Blockchain: The Future of CRM

By CIOReview | Friday, March 2, 2018
193
297
68

Today every organization needs to get a 360-degree view of their customer to deliver relevant experiences. However, in today’s era of advanced CRM, customers refuse to share sensitive data due to  and other threats. There are many more factors leading to this limited sharing of data. The customer data is generally isolated within various departments. This is due to department-centric marketing view of customers while viewing through a service or product. The data isolation is a frequent obstacle faced in the service and sales views with regard to product demand. In addition, the customer outlook is majorly supply-driven. Therefore, even with the use of analytics and machine learning to convince customers, organizations still need to cross-examine the data themselves.

Since consumer demand is unpredictable and fleeting with numerous choices across different industries, the most favorable approach to addressing that demand is through blockchain technology, coupled with analytics. Blockchain will assist CRMs in receiving and protecting the customer-specific sensitive data. Transferring verified documents and activity logs through the digital nodes with secured cryptography will eliminate the intermediary. The organizations will be able to comprehend the pathway and the flow of goods and services between businesses, irrespective of international borders. It will help narrow down the customer demand from respective markets and thus assist in articulating resources to the specified markets. Blockchain technology continues to leverage existing data structures while securing the processes providing confidence in the data acquired.

No single organization controls or manages Blockchain information. Blockchain is a public transaction ledger that spreads across many nodes around the globe. Anyone can search and validate the transaction. Everyone knows what is happening and where the transaction is taking place, from the customer to the client to the organization. The blockchain technology is highly secured as the chain encryption connecting the nodes offer improved resilience, encryption, auditing, and transparency. It is one of those technologically advanced constructive tools that will unite and secure CRM systems.