Hello Folks! Welcome to the Cut-down Costs with CRM blog series where we will be discussing multiple dimensions of cost reduction with the help of a highly functional CRM. In this blog, let us understand the benefits of having a centralized CRM database in your organization as opposed to recording customer information in different spreadsheets, applications, etc. Customer data is essential in an organization to carry out various tasks and activities. However, when data is dispersed across different applications, teams, or departments in an organization, it becomes difficult to access the data at the time of need. Your teams will spend more time chasing down information than engaging with the customers. A report in Forbes last year predicted that the amount of data generated across the globe will balloon from 33 zettabytes in 2018 to 175 zettabytes by 2025. This data can yield amazing results only if enterprises could figure out a way to truly tap into it. It could give you insights into everything from driving higher revenues and beating competitors to discovering the next breakthrough innovation and delighting customers. So, how should customer data be recorded for a business? Let us gain some insights on that below:
Centralizing customer data with a CRM
Centralized or unified data means collating every possible information about a customer to a single platform and giving access to every team in your organization, thus reducing departmental silos. And, this is possible with a robust CRM database of advanced capabilities that help you access this unified data. Many CRMs provide unified customer data which means apart from the basic information, they record in-depth details about a customer’s journey, previous conversations, product history, etc. The CRMs aid sales, marketing, and customer support teams to gain insight into customer behavior, pain points, etc, and optimize multiple touchpoints to increase revenue and attain customer delight. With the unified data, the CRMs provide a ‘single source of truth’ about a customer to the entire organization. A central and shared database with 360-degree customer information in CRM enables different customer-facing teams to:
