Explore the future of CRM with a deep dive into five transformative technologies. Uncover how the Metaverse, XaaS, big data analytics, cloud computing, and blockchain are shaping the CRM landscape. Discover new possibilities for customer relationship management and business growth.

‍

‍

Five complementary technologies to elevate the CRM ecosystem

‍

In the contemporary business landscape, there is a growing recognition of the importance of integrating various technologies within the CRM (Customer Relationship Management) ecosystem. Such integration plays a pivotal role in fostering growth across diverse industries, geographical regions, and management approaches. CRM technology, in particular, has the potential to elevate customer experiences, optimize `operational processes, and enhance interactions with customers.

‍

In this blog post, we will delve into the exploration of five complementary technologies that contribute to the advancement of the CRM ecosystem. These technologies include the Metaverse, XaaS (Everything as a Service), big data analytics, cloud computing, and blockchain technology. Their integration holds the promise of further enhancing CRM capabilities and functionality.

‍

‍

Metaverse

‍

The Metaverse is an emerging technology that operates through 3D activities and employs AI-driven simulations to enable novel forms of interaction and engagement across various industries. Currently, numerous sectors are integrating the Metaverse to bridge the gap between the physical and virtual realms. According to a survey conducted by Deloitte, 1,015 marketing professionals have indicated that the Metaverse is garnering significant interest from diverse sectors, including life sciences, healthcare, energy, resources, and industrials (ER&I).

‍

Meta-education exemplifies the practical application of the Metaverse in real-world scenarios. The Metaverse facilitates immersive journalism through the capture of volumetric spherical videos and 360-degree panoramic images. These resources can effectively and impartially inform large audiences about current events and developments in remote areas. According to Mystakidis (2022), the Metaverse can be used to address the limitations of 2D platforms, potentially leading to the emergence of new models for distance learning. By allowing students to co-own virtual spaces and
collaborate in creating customized curriculum content, meta-education can offer diverse and engaging active learning experiences. These experiences can take place in everlasting, alternative, online 3D virtual campuses.

‍

Three potentials from the metaverse can be used in "intelligent transportation systems" (ITS) for defect finding and repairs. Namely, (1) near-future predictions, (2) visualize the invisible, and (3) service guide. Intelligent Transportation Systems (ITS) encompass a set of advanced automated technologies designed to integrate vehicles, individuals, and infrastructure components. According to Njoku et al. (2023), the metaverse leverages digital twin technology, which utilizes data from real-world sensors to replicate vehicles equipped with sensors in virtual environments. This capability allows the metaverse to uncover hidden aspects, including the interior of vehicles, and notify drivers of potential problems. This innovative approach holds promise for enhancing transportation safety and efficiency.

‍

The Metaverse is an interactive and social platform, allowing virtual individuals to explore diverse virtual environments seamlessly. These digital entities can transition effortlessly between the physical world and the Metaverse, thanks to its spatiotemporal capabilities. In the Metaverse, individuals can use avatars to travel by car, provided they have the appropriate permissions. Skilled automotive technicians now have the opportunity to join these journeys upon request and provide real-time repair assistance, all from the convenience of their own homes.

‍

‍

Xaas

‍

The concept known as "Everything as a Service" or "XaaS" builds upon the Software as a Service (SaaS) model, extending its scope to encompass a wide range of products and services. Various IT functions, such as Platform as a Service (PaaS) and
Infrastructure as a Service (IaaS), can be transformed into service-oriented offerings for corporate use through the XaaS framework. This approach has gained acceptance within the business community, leading to ongoing changes in the corporate IT landscape. The transition from traditional, non-service-oriented IT to XaaS has been instrumental in shaping the current business IT environment, and this transformation shows no signs of slowing down.

‍

‍

XaaS Multi-Cloud Marketplace Architecture

‍

The XaaS Multi-Cloud Marketplace Architecture, an advancement of previous research conducted by the authors, consists of three core components: the XaaS Multi-Cloud Marketplace Broker, the XaaS Multi-Cloud Decision Support Tier, and the XaaS Multi-Cloud Portability Tier.

‍

End users can access and explore Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) products, services, their interdependencies, and available offers via a marketplace, utilizing the assistance of the XaaS Multi-Cloud Marketplace Broker. The primary objective of the decision support broker is to facilitate seamless integration, consumption, extension, and maintenance of cloud services through a marketplace for cloud adopters, with a focus on simplifying the process while enhancing safety and efficiency. As a result, the broker offers various value-added services to both cloud suppliers and customers, enabling businesses to identify suitable cloud solutions that align with their specific requirements (Juan Verdejo and Surajbali, 2016).

‍

In the contemporary business landscape, many organizations recognize the potential benefits of incorporating Big Data analytics into their Customer Relationship Management (CRM) modules. CRM encompasses various functions, including marketing, sales, and customer service, all aimed at the objectives of retaining existing customers, attracting new ones, nurturing relationships, and ensuring their continued engagement with the organization for future business endeavors. The primary goals of CRM strategies are to meet customer expectations and align with the organization's vision and objectives, ultimately fostering sustainable performance and robust customer relationships, as customers represent a company's most valuable asset.

‍

The integration of Big Data analytics into CRM modules is essential because businesses and organizations require substantial support in accurate data analysis to encourage potential customers to engage in their business activities. Customers make purchasing decisions on a daily basis, and these decisions are influenced by factors such as cost, incentives, and perceived value. Big Data analytics endeavors to enhance CRM tactics, enabling businesses to measure various aspects, including sales transactions, promotional effectiveness, product awareness, and the cultivation of long-lasting customer relationships
and loyalty.

‍

‍

Cloud computing

‍

There exists a notable correlation between Customer Relationship Management (CRM) and the trends in cloud computing, as indicated by various financial statements. In 2005, cloud and Software as a Service (SaaS) CRM systems accounted for 8% of the market share, which saw an increase to 20% by 2008 (Bennett, 2010). Cloud CRM is an application system designed to enhance the CRM ecosystem, engaging partners including customers, potential customers, and suppliers. These stakeholders can engage with social networks, particularly their users, by accessing their profiles through cloud CRM software. By leveraging the information voluntarily provided by clients or members without compromising privacy, it becomes feasible to deliver relevant products or services to social network users who are most likely to be interested, at the opportune moment.

‍

As per the findings by Victor and Eugen in their 2011 study, CRM systems that employ cloud computing architecture offer a comprehensive suite of tools designed to enhance various aspects of the sales process. This improvement spans from the initial qualification of leads to effective opportunity management, precise forecasting, and successful deal closure. Furthermore, these Cloud Computing-based CRM systems have the capability to automate the entire marketing process, encompassing the creation of inbound and outbound campaigns, lead management, lead generation, and the measurement of marketing ROI (Return On Investment). These systems offer unparalleled automation for business marketing, featuring seamless CRM integration, built-in email and web marketing functionalities, straightforward automation, and integrated analytics. This not only boosts sales productivity but also yields favorable business outcomes.

‍

Block chain technology

‍

Researchers have identified that Blockchain technology addresses challenges and opens new opportunities in the realm of enterprise systems. Blockchain is a decentralized and distributed technology that facilitates near-real-time sharing of transactions and immutable information among both public and private participating
entities. Each block within the blockchain possesses a unique cryptographic hash, which is specific to that block and establishes a linkage to the immediately preceding data block. All components within the blockchain are intricately interconnected.

‍

Blockchain technology can bolster enterprise systems by utilizing tokens, particularly in the context of Customer Relationship Management (CRM). Through the promotion of loyalty tokens or incentivizing customers to employ tokens, it becomes feasible to cultivate more robust B2C partnerships and stimulate consumer engagement. Numerous studies have suggested that the integration of blockchain into logistics has the potential to enhance CRM by enabling businesses to closely monitor consumer behaviors, particularly their purchasing patterns. Consequently, this can fortify decision-making processes and enhance analytical capabilities.