5 Reasons Your Business Needs a CRM Software

In a world where customer is the king, what is your strategy for success? Smart businesses know that a happy customer is their biggest asset, and always put customers first. Satisfied customers tend to stick around for long, spread positive word about your business and are more likely to refer your services to others. However, building strong and long-lasting customer relationships is a lengthy process and requires years of effort.

Fortunately, advancements in technology have simplified the practice of building customer relationships and helped businesses offer high quality customer satisfaction with ease. Today, companies are using Customer Relationship Management (CRM) software to attract, nurture and serve customers better. Customer Relationship Management is a set of best practices, strategies, tools and technologies that enable better customer interactions and allow businesses to develop great customer relations, thereby increasing sales and growing business revenues.

The average global spending in CRM software is expected to reach $40 billion by the end of 2018, which evidently points that more and more businesses are now realizing the importance of customer satisfaction. If you too have been contemplating about getting a CRM software for your business, here are 5 critical reasons why you certainly should.

Faster Sales

The primary objective of a CRM software is to help streamline your entire sales process and close deals faster. CRM comes with a set of tools and software solutions that help you capture and qualify leads efficiently, schedule and manage customer meetings, follow up systematically and prioritize sales activities as per customer preferences. This enables you to close deals in your sales pipeline faster with greater ease. CRM applications can help increase sales by up to 29%, sales productivity by up to 34% and improve sales forecast accuracy by 42%.

Effective Marketing

Cut-throat market competition and dynamic customer demands are pushing businesses to scale up their marketing activities in order to stand out. CRM software is a powerful marketing tool that helps businesses automate marketing activities and achieve better results. It allows businesses to analyze market trends, watch consumer behavior closely and hit the target market through the right communication channels. It also enables marketers to plan and manage campaigns efficiently and engage customers successfully in the long run. A recent report published by StrongView states that 60% small businesses are planning to adopt CRM for their email marketing initiatives in the upcoming years.

Greater Productivity

CRM aligns your people and processes in a way that they tend to become more productive. CRM tools replace redundant day-to-day activities with automated workflows, saving time and streamlining sales operations to a great extent. New innovations such as mobile CRM bring greater flexibility by allowing easy access to customer insights anytime, anywhere. A recent study shows that 3 out of 10 sales reps report improvement in productivity by 20% with the use of CRM software.

Customer Information Management

CRM packages help sales and marketing staff to store your customer information in a centralized customer database, mostly over the Cloud. It offers a comprehensive, 360-degree view of customer contact details and complete information of all your interactions with every customer. 74% of users said their CRM system gave them improved access to customer data. Easy access to customer data helps sales reps to nurture prospects and plan follow ups effectively. CRM vendors also comply with IT security standards, ensuring that all your data is secure and protected from cyber threats like data loss or theft.

Effective Customer Engagement

Every customer wants to be valued and treated well. Effective customer engagement involves supporting clients throughout the customer journey and retaining them in the business for a fairly long time. CRM helps you analyze customer behavior and buying patterns, allowing you to offer personalized deals from time to time. 47% CRM users say that their CRM had a significant impact on customer retention and customer satisfaction. Automated customer service tools help you resolve complaints/issues effectively and support customers 24×7. A satisfied customer tends to stay loyal and is more likely to refer your brand to others.

CRM is a buzzword in the modern business world for all the right reasons. It adds value to your business; helps grow sales and keeps your customers happy. Moreover, it is easy to use, flexible and highly intuitive. The future of sales lies in building successful customer relationships and adopting a CRM software is the best way to reach there.

Sources: Salesforce, Software Advice, Capterra, Super Office

Technology Trends that are redefining the Insurance Industry

Technology is disrupting all industries, and it is leaving significant footprints in the insurance industry too. Here are 5 technology trends that are impacting the insurance industry.

Human lives and businesses are constantly surrounded by risks and uncertainties. The insurance industry plays a vital role in mitigating these risks and enables smooth functioning of an economy. It is a complex industry that covers a wide range of risks and is governed by numerous laws and regulations. Although these factors have led to a rather slow evolution of the insurance sector, it has come a long way. Innovations in the marketplace, technology advancements and digital interactions are transforming and modernizing the industry.

Technology is both streamlining insurance business processes and enhancing customer experience, leading to a dramatic overall improvement in the way the industry operates. In order to sustain and grow in a rapidly digitizing world, the insurance sector needs to adopt emerging technologies and redefine their ways of operation. In this article, let’s take a look at the top five tech trends that are shaping the future of the insurance industry.

Artificial Intelligence

Artificial Intelligence is a disruptive technology that is impacting all industries across the globe and insurance is no exception. It is gradually seeping into almost all aspects of the insurance sector, adding value to the business processes.

Today, machine learning algorithms are being leveraged in evaluating risks and identifying suitable insurance offers for customers. Enterprises are also combining AI with core activities such as claims processing and underwriting to enhance efficiency and achieve greater accuracy. AI-driven chatbots are allowing insurance companies to serve and support customers better with smart, human-like interactions.

Big Data and Advanced Analytics

It’s the era of big data. Insurance companies accumulate chunks of data from individuals and business houses on a daily basis. This voluminous data becomes difficult to store, manage and analyze in the long run.

To manage big data efficiently and make sense of silo data sets, insurance companies are now upgrading their data management systems and leveraging the power of analytics. Big Data technology stores and retains huge volumes of structured and unstructured data. Analytics enables businesses to arrive at meaningful and actionable insights. It also allows businesses to offer personalized insurance offers, and drive profitability in business.

Cloud Computing

Cloud Computing is turning out to be a game-changer in the business world due to its prominent features like cost-effectiveness, high security and easy deployment. Several insurance businesses are now shifting towards Cloud platforms to run and manage day-to-day business activities.

Today, wide-ranging processes including premium billings, claims processing and policy management can be carried over the Cloud resulting in huge cost savings on servers and technical support staff. Adopting Cloud technology helps insurance providers gain operational efficiencies at lower costs and with less manual intervention.

Blockchain Technology

Blockchain is a Distributed Ledger Technology that is cryptographically protected with digital signatures. All transactions carried on a Blockchain platform are highly secure and traceable at each point. The insurance sector has begun to use Blockchain for client validation and identification of fraudulent activities, like false claims and approvals.

Transactions involving high-cost assets are tracked and validated on a distributed ledger, and the identity of a claimant is verified using trusted identity providers. The integrity of Blockchain technology helps minimize counterfeiting, double booking, contract alterations and fraudulent claims. It also brings about higher transparency and security in the overall insurance journey; right from client onboarding to policy management and claims processing.

Internet of Things

The era of smart objects has set in, and the insurance industry is making the most of IoT in driving business profits. Insurance providers are now developing creative and tailored insurance solutions for IoT-driven products such as self-driven cars and connected homes.

With the help of sensory technology, huge volume of data is collected from IoT-driven devices. Analytics helps in deriving actionable insights from this data and offering personalized solutions to customers. For instance, insurance providers are using data collected from wearable health and fitness devices to offer tailored health insurance products to users.

The insurance sector is subject to a complex infrastructure and legal restrictions. However, with disruptive technologies like these, it has grown and modernized to a great extent. Admittedly, the industry is still in a nascent phase of digital transformation. The future of insurance enterprises now depends on how open they are in embracing latest technologies and keeping up with changing times.

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