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Enterprise Software: Combining Big Data with CRM will Drive Better Customer Understanding and Service
Spending by businesses for Enterprise Software will top $304 billion in 2013, a 6.4 percent increase over 2012, according to Gartner. The top segments within the Enterprise Software category include customer relationship management (CRM), Supply Chain Management, Web Conferencing, and Collaboration/Social software suites.
CRM is one area where Gartner is seeing rapid growth. The CRM software market is expected to grow by 9.7 percent in 2013 — while SaaS-delivered CRM is expected to grow by nearly 18 percent. Over half of CRM software revenue is expected to be from SaaS applications by 2016. In 2012, less than 39 percent of CRM revenues were from SaaS and is expected to grow to 42 percent by the end of 2013.
Ed Thompson, VP of Gartner, said that “CRM continues to be high on the CIO’s agenda. Attracting and retaining new customers was ranked the No. 4 business priority for 2013. Customer experience management is emerging as a business discipline for marketing, sales and customer service leaders. Every day, these leaders are incorporating more new technology into their projects to achieve their organizational goals.”
Much of the growth of CRM can be attributed to the way it has been able to integrate with new technologies. Cloud and mobile computing has reduced the cost of CRM and enabled it to be accessed more easily from remote locations. Social Media has enabled CRM to drive better customer services and communications.
Gartner says that the next driver for CRM growth will be Big Data. Big Data analytics when combined with CRM will allow users to better identify sales opportunities and help them better profile and understand customers.
Mark van Rijmenam, entrepreneur, commented on SmartDataCollective that “Nowadays, not knowing your customer is not accepted anymore. Customers that contact organizations through whatever channel want to be recognized and serviced appropriately. Using big data technologies to collect, store and analyze the necessary data will truly make your Customer Relationship Management valuable and give your organization a competitive advantage.”
