In today’s fast-paced work environment, successful companies understand that data has the power to transform their business. Technologies including machine learning and predictive analytics are inspiring companies to harness the true value of data and discover valuable insight about their customers. This week we’ve been monitoring stories around the power of all-in-one collaboration tools, how big data and predictive analytics can impact marketers and why businesses need to implement CRM software.
The way information is distributed across departments and employee networks is crucial in determining an organization's success. As the workplace continues to evolve and adapt with the introduction of new technologies, companies are constantly seeking innovative ways to streamline business practices and optimize communication. An article in CIO explained that companies are turning to “all-in-one” tools to combine traditional processes with new ways of collaboration in order to create a unified communication experience. The article pointed out that centralized communication tools are not only cost effective, versatile and easy to use, they can provide tangible results. Collaboration is the future of the digital workplace and all-in-one tools will help companies drive real business value.
Big data and predictive analytics are impacting the marketing industry in a big way. Both of these tools can help marketers gather valuable insight about customers and predict future trends. An article in Forbes noted that using predictive analytics can “drastically impact your selling cycles, instead of waiting for your clients to request additional services, you can predict their needs.” With predictive analytics and big data, marketers and sales teams can build stronger relationships with customers and create a competitive advantage versus competitors.
CRM or Customer Relationship Management is becoming the top enterprise resource planning tool. According to an article in IT Pro Portal, CRM is predicted to become a $36 billion industry by 2017. Capterra, a company that specializes in evaluating enterprise software, surveyed over 500 CRM users in the US to determine how they discover and utilize software tools. The research showed that businesses are using CRM to evaluate and measure company performance, increase marketing and sales outcomes and maintain customer loyalty. According to the article, companies also using CRM data to “branch into new types of business software, such as marketing automation and social media monitoring.”