Abstract
In an increasingly digital and competitive world, CRM, Social CRM, AI and Big Data have become true allies for organizations that want to stand out. These technologies not only make it possible to better understand and anticipate customer behaviour and needs, but also enable personalization, enhancing interaction and the relationship with the consumer in a unique way. In addition, large-scale data collection, storage, processing, and analysis provide powerful insights, enabling organizations to make more informed and assertive decisions. Understanding the data collected, coupled with a customer-centric approach, can lead to competitive advantage and improved performance. In this way, business performance success is addressed. Having as relevant factors: boosting the relationship with customers, strengthening the organization's position in the market, and achieving better results. CRM enhances the capability to earn customers loyalty, maximizing the potential of business. CRM can be the key-element to building lasting relationships with customers and the success of the organization.
TopIntroduction
In recent years, technology has been evolving tremendously which, in turn, has also caused organizations to evolve. In this way, strategies, along with marketing tools, also had to evolve and adapt so that organizations could make their products / services known to their audience, reach them, and convert sales.
After several research, the authors gathered that the customer relationship management (CRM) tool was an asset for organizations since it could improve organizational performance and achieve better results. This tool also helps organizations to have a competitive advantage over others, since CRM collects essential and unique information from customers, thus enabling the organization to provide personalized service to its customers. However, this tool has undergone changes and adaptations with the evolution of technology, becoming known as social CRM. This tool uses the digital environment to better understand the needs of customers and consequently respond to them, thus strengthening the relationship between the two (organization and customer).
However, many organizations, despite being satisfied with social CRM, found it necessary to bring more benefits to their organizations and join artificial intelligence to this tool. With the union and implementation of these two systems, organizations were not only able to help their external public, but also their internal public, since it facilitated many tasks that were considered repetitive and monotonous. AI can also be associated with big data and thus help the organization to improve the customer experience, as this tool provides the organization with real-time information from its customers. It also helps organizations to understand this information for easier decision making and that they also better understand the consumer journey. With these changes and evolutions of the tools, organizations can not only be more in touch with their customers and employees, but they can also more easily meet their needs and consequently create value for.
Key Terms in this Chapter
Customer Relationship Management (CRM): Encompasses the principles, practices, and guidelines adopted by an organization in its interactions with customers. CRM is a strategic approach that integrates technology, processes, and people to manage and enhance relationships throughout the customer lifecycle. This involves understanding customer needs, preferences, and behaviors to optimize interactions, foster loyalty, and drive business growth. By leveraging CRM systems and methodologies, organizations can streamline customer-related processes, personalize engagements, and ultimately create a more satisfying and enduring customer experience.
Big Data (BD): Extensive and intricate datasets characterized by increased variety, growing volumes, and accelerated velocity, collectively known as the three Vs. Big Data involves the management and analysis of large, diverse datasets, often originating from novel data sources. The term encapsulates the challenges and opportunities associated with handling data of unprecedented scale and complexity. Big Data analytics aims to extract meaningful insights, patterns, and trends from these expansive datasets, fostering advancements in various fields such as business, science, and technology.
Social Customer Relationship Management (Social CRM): Signifies the integration of customer relationship management (CRM) software with social media channels. Social CRM extends traditional CRM practices by incorporating social media insights and interactions into the customer relationship framework. It involves leveraging data from social platforms to enhance customer understanding, engagement, and satisfaction. By intertwining CRM and social media, organizations can glean valuable information, foster more meaningful connections, and adapt their customer strategies to the dynamics of the digital social landscape. Social CRM represents an evolved approach to customer relationship management in the era of pervasive online interactions.
Artificial Intelligence (AI): The manifestation of intelligence in machines and software, distinct from human or animal intelligence. Rooted in computer science, AI is a multifaceted field dedicated to the creation and examination of intelligent machines capable of performing tasks that traditionally necessitate human intelligence. This encompasses problem-solving, learning, perception, and decision-making, with the goal of enhancing machine autonomy and adaptability. The field continually evolves, encompassing various sub-disciplines such as machine learning, natural language processing, and computer vision, contributing to the ongoing development of increasingly sophisticated AI systems.