Business software integration has stepped up its game since the years 2019, with 2020 being one of the biggest years for this market. They experienced a boom in the number of organizations of all sizes across multiple industries trying to upgrade to new technologies while driving better profits. This technological advancement comes in the form of using integrated business software, that has several benefits for all. Businesses have especially been focused on the growing importance of integrated CRM systems. Today we will take a look at all the key trends that decision makers should observe for the coming decade when speaking of business and CRM software integration.
CRM isn’t rocket science but it can make you an industrial mogul. There is no doubt, but businesses have invested substantially in CRM systems to make it the biggest software investment market in the world. According to projections, the CRM market is probable to grow to more than $80 billion in its revenues by the year 2025.
Customer service is the main driver towards growth and sustainability in today’s era. Personalized customer services enabled by access to real-time client data and technology-driving strategies leads to a better customer experience and satisfaction. CRM can play a vital role for encompassing all such benefits for the customer under a roof. That is why marketers are prepared to invest their capital in a good CRM system to reap the best results.
According to statistics, a CRM system can boost sales by 29%, sales productivity by 34%, and sales forecast accuracy by 42%. CRM systems can also increase sales conversions by about 300%. It is predicted that by the year 2020, customer experience will be more essential than the price of a product as a determinant for their purchase. Looking at the way markets and customer behavior have been performing up until December 2020, the trend has already stepped in. From large to small and medium sized businesses, all of them understand the plethora of benefits that they can avail from a suitable business, especially CRM. 91% of businesses with greater than 10 employees have a CRM software and this figure is growing steadily.
2019 was also the year for mobile CRM. According to studies, 65% of companies that use mobile CRM are effectively achieving their sales quotas. CRM and other business software will keep impacting the businesses and marketers in a positive manner as time passes, since the importance of automation integration is only going to increase from here. Since the pandemic, work from home or working with increased efficiency has demanded discarding old systems that not only reduced productivity but also increased hidden costs, bringing a world of avoidable expenses to the forefront to be cut off.
Let us take a look at some of the noteworthy trends that will influence business organizations in 2020.
The Advent of AI and Big Data
Personalization is the route to better customer service. This can be best achieved by the flow of customer data at the right time. It has been noted that 71% of customers expect the companies to communicate with them in real-time as it makes them feel looked after better by eliminating chances of misunderstandings. Hence, the involvement of Artificial Intelligence technology and Big Data analytics is used to enhance the capabilities of a business software system. According to statistics, The global AI-enabled market revenue is expected to reach $72.9 billion by 2023. Moreover, AI-driven chatbots will increase two-fold over the coming 18 months. They will help businesses to scale their support management systems and reduce any manual workload of the employees that are already working over their capacity.
Rise of Voice technology
Most of the CRM software company leaders are investing in voice enabled assisting technology. These days, many of the mobile searches are conducted using voice queries through Apple Siri, Alexa or Cortana among other voice assistants. Hence, it is projected that 50% of all such searches will be voice driven by 2020. The integration of voice assistance technology with Artificial Intelligence and machine learning tech will not simply provide information to the user but also provide them with analytics data and proper insights.
Enhanced experience with Virtual Reality and Augmented Reality
Virtual Reality and Augmented Reality are some of the emerging technological advancements which will completely revolutionize the way we go about customer experience and internal business operations. Hence, they are required to be integrated with business softwares such as CRM as well. Augmented Reality and Virtual Reality changes the way businesses interact with their customers, bringing in new ways to solve their queries and cater to them in a more efficient way around the clock. According to data, about 32% of the business organizations are planning to integrate their systems with AR and VR technologies to improve marketing plans over the next 3 years. Since the trend reveals that an increasing number of the consumers will prefer retailers who use AR for the ease of the experience. This will be a big deal for the retail market as they plan to completely revamp and revive their business post COVID-19. AR will also assist in improving the effectiveness of sales training. These technologies affect buying behavior directly, which can be utilized well by companies.
Boost in the Importance of Social CRM
Social CRM will be crucial for an organization’s customer service team. Hence, CRM software system platforms will offer the option of integration with a vast number of social media platforms. By combining CRM systems with social media, businesses will be able to provide real-time feedback, customer support programs and also conduct brand promotions. Around 71% and 83% of consumers expect a same-day response from companies. This can be effectively done if the software is integrated and their response is streamlined. As a result, both mobile and social CRM systems will boost their momentum in 2020.
Business Software Dives into IoT
Smart Internet of Things devices can provide valuable data regarding customer behaviours. This can be utilized effectively by CRM and other marketing software to enhance overall marketing strategies, customer support and plan customized marketing campaigns for brands. It has been forecasted that the number of IoT driven devices will grow upto 39 billion by the year 2025. Hence, experts are of the opinion that IoT will continue to make substantial leaps in improvement on business and CRM integration while they already are at present.
Multichannel Business Software Integration
In the coming years, all the sections from sales to marketing departments will look forward to collaboration over the latest and multiple channels breaching the barriers of inter departmental limitations. Majority of the customers now expect consistent interaction across all departments without any time gaps. With more and more companies adopting business softwares such as CRM systems, it will make the system more user-friendly with features for employees such as scheduling, bulk emailing and more. We will also witness the rise of more customized marketing and CRM software for niche markets like healthcare and research industries.
2020 will definitely claim the title of the year of the customer 2.0. No matter what the industry, customer service will be the main area of concentration for businesses, and CRM software integration will be a game-changer in the market. Businesses will continue to invest heavily in other business software integration as they are aware of the immense potential streamlining all operations can bring. Not only will it help companies to integrate to a better internal and external experience, but also gives them a 360-degree sight of every customer they can connect to. 74% of companies using CRM systems feel that they have improved their access to customer data, which gives them a competitive advantage in the market.
It is important to keep in mind that your employees can be called to work anywhere and use different devices at the time of a global pandemic, or when they’re on the go. Hence, it is advisable to consider mobility and flexibility as important factors while choosing an integrated business software. This will hold them accountable for their delegations and help them understand how to interactively use the system more.
If you are planning to integrate to a good all in one business software system that is both effective and budget friendly, Deskera is your best bet. Our business software products and solutions will assist you to increase your business expansion while bringing great results.