjust their real-time business propositions and decisions.
- Big Data gives room for thinner customer segmentation. This results in more accurately customized services, goods, and products.
- Improves employee-customer relationships by offering advanced tools that are capable of identifying sales opportunities, analyzing the customer’s responses to those services, goods, and products.
- Big Data improves the processing speed of data and enables the salespersons to interact with the customers better and swifter too. This improves the morale of the salesperson as well as the satisfaction of the customer.
Companies obtain massive chunks of data about their customers from the Big Data. It is not possible to store all of that and process it on a traditional data processing application like Excel. Companies have realized that this information has massive potential if it can be streamlined into a proper channel. This is thus stored on an automated tool such as CRM system.
Big Data CRM is the practice of integrating Big Data into a company’s CRM system. The goal of Big Data CRM is to analyze and predict customer behavior for their own business strategies and benefits. By finding trends and patterns in the data, businesses can devise right sales strategies and make use of the sales opportunities available. Let us take a look at the benefits of integrating Big Data into the company’s CRM model.
Five reasons to integrate Big Data into your company’s CRM solution
- Superior customer analyzing– The critical analysis of the customer behavior allows CRM and Big Data to divide customers based on their actions. Customer trends can be inferred from Big Data and this can be used to predict future requirements.
- A better picture of customer-oriented processes– Big Data provides businesses with the marketing, sales and customer-service performance analysis. Organizations can use Big Data to predict and determine Return On Investment and also use it to support further CRM investments.
- Improved decision making– Once the customer behavior is carefully assessed by the CRM-Big Data, businesses can incorporate the necessary changes. They can also take better decisions in the times ahead.
- Predictive Modeling of data– Big Data provides businesses the opportunity to analyze and also predict how the customers will react in the future to particular situations. This is determined based on the customer’s behavioral history.
- Benchmarking- CRM Big Data analytics allows a company to track over time its progress and its performance related to a strategy or to competitors. Benchmarking analytics of factors like customer satisfaction, cost-per-customer service call, and revenue-per-call, retention will help expose the operational areas in which the business is lagging behind, and the necessary steps they can take to improve in those areas.
How to use the CRM Big Data effectively
- Having a CRM in place is only the beginning of the process. It also needs to be put into proper effect by the employees. Hence, a cultural change from the side of the employees is also necessary.
- Lack of technical knowledge could lead to a poor implementation of the CRM system. It’s essential that the existing employees learn to implement the system effectively. Otherwise, the management will be left with no choice but to hire employees who have the required technical knowledge.
- Lack of necessary investment to support its proper implementation could also be a problem. Hence, the CRM system must only be implemented when the required funds are available.
What analysis of the customers can the CRM Big data perform when used effectively?
- Pattern analysis of the data delivered
- Sentiment analysis to observe what customers feel about the service/ product. It is then necessary to address their issues and concerns quickly.
- Marketing analysis to analyze customer interactions with the business and understand what are the services/ products that they prefer. This lets the companies set a target for each service.
- Influence analysis to observe which of your employees has the biggest influence on your customers. Knowing this will help you provide better service to your customers.
How does Artificial Intelligence boost Big Data?
The convergence of Big Data with Artificial Intelligence has emerged as an extremely important development in shaping how businesses derive their data to drive business value. The generation of greater volumes and sources of data has meant that there is a need for greater data availability, ability to process larger amounts of data and also at a faster processing rate. This has increased the need for Artificial Intelligence, and with the expansion of Big Data, the requirement for AI increases.
AI, also known as machine learning, adds an intelligence layer to Big Data to combat complex analytic tasks at a rate much faster than humans can imagine. It will ultimately compensate for the shortage of analytical resources that we face today. Artificial Intelligence technologies have existed for several years but it’s only now that they are used to take advantage of the large volume of data to provide meaningful results. This ability of AI is leading to a rapid evolution in its application. It combines well with Big Data and has allowed data scientists to access and work with large sets of data without any restriction. Data Scientists can rely on the data to be accurate. Organizations can now load all the data and let the AI point the direction and the story. Redundant data can be minimized and the predictive data can be analyzed easily. Big data provides a working environment that encourages data discovery through iteration. Hence, businesses can develop faster, trial and research more and also learn quickly. In simple words- Big Data enables businesses to use the large volumes of data effectively and rapidly