With rising competition and the introduction of disruptive technologies, companies need to focus on driving an enterprise-wide digital transformation. Rapid digitization requires consistent usage of CRM and other emerging new-age technologies. Companies need to work towards focusing their functions around a robust CRM system that helps in lead generation and conversion. Developing technologies and innovative companies are increasingly proving to be major barriers for digital transformation and it is imperative that corporates implement at least the basic strategies that drive growth and efficiency.
Digital transformation can be defined as the integration and implementation of various digital technologies throughout the organization, ensuring that business functions can be transformed to become more profitable and cost-effective. Digital transformation consists of several components and types which must be followed to enhance effectiveness. Broadly speaking, there are 4 main areas of digital transformation. What are these 4 main areas of digital transformation? Let’s look at them in brief here:
Business process transformation is nothing but changing the way different business processes are conducted in order to meet new organizational objectives. The purpose is to identify lags in the existing business processes and incorporate digitization to streamline these business processes.
Obsolete business models can bring about a negative impact on business activities. Transforming the business model involves introducing digital strategies into the very fundamental block on which the entire business has been built. By digitally transforming the business model, corporates can expand their operations into unchartered territories and tap into new business opportunities.
An important type of digital transformation is domain transformation. By heralding digitization into regular business activities, businesses are opening themselves up to several new opportunities and verticals. This, in turn, allows companies to enter new and promising domains that can create added value.
Organizational transformation, also known as cultural transformation, refers to the complete metamorphosis of the organizational culture, norms, practices, talent, processes and mindset. An organization-wide transformation towards the digital era is essential for bringing about greater agility in business functions and a shift in focus of employee activities.
CRM software is the focal point of any kind of transformation. The basic objective of CRM is to build long-term customer relationships that can ultimately help in driving efficiency and profitability. With customer relationship management, companies can provide an omnichannel engagement across marketing, sales and support functions. Why is CRM important? CRM software has several benefits, including the following:
1- Getting a detailed understanding of customer needs and behaviours which helps in anticipating future requirements of prospective customers.
2- Creating a strong bond with existing customers based on trust and superior service, thereby helping in customer retention.
3- Automation of repetitive business functions, which helps in cost-optimization, saving time and driving efficiency. In addition, it also makes complex processes easier to understand and implement.
4- Integrating CRM software with email marketing tools can help in providing highly targeted and personalized content to leads, based on the data gathered through CRM.
5- Optimizing the various customer interactions with CRM software helps to simplify customer functions, thereby improving the overall customer experience and the customer satisfaction score.
Thus, it is obvious that digital transformation without CRM software will be quite ineffective. With CRM, companies can ensure that core activities and internal processes get a complete reorganization, to be more digitally aligned. To strategically drive business transformation via CRM software, here are some expert tips and pointers:
Customizable CRM Software
The CRM industry is expected to grow to more than $80 billion in revenues by 2025. Corporates must start harnessing the power of CRM to herald business transformation. A customizable CRM software can help companies get the exact features they need to streamline their business operations. Customizable platforms come with an array of exclusive and differentiating features that can be leveraged to transform complex and antiquated business operations and make them more cost-effective.
An enterprise-wide digital transformation would be ineffective without a clear focus on the final business outcomes. Success depends upon having a forward-looking strategy. Hence, businesses that are looking to adopt CRM to transform their operations should first identify and define clear business outcomes that can be easily followed by employees. Business outcomes can be many different things such as improving customer retention, acquiring more qualified leads, expanding into new markets, adopting a new business model or technology etc. By focusing on business outcomes right from the beginning, organizations can ensure that the CRM platform is implemented in a results-oriented manner.
Innovation is the process of translating an idea or invention into a product or service that creates value for which customers will pay. Consistent organizational transformation depends upon constant innovation in all the tools involved in the transformation, especially the CRM tool. Most modern CRM platforms come with the latest technological advancements that can be adapted and customized according to the business model and strategy. While opting for business transformation using CRM, corporates must ensure that the CRM platform comes with innovative features and capabilities that can keep up with rapid advancements in the business world. Some of the innovative features that marketers should look for in a CRM tool include artificial intelligence-powered customer support, process automation, data integration, blockchain and more.
Value for Money
At the end of the day, profitability and revenue enhancement depend upon consistently optimizing costs and expenses. There are several CRM platforms in the market that are priced high and require constant paid updates to render value to the organization. Blindly selecting a CRM software and paying hidden fees will only result in a negative balance sheet for the company. To truly bring about a complete digital transformation, corporates must first evaluate all the competing CRM platforms and select the one which is most suitable for them and their strategic outcomes. Comprehensive research about CRM options, CRM integrations and API calls are essential steps before integrating a CRM platform for business transformation.
A successful digital transformation strategy can enhance customer journey by consistently providing a superior customer experience across all touchpoints of the customer’s interactions with the company. A robust CRM software is the easiest and most effective way of implementing digitization across all the processes and functions of an organization.
Talisma’s CRM suite of products can help you manage the customer lifecycle right from prospects to final customers. Know more about our end-to-end CRM solutions.