CRM to be at the Heart of Digital Initiatives: Gartner
STAMFORD: Customer Relationship Management has evolved at a steady pace over the years. Technology has become an integral part of CRM, making it easier for companies to effectively communicate with clients.
Gartner, in its latest report titled ‘Market Trends: CRM Digital Initiatives Focus on Sales, Marketing, Support and E-Commerce’, forecasts CRM software revenues to reach $23.9Bn this year, with cloud revenues accounting for almost half of it. “CRM will be at the heart of digital initiatives in coming years. This is one technology area that will definitely get funding as digital business is crucial to remaining competitive,” says Joanne Correia, Research Vice President at Gartner.
Internet of Things for manufacturing industry will be joining the other major drivers: Cloud, Social Media, Mobility and Big Data. The research firm expects the dropping price of sensors and communications to transform the automotive, healthcare, construction and hospitality industries.
Social media is expected to be a major influence in the sales, marketing and customer service departments. With every passing day, smartphones and tablets are posing a serious threat to PCs; the once dominating tool for internet access is now being overtaken by mobile devices. Cloud, being already widely adopted, will see slowed progress according to the report. Big Data on the other hand, is to be leveraged for even more sophisticated predictive analytic models for churn analysis, product and service recommendations.
“Unsurprisingly, high-tech, banking, insurance, securities, telecommunications, pharmaceutical, consumer goods, IT manufacturing and IT services vertical industries will continue to be the largest spenders on CRM as they have the widest use of different types of CRM applications and technologies,” says Ed Thompson, Vice President and analyst at Gartner.