These days information is easily accessible on the internet and technology is taking over everything. Gone are the days when you would have to visit the library for information. Today you can get all the information you want with the touch of a button. In the past few years, different IT solutions have helped business owners stay on top of their games and cater to the needs of their customers. Software like Tyre ERP offer various modules including CRM to help business owners deal with all business operations easily. They ensure that the business owner can focus on core business operations while the software takes care of a lot of backend process on his behalf.
Block-chain technology is creating a lot of waves in the industry these days. It is similar to a record book that keeps a record of all the transactional entries. While this software helps regulate the market, it lacks central database. This technology has enabled users to own and monetise their data. In this type of database, the information is stored in a block and chained to the next one with a cryptographic signature.
Here are other reasons how this block-chain technology will be disrupting CRM for good:
- One of the biggest issues CRM users face is duplicate or incorrect data. With block-chain technology, a user has his own block of data that presents the unified picture of his information, transaction history, etc. This ensures that the data a CRM user sees at any point of time is not tampered with or duplicated. It speeds up the CRM-processes and improves customer understanding.
- The block-chain technology uses database to store temporary and permanent data. There is no centralised database in place or control centre. It helps regulate the market by protecting customer identity as well as information. With this technology, consumer is data is difficult to trace. Many even deem this technology to be un-hackable since the blocks of information have been chained together using cryptographic signature.
- Since block-chain technology removes the intermediaries from the transactions, not to mention their costs. Customers will be pleased with such a technology since they will be paying far less for a transaction with few or no middle men. Peer-to-peer relationships are going to be possible transferring the power to the customers. Brands and companies will have to focus on building strong relationships with their customers. They will have to understand their customer’s needs and devise strategies to encourage repeat engagement.