How Is the Internet of Things beginning to Drive CRM Investments?

The Internet of Things (IoT) refers to objects that support Internet structures. For example, radio-frequency identification and tagging, such as the use of bar codes, allows computers to collect big data. This technology is advancing so rapidly that effectively managing big data is a challenge. The potential for mining and applying such intelligence with respect to CRM is a focus for innovative IT companies.

IT News contributor, J.D. Sartain, emphasizes that customer relationship management (CRM) technology is embracing mobile technology, social media, and analysis tools such as web analytics. Companies are eager to invest in multichannel technology products that will enhance customer engagement and facilitate customer loyalty to brands and products.

CRM encompasses cloud technology, big data technology and, more recently IoT. IoT is poised to alter industries such as hospitality, construction, and healthcare as sensors and identifiers will facilitate superior performance from customer service centers and marketing groups. Already, CRM processes monitor social network platforms such as Facebook and LinkedIn to provide data and customer information for innovation.

  • New mobile gadgets, the tablet is the most recent example, are challenging the IT community as it struggles to keep up with customer demand for service and support. Smartphone Internet connections are predicted to exceed PC connections by the end of 2014.
  • Big data is being collected and is available for marketing purposes, but there is a lack of skills and resources to analyze and apply the plethora of intelligence that is available. The race is on among IT companies to develop the appropriate tools and expertise to exploit this intelligence.
  • Cloud, social, mobile and big data technology are demanding practical CRM capability, and the capabilities required depend on the user. This represents a huge, burgeoning market for the IT sector. According to IT News quoting Gartner, revenue for CRM software will reach $23.9 billion in 2014. The industries most engaged are banking, consumer goods, insurance, IT services, pharmaceutical companies, manufacturing, and telecommunications.

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