Being human: CRM technology serving customers…
In the modern commercial era, customers have all the power. Phones and digital devices serve as entry points into shopping experiences. At the click of a button, consumers have access to unlimited product assortments, price transparency, inventory availability, and assessments product quality and customer service. And of course the internet has collapsed geographical boundaries, causing a spike in global competition for every business.
With this power shift, businesses are looking to keep up with the accelerating pace of technological change impacting their business models. Investments in unified commerce platforms, machine learning forecasting and supply chain visibility are exploding. However, these investments are reactive. So, how can businesses be proactive and start to make smart investments that address more than just right now?
Start by Leveraging the Cloud
Moving to modern, cloud-native platforms keeps businesses current by providing them with real-time data to drive decision making. Housing information in the cloud helps avoid using limited time and resources maintaining outdated legacy systems. Leveraging network data, whether it's supplier, customer or social media data, will create a complete and meaningful basis for reporting and analytics. By keeping all data in a cloud accessible from anywhere, an organization can gain a holistic view of operations and ensure all departments are aligned by working from the same set of information.
Realize AI is Here to Stay
Businesses that invest in modern cloud platforms and connected intelligence are also primed to reap the benefits of artificial intelligence (AI). This technology allows companies to glean actionable insights from unstructured data, and has the potential to automate many of the routine business processes prone to human error. Inventory is a great example. AI can enable businesses to avoid ordering more than they need and helping them accurately keep track of items currently in stock. It can also optimize decision making by incorporating all available attributes that are created, shared and collected, resulting in better, localized assortments; the right level of inventory at the right fulfillment locations; and the ability to meet demanding delivery times.
Let Technology Maximize Human Potential
What's less obvious and less discussed is perhaps the biggest opportunity lying in the future: the power of AI to unleash human potential. It's obvious that changes in technology impact business models, but what about the nature of employee tasks when business models change so drastically? When AI reduces errors, facilitates successful transactions, and improves execution, it frees employee of the mundane work normally associated with “entry level” jobs. More of their time can and will be devoted to higher-value and enriching tasks. This increase will keep both customers and employees happier. Why? Because, deep down customers and employees still value the human connection present at the heart of business.
As power continues to shift from producers to consumers, businesses must adapt to meet shopper demands and remain competitive. The right technology allows businesses to gain insights from their data to enhance the in-store experience and empower employees to provide better service. Invest in technology that unleashes the human potential in your organization.