CRM Takes Center Stage

Today’s CRM: Way Beyond Contact Management

In the past, CRM systems functioned primarily as storage devices for salespeople trying to keep track of their customers and prospects. They were typically updated by sales staff, often somewhat haphazardly, with contact histories, basic client information, and some limited detail on customer preferences. More advanced versions allowed for CRM data to be mined for marketing purposes and for developing rudimentary client segmentation.

Fast forward to today, the era of big data, artificial intelligence, chat bots, hyper-personalized products, and true one-on-one marketing. In this environment, CRM systems have evolved to become the core repositories of customer data, as well as engines for data mining and analytics, supporting operations from marketing and sales to production and distribution.

As core business systems, today’s enhanced CRM systems often include the following enhanced features:

• Streamlined workflows providing automated response and messaging functionality for clients and prospects, as well as general communications tracking
• Processing of customer data, in real time, creating up-to-date, 360-degree comprehensive customer views
• AI-driven, proactive alerts and recommendations across all client contact points, both personal and electronic, allowing for personalization of the customer experience and an increase in overall client satisfaction
• Advanced analytics producing informed micro-segmentation and behavioral analysis of attractive market segments
• A wide range of sales and marketing reporting, including detailed assessments of the effectiveness of sales strategies and staff, marketing programs, and promotions

Modern CRM systems continue to make greater and more effective use of technological advances in artificial intelligence, data analytics, and machine learning. As they advance in sophistication and capability, their relevance to business intelligence and operations continues in turn to grow.

As your business reviews its technology stack, it may be worthwhile to take a closer look at modern CRM systems and their integration with other key software and cloud services that support your operations. And remember that Washington Trust is here to support all your efforts to accelerate the growth and profitability of your business.