Recent trends and future innovations in knowledge management and consumer relationship management
Recent trends and future innovations in knowledge management and consumer relationship management – Discusses recent trends and future innovations in knowledge management and consumer relationship management…
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Paper details
- Discusses recent trends and future innovations in knowledge management and consumer relationship management
- Each student must survey the academic literature and business press and submit a short paper (1000 words) that discusses recent trends and future innovations in knowledge management and consumer relationship management.
- Please choose an industry area that you are either familiar with or wish to be employed in when evaluating current trends.
- The instruction is short. This class is management 311
Solution
Recent trends and future innovations in knowledge management and consumer relationship management
Businesses are increasingly becoming customer-centric. People utilize Customer Relationship Management (CRM), which involves attracting, developing, retaining, and dealing with a company’s clients. Customers are essential elements of the supply chain and the business’s workflows. CRM ensures that customer interactions and relations are healthy and ensure clients get the best from their services and products. A company needs information and knowledge of customers, making it vital to integrate Knowledge Management into Customer Relationship Management.
Knowledge Management (KM) helps obtain and analyze customer preferences and behavior to enable personalized interaction. Bringing KM and CRM together helps the company manage information to ensure their clients get optimal satisfaction. This paper covers recent trends and innovations in KM and CRM that would allow a company to establish a sustainable competitive advantage. The evaluation will cover the banking industry, which is very competitive, and winning customer trust is crucial.
Realizing customer experience is becoming a big deal for many businesses, and modern CRMs must be utilized as technological establishments for customer engagements to deliver the utmost experience and keep customers coming back. There are multiple trends and innovations in KM and CRM in the banking industry, including self-service for end-to-end clients, artificial intelligence and automation, hyper-personalization, targeted role-based experiences and establishing customer value models (Bogers, Chesbrough, & Moedas, 2018). Other trends include social media, advanced search indexing, seamless collaboration, visuals, user interface and organized content, customer support, easy customization, and scalability tools.
Many companies invest in self-service as the first contact, and customers can easily access self-service information and processes. Self-service tools include Configure Price Quote (CPQ) and chatbots. These tools help companies track the market needs and outcomes and create a knowledge base that allows individual businesses to develop commerce solutions for the most outstanding customer experience (Lopes et al., 2017).
AI and automation are streamlining CRM by guiding enterprises to take the right actions. AI and automation provide the right insights, helps in product configurations, and optimizing campaigns. Businesses prioritize bots and robotic process automation (RPA) that have a measurable and clear return on investment (ROI).
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Digitizing CRM is one of the core processes of many banking businesses now. Hyper-personalization is boosting one-to-one customer interactions. Many customers expect products tailored based on their engagements, history, intent, and preferences. Through customer intelligence, companies can collect unstructured data, including communication styles, lifestyles, buying behavior, and demographic data. Businesses analyze and create well-organized information to fuel customer interactions.
Businesses are developing departmental CRMs to establish role-based experiences for their customers. Banks include back-office applications that consolidate departmental CRMs to boost client experience. Customer value models are emerging as vital elements in CRM. Businesses and agencies can use these models to measure and determine customer’s value for their organization.
Valuation and predictive models focus on organizational value and outcomes and give the business broader visibility of customers’ needs and preferences (Liang, Schuckert, Law, & Masiero, 2017). These models also enable better handling of big data and how it can be managed to increase customer engagement effectiveness. Handling big data involves collecting and integrating big data from various channels to develop more secure communication models.
Most businesses have on premise CRM software, which requires regular updates and upgrade, especially for developing a new feature. Therefore, people are moving to cloud-based CRM, which overcomes challenges on premise software and reduces its investment in infrastructure. Businesses are also establishing CRM software with wearables, and in the banking sector, the wearables can be used to track customer security details, mostly for the elderly.
The wearables allow close interaction with customers, which provide opportunities for bolstering client relationships (Centobelli, Cerchione, & Esposito, 2017). Mobile CRM is also becoming a powerful tool for customer-centric businesses. Mobile applications offer more convenience and are readily accessible. There are numerous knowledge management tools compatible with the apps. The objective is to create a digital workplace for the business and the customers.
Social media is one of the exciting trends for CRM and KM in 2021. Social media has transformed how many businesses market, communicate, and operate. Social media has evolved to be a robust marketing tool, and businesses can get people talking through social elements in these platforms, such as notifications, votes, comments, likes, and streams (Centobelli, Cerchione, & Esposito, 2017). Social networking sites such as Facebook, Twitter, and Instagram eases communication and collaboration between businesses and their clients.
Customers and organizations can find each other, share thoughts and opinions, and develop together through social media. On social media platforms and other digital sites like websites, businesses strengthen their search capability creating an “advanced search engine.” People want to find what they need easily and quickly. With comprehensive internal search indexes, clients can navigate and retrieve information about a topic of interest easier and quicker.
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Businesses will also see collaborative tools such as cases, forums, spaces, and wiki pages in numerous digital packages and CRM software. These tools offer seamless tracking and collaboration with customers. This trend will rise in the coming years to support easier collaboration and communication between businesses and clients no matter the location. Customers are also demanding easier and attractive platforms to operate on. Traditional knowledge management software includes dynamic lists and text about the business and its operations.
Developers are now replacing lists with visuals or integrating both through simple layouts. This trend eases navigation and helps customers find the information they need almost instantly. CRM software providers are also using tags to organize content for knowledge management. Integrating these knowledge management tools in CRM allows businesses to create selective searchable content. Organizations can tag wiki pages, blogs, and articles so that users can easily search by format, department, or any keyword.
This trend makes CRM and KN more interactive. Still, on the interaction platform, businesses are developing friendlier user interfaces. Human-centered CRM and KM tools ease navigation (Centobelli, Cerchione, & Esposito, 2017). The user interface (UI) is very crucial for digital interaction and user system experience. Well-designed UI gives platform leverage minimizing frustrations and confusion. Merging the UI and software functionalities becomes more attractive.
For CRM and KM to work properly, customization and scalability are fundamental. Therefore the look and feel of KM and CRM tools and platforms should excite customers. Customization and scalability are also a trend on the part of the services and products the business offer.
Developing and providing products and services as per the customer’s preference and intent raises the satisfaction level. Many banks conduct field studies and online surveys and votes to discover what customers think of their business and what they would like to see improved. These studies and surveys seek to solicit people’s opinions that would help business operations be customer-centred.
A decade ago, customer support was an option for many businesses. Many customers are currently strengthening their customer support to build a reputation, develop, and retain clients. Customer support services are a crucial part of the business. Many organizations integrate chatbots in their digital platforms where customers can inquire, raise a concern, complain, or post a general comment.
This interactivity is vital for any organization. Conclusively, Knowledge Management, and Customer Relationship Management control how a company collects, shares information with its clients. These trends will help the banking industry enhance customer experience, optimize marketing strategies, and develop models and approaches to predict and contemplate expected customer behavior.
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References
- Bogers, M., Chesbrough, H., & Moedas, C. (2018). Open innovation: research, practices, and policies. California management review, 60(2), 5-16.
- Centobelli, P., Cerchione, R., & Esposito, E. (2017). Knowledge management in startups: Systematic literature review and future research agenda. Sustainability, 9(3), 361.
- Liang, S., Schuckert, M., Law, R., & Masiero, L. (2017). The relevance of mobile tourism and information technology: an analysis of recent trends and future research directions. Journal of Travel & Tourism Marketing, 34(6), 732-748.
- Lopes, C. M., Scavarda, A., Hofmeister, L. F., Thomé, A. M. T., & Vaccaro, G. L. R. (2017). An analysis of the interplay between organizational sustainability, knowledge management, and open innovation. Journal of Cleaner Production, 142, 476-488.
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