What is CRM?
CRM - It stands for Customer Relationship Management, is used for business purposes only. Wherever a business deals with its customers, CRM will become the most useful system for such business.
What CRM Actually Does?
In CRM, a business can store the customer details as KYC, Status of Sales Pipelines, Prospect details, Sales opportunities, Reports, Email Automations, Lead Management, and lot more details!
For any business, there will be a customer base, either it may be big or low in volume. When there is a change in the sales funnel, it should be properly updated and should be transparent to everyone inside the organization. A CRM System can fulfill all the above.
Inside the CRM panel, a business could do the following basic things
1. Can Properly manage their customer details with valid details
2. Can identify who are valid and invalid customer details
3. Can track the customer interest and can identify in which point they are lagging to purchase a product from your company.
Business Challenges In CRM
CRM is useful for both B2C and B2B business companies, As per the report of buyerzone, There were around 56% of Business to Business Companies have Used CRM in 2012.
Apart from collecting and tracking the customer details, Businesses face some other changes while implementing CRM.
How Blockchain Can Transform CRM
Increase Security
As Blockchains are decentralized and are internally connected peer to peer system of blocks it becomes a tough task tampering the entire blockchain. Keeping CRM Records in blockchain rather than cloud can give 100% security of processed records.
Improved Transparency
Generally, a CRM system that keeps inside a cloud or on-premises is centralized, so only authorized people can access it. But bringing the entire data into the blockchain can improve the transparency of records to authorized people.
Privacy Control Advancement
Customer details, purchase and payment details are the main source of a company, keeping these data inside a tightly secured private blockchain can restrict third party people from accessing it.
Data Cleansing
There may be a chance of duplicate or inaccurate information of transactions and customer details to occur if we neglect to keep the CRM solutions to be updated. But blockchain eliminates the inefficiencies.
Improved tracking of records
Blockchain integration with CRM can improve the tracking of how data has originated, transferred to other networks, how the transaction has been closed, etc.
Apart from the above benefits, blockchain will help an organization to revive from the above-discussed business challenges, and implementation challenges Of CRM too.
Read More about Blockchain technology in CRM.
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