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Hyperconnected: Internet of Things, Big Data and the Future of CRM

Hyperconnected: Internet of Things, Big Data and the Future of CRM

No. 3, Jan.-Feb. 2017 » BUSINESSance

The way in which devices that we are using on a daily basis are designed with all kind of sensors and connected between themselves and the internet, this is the Internet of Things (IoT). Smartphones, smart TVs, and even having a smart home is pushing us into the future. We are facing a revolution, every app we use, every online search, everything that we are doing that is connected in one way or another to the online environment is building up the IoT, feeding it with information which can, and has already started to be used to predict, improve and innovate.

More and more companies have begun to understand the tremendous potential of the combo between IoT and Big Data, not only for their business but for their customers as well. The ability to receive instant, real-time data from the products your customers are using is of great importance for goods or service providers. The massive amount of data received surely cannot be processed by people, as the task would be overwhelming. This is where Big Data comes in – Big Data Analytics to be more precise, an advanced software able to intake huge amount of data, process it, analyze it, make different correlations and ultimately come up with a predictive model.

For a company looking to improve its Customer Relationship Management, the IoT and Big Data are exactly what is needed at this time, offering the possibility of quickly identifying potential faults in products, or tailor the product offering based on usage of a certain feature so that it may better satisfy customers, or, even better, be proactive in spotting customers’ behavior and retaining them with greater ease. Just having the possibility to analyze past customers’ behavior can enlighten a company on what were the main factors which led them to quit the product and also give the company the chance to win them back by adjusting to their needs. The possibilities are endless, since a business can easily gain insights on its customer’s needs, behaviors, and patterns in using certain products.

By integrating IoT and Big Data with CRM, a company will ultimately save money and be much more efficient in assigning their efforts to create, design and produce new products exactly as their customers want them and will have a unique opportunity to innovate based on the data provided directly by their customers and to take much more care of their customers which will ultimately mean taking better care of their business.

Everything around us is changing so fast, new technologies are invented every day, new products are launched, trends are being set by the biggest players in each industry. For a company to be able to set itself apart from the competition, bring products and services with added value, it must be able to keep up with the evolution of technology and, better yet, make use of it.

 
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